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Correlation Between Kraft Heinz and ConAgra Brands

Analyzing existing cross correlation between The Kraft Heinz Company and ConAgra Brands. You can compare the effects of market volatilities on Kraft Heinz and ConAgra Brands and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Kraft Heinz with a short position of ConAgra Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kraft Heinz and ConAgra Brands.

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Diversification Opportunities for Kraft Heinz and ConAgra Brands

The Kraft Heinz Company diversification synergy
-0.09
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Good diversification

The 3 months correlation between Kraft and ConAgra is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding The Kraft Heinz Company and ConAgra Brands Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ConAgra Brands and Kraft Heinz is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on The Kraft Heinz Company are associated (or correlated) with ConAgra Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ConAgra Brands has no effect on the direction of Kraft Heinz i.e. Kraft Heinz and ConAgra Brands go up and down completely randomly.

Pair Corralation between Kraft Heinz and ConAgra Brands

Considering 30-days investment horizon, The Kraft Heinz Company is expected to under-perform the ConAgra Brands. But the stock apears to be less risky and, when comparing its historical volatility, The Kraft Heinz Company is 1.79 times less risky than ConAgra Brands. The stock trades about -0.12 of its potential returns per unit of risk. The ConAgra Brands is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  2,873  in ConAgra Brands on January 21, 2020 and sell it today you would earn a total of  107.00  from holding ConAgra Brands or generate 3.72% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy98.33%
ValuesDaily Returns

The Kraft Heinz Company  vs.  ConAgra Brands Inc

 Performance (%) 
    
  Timeline 
Kraft Heinz 
00

Risk-Adjusted Performance

Over the last 30 days The Kraft Heinz Company has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest inconsistent performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.
ConAgra Brands 
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ConAgra Brands are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, ConAgra Brands is not utilizing all of its potentials. The prevailing stock price tumult, may contribute to shorter-term losses for the shareholders.

Kraft Heinz and ConAgra Brands Volatility Contrast

 Predicted Return Density 
    
  Returns 
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