Correlation Between Savencia and Kraft Heinz
Can any of the company-specific risk be diversified away by investing in both Savencia and Kraft Heinz at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Savencia and Kraft Heinz into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Savencia SA and Kraft Heinz Co, you can compare the effects of market volatilities on Savencia and Kraft Heinz 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 Savencia with a short position of Kraft Heinz. Check out your portfolio center. Please also check ongoing floating volatility patterns of Savencia and Kraft Heinz.
Diversification Opportunities for Savencia and Kraft Heinz
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Savencia and Kraft is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Savencia SA and Kraft Heinz Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kraft Heinz and Savencia 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 Savencia SA are associated (or correlated) with Kraft Heinz. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraft Heinz has no effect on the direction of Savencia i.e., Savencia and Kraft Heinz go up and down completely randomly.
Pair Corralation between Savencia and Kraft Heinz
If you would invest 3,535 in Kraft Heinz Co on January 20, 2024 and sell it today you would earn a total of 243.00 from holding Kraft Heinz Co or generate 6.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Savencia SA vs. Kraft Heinz Co
Performance |
| Timeline |
| Savencia SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kraft Heinz |
Savencia and Kraft Heinz Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Savencia and Kraft Heinz
The main advantage of trading using opposite Savencia and Kraft Heinz positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Savencia position performs unexpectedly, Kraft Heinz can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Kraft Heinz will offset losses from the drop in Kraft Heinz's long position.| Savencia vs. Aegon NV ADR | Savencia vs. Marfrig Global Foods | Savencia vs. Albertsons Companies | Savencia vs. Alternative Investment |
| Kraft Heinz vs. Green Globe International | Kraft Heinz vs. Greenlane Holdings | Kraft Heinz vs. 22nd Century Group | Kraft Heinz vs. 1606 Corp |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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