Correlation Between Greenland Technologies and Meiwu Technology
Can any of the company-specific risk be diversified away by investing in both Greenland Technologies and Meiwu Technology 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 Greenland Technologies and Meiwu Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenland Technologies Holding and Meiwu Technology Co, you can compare the effects of market volatilities on Greenland Technologies and Meiwu Technology 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 Greenland Technologies with a short position of Meiwu Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenland Technologies and Meiwu Technology.
Diversification Opportunities for Greenland Technologies and Meiwu Technology
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Greenland and Meiwu is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Greenland Technologies Holding and Meiwu Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meiwu Technology and Greenland Technologies 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 Greenland Technologies Holding are associated (or correlated) with Meiwu Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meiwu Technology has no effect on the direction of Greenland Technologies i.e., Greenland Technologies and Meiwu Technology go up and down completely randomly.
Pair Corralation between Greenland Technologies and Meiwu Technology
If you would invest 78.00 in Meiwu Technology Co on September 3, 2024 and sell it today you would earn a total of 20.00 from holding Meiwu Technology Co or generate 25.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Greenland Technologies Holding vs. Meiwu Technology Co
Performance |
| Timeline |
| Greenland Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Meiwu Technology |
Greenland Technologies and Meiwu Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greenland Technologies and Meiwu Technology
The main advantage of trading using opposite Greenland Technologies and Meiwu Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenland Technologies position performs unexpectedly, Meiwu Technology 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 Meiwu Technology will offset losses from the drop in Meiwu Technology's long position.| Greenland Technologies vs. Precision Drilling | Greenland Technologies vs. Kite Realty Group | Greenland Technologies vs. ATRenew Inc DRC | Greenland Technologies vs. The Gap, |
| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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