Correlation Between Mondee Holdings and Sweetgreen
Can any of the company-specific risk be diversified away by investing in both Mondee Holdings and Sweetgreen 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 Mondee Holdings and Sweetgreen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mondee Holdings and Sweetgreen, you can compare the effects of market volatilities on Mondee Holdings and Sweetgreen 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 Mondee Holdings with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mondee Holdings and Sweetgreen.
Diversification Opportunities for Mondee Holdings and Sweetgreen
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Mondee and Sweetgreen is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Mondee Holdings and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and Mondee Holdings 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 Mondee Holdings are associated (or correlated) with Sweetgreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sweetgreen has no effect on the direction of Mondee Holdings i.e., Mondee Holdings and Sweetgreen go up and down completely randomly.
Pair Corralation between Mondee Holdings and Sweetgreen
Given the investment horizon of 90 days Mondee Holdings is expected to under-perform the Sweetgreen. In addition to that, Mondee Holdings is 1.14 times more volatile than Sweetgreen. It trades about -0.07 of its total potential returns per unit of risk. Sweetgreen is currently generating about 0.09 per unit of volatility. If you would invest 1,102 in Sweetgreen on August 27, 2024 and sell it today you would earn a total of 3,238 from holding Sweetgreen or generate 293.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mondee Holdings vs. Sweetgreen
Performance |
| Timeline |
| Mondee Holdings |
| Sweetgreen |
Mondee Holdings and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mondee Holdings and Sweetgreen
The main advantage of trading using opposite Mondee Holdings and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mondee Holdings position performs unexpectedly, Sweetgreen 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 Sweetgreen will offset losses from the drop in Sweetgreen's long position.| Mondee Holdings vs. Yatra Online | Mondee Holdings vs. Despegar Corp | Mondee Holdings vs. Lindblad Expeditions Holdings | Mondee Holdings vs. MakeMyTrip Limited |
| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |