Correlation Between Sweetgreen and FitLife Brands,
Can any of the company-specific risk be diversified away by investing in both Sweetgreen and FitLife Brands, 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 Sweetgreen and FitLife Brands, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sweetgreen and FitLife Brands, Common, you can compare the effects of market volatilities on Sweetgreen and FitLife 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 Sweetgreen with a short position of FitLife Brands,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and FitLife Brands,.
Diversification Opportunities for Sweetgreen and FitLife Brands,
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sweetgreen and FitLife is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and FitLife Brands, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FitLife Brands, Common and Sweetgreen 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 Sweetgreen are associated (or correlated) with FitLife Brands,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FitLife Brands, Common has no effect on the direction of Sweetgreen i.e., Sweetgreen and FitLife Brands, go up and down completely randomly.
Pair Corralation between Sweetgreen and FitLife Brands,
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 1.54 times more return on investment than FitLife Brands,. However, Sweetgreen is 1.54 times more volatile than FitLife Brands, Common. It trades about 0.07 of its potential returns per unit of risk. FitLife Brands, Common is currently generating about 0.02 per unit of risk. If you would invest 3,082 in Sweetgreen on September 1, 2024 and sell it today you would earn a total of 1,016 from holding Sweetgreen or generate 32.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sweetgreen vs. FitLife Brands, Common
Performance |
| Timeline |
| Sweetgreen |
| FitLife Brands, Common |
Sweetgreen and FitLife Brands, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and FitLife Brands,
The main advantage of trading using opposite Sweetgreen and FitLife Brands, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, FitLife Brands, 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 FitLife Brands, will offset losses from the drop in FitLife Brands,'s long position.| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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