Correlation Between Sweetgreen and Greenway Technology
Can any of the company-specific risk be diversified away by investing in both Sweetgreen and Greenway 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 Sweetgreen and Greenway Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sweetgreen and Greenway Technology, you can compare the effects of market volatilities on Sweetgreen and Greenway 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 Sweetgreen with a short position of Greenway Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and Greenway Technology.
Diversification Opportunities for Sweetgreen and Greenway Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sweetgreen and Greenway is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and Greenway Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenway Technology 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 Greenway Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenway Technology has no effect on the direction of Sweetgreen i.e., Sweetgreen and Greenway Technology go up and down completely randomly.
Pair Corralation between Sweetgreen and Greenway Technology
If you would invest 883.00 in Sweetgreen on September 13, 2024 and sell it today you would earn a total of 3,000 from holding Sweetgreen or generate 339.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.61% |
| Values | Daily Returns |
Sweetgreen vs. Greenway Technology
Performance |
| Timeline |
| Sweetgreen |
| Greenway Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sweetgreen and Greenway Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and Greenway Technology
The main advantage of trading using opposite Sweetgreen and Greenway Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, Greenway 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 Greenway Technology will offset losses from the drop in Greenway Technology's long position.| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
| Greenway Technology vs. Constellation Brands Class | Greenway Technology vs. Ambev SA ADR | Greenway Technology vs. Celsius Holdings | Greenway Technology vs. National Beverage 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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