Correlation Between Sweetgreen and CONSOLIDATED
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By analyzing existing cross correlation between Sweetgreen and CONSOLIDATED EDISON N, you can compare the effects of market volatilities on Sweetgreen and CONSOLIDATED 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 CONSOLIDATED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and CONSOLIDATED.
Diversification Opportunities for Sweetgreen and CONSOLIDATED
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sweetgreen and CONSOLIDATED is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and CONSOLIDATED EDISON N in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSOLIDATED EDISON 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 CONSOLIDATED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSOLIDATED EDISON has no effect on the direction of Sweetgreen i.e., Sweetgreen and CONSOLIDATED go up and down completely randomly.
Pair Corralation between Sweetgreen and CONSOLIDATED
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 1.49 times more return on investment than CONSOLIDATED. However, Sweetgreen is 1.49 times more volatile than CONSOLIDATED EDISON N. It trades about 0.16 of its potential returns per unit of risk. CONSOLIDATED EDISON N is currently generating about -0.07 per unit of risk. If you would invest 2,927 in Sweetgreen on September 3, 2024 and sell it today you would earn a total of 1,171 from holding Sweetgreen or generate 40.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 45.31% |
| Values | Daily Returns |
Sweetgreen vs. CONSOLIDATED EDISON N
Performance |
| Timeline |
| Sweetgreen |
| CONSOLIDATED EDISON |
Sweetgreen and CONSOLIDATED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and CONSOLIDATED
The main advantage of trading using opposite Sweetgreen and CONSOLIDATED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, CONSOLIDATED 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 CONSOLIDATED will offset losses from the drop in CONSOLIDATED's long position.| Sweetgreen vs. Highway Holdings Limited | Sweetgreen vs. QCR Holdings | Sweetgreen vs. Partner Communications | Sweetgreen vs. Acumen Pharmaceuticals |
| CONSOLIDATED vs. Sweetgreen | CONSOLIDATED vs. NextNav Warrant | CONSOLIDATED vs. FormFactor | CONSOLIDATED vs. Analog Devices |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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