Correlation Between Sweetgreen and CROWN
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By analyzing existing cross correlation between Sweetgreen and CROWN CASTLE INTERNATIONAL, you can compare the effects of market volatilities on Sweetgreen and CROWN 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 CROWN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and CROWN.
Diversification Opportunities for Sweetgreen and CROWN
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sweetgreen and CROWN is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and CROWN CASTLE INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CROWN CASTLE INTERNA 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 CROWN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CROWN CASTLE INTERNA has no effect on the direction of Sweetgreen i.e., Sweetgreen and CROWN go up and down completely randomly.
Pair Corralation between Sweetgreen and CROWN
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 20.43 times more return on investment than CROWN. However, Sweetgreen is 20.43 times more volatile than CROWN CASTLE INTERNATIONAL. It trades about 0.02 of its potential returns per unit of risk. CROWN CASTLE INTERNATIONAL is currently generating about 0.25 per unit of risk. If you would invest 3,790 in Sweetgreen on September 13, 2024 and sell it today you would lose (16.00) from holding Sweetgreen or give up 0.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Sweetgreen vs. CROWN CASTLE INTERNATIONAL
Performance |
| Timeline |
| Sweetgreen |
| CROWN CASTLE INTERNA |
Sweetgreen and CROWN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and CROWN
The main advantage of trading using opposite Sweetgreen and CROWN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, CROWN 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 CROWN will offset losses from the drop in CROWN's long position.| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
| CROWN vs. Solstad Offshore ASA | CROWN vs. Vera Bradley | CROWN vs. Village Super Market | CROWN vs. NH Foods Ltd |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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