Correlation Between Sweetgreen and HUMANA
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By analyzing existing cross correlation between Sweetgreen and HUMANA INC, you can compare the effects of market volatilities on Sweetgreen and HUMANA 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 HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and HUMANA.
Diversification Opportunities for Sweetgreen and HUMANA
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sweetgreen and HUMANA is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC 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 HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Sweetgreen i.e., Sweetgreen and HUMANA go up and down completely randomly.
Pair Corralation between Sweetgreen and HUMANA
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 6.96 times more return on investment than HUMANA. However, Sweetgreen is 6.96 times more volatile than HUMANA INC. It trades about 0.07 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.04 per unit of risk. If you would invest 2,494 in Sweetgreen on October 20, 2024 and sell it today you would earn a total of 856.00 from holding Sweetgreen or generate 34.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Sweetgreen vs. HUMANA INC
Performance |
| Timeline |
| Sweetgreen |
| HUMANA INC |
Sweetgreen and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and HUMANA
The main advantage of trading using opposite Sweetgreen and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.| Sweetgreen vs. Yum Brands | Sweetgreen vs. The Wendys Co | Sweetgreen vs. McDonalds | Sweetgreen vs. Wingstop |
| HUMANA vs. NETGEAR | HUMANA vs. Arrow Electronics | HUMANA vs. Lizhan Environmental | HUMANA vs. CECO Environmental 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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