Correlation Between Sweetgreen and 48126N5V5
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By analyzing existing cross correlation between Sweetgreen and US48126N5V58, you can compare the effects of market volatilities on Sweetgreen and 48126N5V5 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 48126N5V5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and 48126N5V5.
Diversification Opportunities for Sweetgreen and 48126N5V5
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sweetgreen and 48126N5V5 is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and US48126N5V58 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US48126N5V58 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 48126N5V5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US48126N5V58 has no effect on the direction of Sweetgreen i.e., Sweetgreen and 48126N5V5 go up and down completely randomly.
Pair Corralation between Sweetgreen and 48126N5V5
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 3.4 times more return on investment than 48126N5V5. However, Sweetgreen is 3.4 times more volatile than US48126N5V58. It trades about 0.1 of its potential returns per unit of risk. US48126N5V58 is currently generating about 0.03 per unit of risk. If you would invest 3,805 in Sweetgreen on September 3, 2024 and sell it today you would earn a total of 293.00 from holding Sweetgreen or generate 7.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 15.0% |
| Values | Daily Returns |
Sweetgreen vs. US48126N5V58
Performance |
| Timeline |
| Sweetgreen |
| US48126N5V58 |
Sweetgreen and 48126N5V5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and 48126N5V5
The main advantage of trading using opposite Sweetgreen and 48126N5V5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, 48126N5V5 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 48126N5V5 will offset losses from the drop in 48126N5V5's long position.| Sweetgreen vs. Highway Holdings Limited | Sweetgreen vs. QCR Holdings | Sweetgreen vs. Partner Communications | Sweetgreen vs. Acumen Pharmaceuticals |
| 48126N5V5 vs. The Gap, | 48126N5V5 vs. Sweetgreen | 48126N5V5 vs. First Watch Restaurant | 48126N5V5 vs. Cannae Holdings |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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