Correlation Between Sweetgreen and MQGAU
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By analyzing existing cross correlation between Sweetgreen and MQGAU 6798 18 JAN 33, you can compare the effects of market volatilities on Sweetgreen and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and MQGAU.
Diversification Opportunities for Sweetgreen and MQGAU
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sweetgreen and MQGAU is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and MQGAU 6798 18 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 6798 18 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 6798 18 has no effect on the direction of Sweetgreen i.e., Sweetgreen and MQGAU go up and down completely randomly.
Pair Corralation between Sweetgreen and MQGAU
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 3.64 times more return on investment than MQGAU. However, Sweetgreen is 3.64 times more volatile than MQGAU 6798 18 JAN 33. It trades about 0.09 of its potential returns per unit of risk. MQGAU 6798 18 JAN 33 is currently generating about 0.02 per unit of risk. If you would invest 843.00 in Sweetgreen on September 14, 2024 and sell it today you would earn a total of 2,931 from holding Sweetgreen or generate 347.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 41.3% |
| Values | Daily Returns |
Sweetgreen vs. MQGAU 6798 18 JAN 33
Performance |
| Timeline |
| Sweetgreen |
| MQGAU 6798 18 |
Sweetgreen and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and MQGAU
The main advantage of trading using opposite Sweetgreen and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU's long position.| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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