Correlation Between Sweetgreen and Occidental
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By analyzing existing cross correlation between Sweetgreen and Occidental Petroleum 43, you can compare the effects of market volatilities on Sweetgreen and Occidental 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 Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and Occidental.
Diversification Opportunities for Sweetgreen and Occidental
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sweetgreen and Occidental is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and Occidental Petroleum 43 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum 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 Occidental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Occidental Petroleum has no effect on the direction of Sweetgreen i.e., Sweetgreen and Occidental go up and down completely randomly.
Pair Corralation between Sweetgreen and Occidental
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 4.04 times more return on investment than Occidental. However, Sweetgreen is 4.04 times more volatile than Occidental Petroleum 43. It trades about 0.05 of its potential returns per unit of risk. Occidental Petroleum 43 is currently generating about 0.07 per unit of risk. If you would invest 3,154 in Sweetgreen on September 12, 2024 and sell it today you would earn a total of 506.00 from holding Sweetgreen or generate 16.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 69.6% |
| Values | Daily Returns |
Sweetgreen vs. Occidental Petroleum 43
Performance |
| Timeline |
| Sweetgreen |
| Occidental Petroleum |
Sweetgreen and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and Occidental
The main advantage of trading using opposite Sweetgreen and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, Occidental 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 Occidental will offset losses from the drop in Occidental's long position.| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
| Occidental vs. AEP TEX INC | Occidental vs. US BANK NATIONAL | Occidental vs. Applied Blockchain | Occidental vs. BigBearai 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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