Correlation Between Sweetgreen and PETROLEOS
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By analyzing existing cross correlation between Sweetgreen and PETROLEOS MEXICANOS 5625, you can compare the effects of market volatilities on Sweetgreen and PETROLEOS 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 PETROLEOS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and PETROLEOS.
Diversification Opportunities for Sweetgreen and PETROLEOS
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sweetgreen and PETROLEOS is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen and PETROLEOS MEXICANOS 5625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PETROLEOS MEXICANOS 5625 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 PETROLEOS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PETROLEOS MEXICANOS 5625 has no effect on the direction of Sweetgreen i.e., Sweetgreen and PETROLEOS go up and down completely randomly.
Pair Corralation between Sweetgreen and PETROLEOS
Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 1.32 times more return on investment than PETROLEOS. However, Sweetgreen is 1.32 times more volatile than PETROLEOS MEXICANOS 5625. It trades about 0.05 of its potential returns per unit of risk. PETROLEOS MEXICANOS 5625 is currently generating about -0.18 per unit of risk. If you would invest 3,805 in Sweetgreen on September 4, 2024 and sell it today you would earn a total of 118.00 from holding Sweetgreen or generate 3.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Sweetgreen vs. PETROLEOS MEXICANOS 5625
Performance |
| Timeline |
| Sweetgreen |
| PETROLEOS MEXICANOS 5625 |
Sweetgreen and PETROLEOS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sweetgreen and PETROLEOS
The main advantage of trading using opposite Sweetgreen and PETROLEOS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen position performs unexpectedly, PETROLEOS 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 PETROLEOS will offset losses from the drop in PETROLEOS's long position.| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
| PETROLEOS vs. Starbucks | PETROLEOS vs. Sellas Life Sciences | PETROLEOS vs. Shake Shack | PETROLEOS vs. Sweetgreen |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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