Correlation Between Spectaire Holdings and Sweetgreen
Can any of the company-specific risk be diversified away by investing in both Spectaire Holdings and Sweetgreen at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Spectaire Holdings and Sweetgreen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spectaire Holdings and Sweetgreen, you can compare the effects of market volatilities on Spectaire Holdings and Sweetgreen 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 Spectaire Holdings with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spectaire Holdings and Sweetgreen.
Diversification Opportunities for Spectaire Holdings and Sweetgreen
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Spectaire and Sweetgreen is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Spectaire Holdings and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and Spectaire Holdings 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 Spectaire Holdings are associated (or correlated) with Sweetgreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sweetgreen has no effect on the direction of Spectaire Holdings i.e., Spectaire Holdings and Sweetgreen go up and down completely randomly.
Pair Corralation between Spectaire Holdings and Sweetgreen
Given the investment horizon of 90 days Spectaire Holdings is expected to under-perform the Sweetgreen. In addition to that, Spectaire Holdings is 1.74 times more volatile than Sweetgreen. It trades about -0.1 of its total potential returns per unit of risk. Sweetgreen is currently generating about 0.08 per unit of volatility. If you would invest 1,081 in Sweetgreen on September 3, 2024 and sell it today you would earn a total of 3,017 from holding Sweetgreen or generate 279.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 84.44% |
| Values | Daily Returns |
Spectaire Holdings vs. Sweetgreen
Performance |
| Timeline |
| Spectaire Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Sweetgreen |
Spectaire Holdings and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spectaire Holdings and Sweetgreen
The main advantage of trading using opposite Spectaire Holdings and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spectaire Holdings position performs unexpectedly, Sweetgreen 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 Sweetgreen will offset losses from the drop in Sweetgreen's long position.| Spectaire Holdings vs. Sweetgreen | Spectaire Holdings vs. Kaltura | Spectaire Holdings vs. The Wendys Co | Spectaire Holdings vs. NextNav Warrant |
| Sweetgreen vs. Highway Holdings Limited | Sweetgreen vs. QCR Holdings | Sweetgreen vs. Partner Communications | Sweetgreen vs. Acumen Pharmaceuticals |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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