Correlation Between ABBVIE and Meiwu Technology
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By analyzing existing cross correlation between ABBVIE INC 36 and Meiwu Technology Co, you can compare the effects of market volatilities on ABBVIE and Meiwu Technology 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 ABBVIE with a short position of Meiwu Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of ABBVIE and Meiwu Technology.
Diversification Opportunities for ABBVIE and Meiwu Technology
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ABBVIE and Meiwu is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding ABBVIE INC 36 and Meiwu Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meiwu Technology and ABBVIE 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 ABBVIE INC 36 are associated (or correlated) with Meiwu Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meiwu Technology has no effect on the direction of ABBVIE i.e., ABBVIE and Meiwu Technology go up and down completely randomly.
Pair Corralation between ABBVIE and Meiwu Technology
Assuming the 90 days trading horizon ABBVIE is expected to generate 69.73 times less return on investment than Meiwu Technology. But when comparing it to its historical volatility, ABBVIE INC 36 is 41.06 times less risky than Meiwu Technology. It trades about 0.01 of its potential returns per unit of risk. Meiwu Technology Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 271.00 in Meiwu Technology Co on September 2, 2024 and sell it today you would lose (173.00) from holding Meiwu Technology Co or give up 63.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
ABBVIE INC 36 vs. Meiwu Technology Co
Performance |
| Timeline |
| ABBVIE INC 36 |
| Meiwu Technology |
ABBVIE and Meiwu Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ABBVIE and Meiwu Technology
The main advantage of trading using opposite ABBVIE and Meiwu Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ABBVIE position performs unexpectedly, Meiwu Technology 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 Meiwu Technology will offset losses from the drop in Meiwu Technology's long position.| ABBVIE vs. Cardinal Health | ABBVIE vs. The Gap, | ABBVIE vs. Meiwu Technology Co | ABBVIE vs. Titan Machinery |
| Meiwu Technology vs. BJs Wholesale Club | Meiwu Technology vs. Dollar General | Meiwu Technology vs. Grocery Outlet Holding | Meiwu Technology vs. Kroger Company |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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