Correlation Between 031162DG2 and Sweetgreen
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By analyzing existing cross correlation between AMGN 44 22 FEB 62 and Sweetgreen, you can compare the effects of market volatilities on 031162DG2 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 031162DG2 with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of 031162DG2 and Sweetgreen.
Diversification Opportunities for 031162DG2 and Sweetgreen
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 031162DG2 and Sweetgreen is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding AMGN 44 22 FEB 62 and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and 031162DG2 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 AMGN 44 22 FEB 62 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 031162DG2 i.e., 031162DG2 and Sweetgreen go up and down completely randomly.
Pair Corralation between 031162DG2 and Sweetgreen
Assuming the 90 days trading horizon AMGN 44 22 FEB 62 is expected to under-perform the Sweetgreen. But the bond apears to be less risky and, when comparing its historical volatility, AMGN 44 22 FEB 62 is 3.25 times less risky than Sweetgreen. The bond trades about 0.0 of its potential returns per unit of risk. The Sweetgreen is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,054 in Sweetgreen on September 4, 2024 and sell it today you would earn a total of 2,869 from holding Sweetgreen or generate 272.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
AMGN 44 22 FEB 62 vs. Sweetgreen
Performance |
| Timeline |
| AMGN 44 22 |
| Sweetgreen |
031162DG2 and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 031162DG2 and Sweetgreen
The main advantage of trading using opposite 031162DG2 and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 031162DG2 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.| 031162DG2 vs. AEP TEX INC | 031162DG2 vs. US BANK NATIONAL | 031162DG2 vs. MetLife | 031162DG2 vs. Brera Holdings PLC |
| 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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