Correlation Between CONSOLIDATED and Sweetgreen
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By analyzing existing cross correlation between CONSOLIDATED EDISON N and Sweetgreen, you can compare the effects of market volatilities on CONSOLIDATED 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 CONSOLIDATED with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONSOLIDATED and Sweetgreen.
Diversification Opportunities for CONSOLIDATED and Sweetgreen
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CONSOLIDATED and Sweetgreen is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding CONSOLIDATED EDISON N and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and CONSOLIDATED 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 CONSOLIDATED EDISON N 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 CONSOLIDATED i.e., CONSOLIDATED and Sweetgreen go up and down completely randomly.
Pair Corralation between CONSOLIDATED and Sweetgreen
Assuming the 90 days trading horizon CONSOLIDATED is expected to generate 7.97 times less return on investment than Sweetgreen. But when comparing it to its historical volatility, CONSOLIDATED EDISON N is 2.32 times less risky than Sweetgreen. It trades about 0.02 of its potential returns per unit of risk. Sweetgreen is currently generating about 0.08 of returns per unit of risk over similar time horizon. 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 Together |
| Strength | Weak |
| Accuracy | 31.72% |
| Values | Daily Returns |
CONSOLIDATED EDISON N vs. Sweetgreen
Performance |
| Timeline |
| CONSOLIDATED EDISON |
| Sweetgreen |
CONSOLIDATED and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONSOLIDATED and Sweetgreen
The main advantage of trading using opposite CONSOLIDATED and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONSOLIDATED 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.| CONSOLIDATED vs. Sweetgreen | CONSOLIDATED vs. NextNav Warrant | CONSOLIDATED vs. FormFactor | CONSOLIDATED vs. Analog Devices |
| 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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