Correlation Between 44965UAA2 and Sweetgreen
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By analyzing existing cross correlation between AER 653829 21 DEC 65 and Sweetgreen, you can compare the effects of market volatilities on 44965UAA2 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 44965UAA2 with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of 44965UAA2 and Sweetgreen.
Diversification Opportunities for 44965UAA2 and Sweetgreen
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between 44965UAA2 and Sweetgreen is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding AER 653829 21 DEC 65 and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and 44965UAA2 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 AER 653829 21 DEC 65 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 44965UAA2 i.e., 44965UAA2 and Sweetgreen go up and down completely randomly.
Pair Corralation between 44965UAA2 and Sweetgreen
Assuming the 90 days trading horizon AER 653829 21 DEC 65 is expected to under-perform the Sweetgreen. In addition to that, 44965UAA2 is 1.98 times more volatile than Sweetgreen. It trades about -0.3 of its total potential returns per unit of risk. Sweetgreen is currently generating about -0.06 per unit of volatility. If you would invest 3,510 in Sweetgreen on October 21, 2024 and sell it today you would lose (160.00) from holding Sweetgreen or give up 4.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 52.63% |
| Values | Daily Returns |
AER 653829 21 DEC 65 vs. Sweetgreen
Performance |
| Timeline |
| AER 653829 21 |
| Sweetgreen |
44965UAA2 and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 44965UAA2 and Sweetgreen
The main advantage of trading using opposite 44965UAA2 and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 44965UAA2 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.| 44965UAA2 vs. Sweetgreen | 44965UAA2 vs. Precision Optics, | 44965UAA2 vs. Office Properties Income | 44965UAA2 vs. Franklin Wireless Corp |
| Sweetgreen vs. Yum Brands | Sweetgreen vs. The Wendys Co | Sweetgreen vs. McDonalds | Sweetgreen vs. Wingstop |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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