Correlation Between Occidental and Sweetgreen
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By analyzing existing cross correlation between Occidental Petroleum 795 and Sweetgreen, you can compare the effects of market volatilities on Occidental 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 Occidental with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Occidental and Sweetgreen.
Diversification Opportunities for Occidental and Sweetgreen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Occidental and Sweetgreen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Occidental Petroleum 795 and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and Occidental 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 Occidental Petroleum 795 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 Occidental i.e., Occidental and Sweetgreen go up and down completely randomly.
Pair Corralation between Occidental and Sweetgreen
If you would invest 894.00 in Sweetgreen on January 24, 2025 and sell it today you would earn a total of 980.00 from holding Sweetgreen or generate 109.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Occidental Petroleum 795 vs. Sweetgreen
Performance |
| Timeline |
| Occidental Petroleum 795 |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Sweetgreen |
Occidental and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Occidental and Sweetgreen
The main advantage of trading using opposite Occidental and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Occidental 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.| Occidental vs. Nok Airlines Public | Occidental vs. NetEase | Occidental vs. China Southern Airlines | Occidental vs. Everspin Technologies |
| 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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