Correlation Between U29195AE1 and Sweetgreen
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By analyzing existing cross correlation between ENR 4375 31 MAR 29 and Sweetgreen, you can compare the effects of market volatilities on U29195AE1 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 U29195AE1 with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of U29195AE1 and Sweetgreen.
Diversification Opportunities for U29195AE1 and Sweetgreen
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between U29195AE1 and Sweetgreen is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding ENR 4375 31 MAR 29 and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and U29195AE1 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 ENR 4375 31 MAR 29 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 U29195AE1 i.e., U29195AE1 and Sweetgreen go up and down completely randomly.
Pair Corralation between U29195AE1 and Sweetgreen
Assuming the 90 days trading horizon ENR 4375 31 MAR 29 is expected to under-perform the Sweetgreen. But the bond apears to be less risky and, when comparing its historical volatility, ENR 4375 31 MAR 29 is 9.9 times less risky than Sweetgreen. The bond trades about -0.33 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 3,805 in Sweetgreen on September 5, 2024 and sell it today you would earn a total of 244.00 from holding Sweetgreen or generate 6.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 22.73% |
| Values | Daily Returns |
ENR 4375 31 MAR 29 vs. Sweetgreen
Performance |
| Timeline |
| ENR 4375 31 |
| Sweetgreen |
U29195AE1 and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with U29195AE1 and Sweetgreen
The main advantage of trading using opposite U29195AE1 and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if U29195AE1 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.| U29195AE1 vs. Sweetgreen | U29195AE1 vs. IPG Photonics | U29195AE1 vs. Tower Semiconductor | U29195AE1 vs. American Hotel Income |
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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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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