Correlation Between Meiwu Technology and Boxed
Can any of the company-specific risk be diversified away by investing in both Meiwu Technology and Boxed at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Meiwu Technology and Boxed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Meiwu Technology Co and Boxed Inc, you can compare the effects of market volatilities on Meiwu Technology and Boxed 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 Meiwu Technology with a short position of Boxed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and Boxed.
Diversification Opportunities for Meiwu Technology and Boxed
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Meiwu and Boxed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and Boxed Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boxed Inc and Meiwu Technology 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 Meiwu Technology Co are associated (or correlated) with Boxed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boxed Inc has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and Boxed go up and down completely randomly.
Pair Corralation between Meiwu Technology and Boxed
If you would invest 81.00 in Meiwu Technology Co on August 29, 2024 and sell it today you would earn a total of 15.00 from holding Meiwu Technology Co or generate 18.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Meiwu Technology Co vs. Boxed Inc
Performance |
| Timeline |
| Meiwu Technology |
| Boxed Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Meiwu Technology and Boxed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and Boxed
The main advantage of trading using opposite Meiwu Technology and Boxed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, Boxed 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 Boxed will offset losses from the drop in Boxed's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| Boxed vs. Assurant | Boxed vs. Sun Life Financial | Boxed vs. Aegon NV ADR | Boxed vs. CF Industries 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |