Correlation Between Meiwu Technology and Maplebear Common
Can any of the company-specific risk be diversified away by investing in both Meiwu Technology and Maplebear Common 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 Maplebear Common 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 Maplebear Common Stock, you can compare the effects of market volatilities on Meiwu Technology and Maplebear Common 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 Maplebear Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and Maplebear Common.
Diversification Opportunities for Meiwu Technology and Maplebear Common
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Meiwu and Maplebear is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and Maplebear Common Stock in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maplebear Common Stock 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 Maplebear Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maplebear Common Stock has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and Maplebear Common go up and down completely randomly.
Pair Corralation between Meiwu Technology and Maplebear Common
Considering the 90-day investment horizon Meiwu Technology Co is expected to under-perform the Maplebear Common. In addition to that, Meiwu Technology is 2.76 times more volatile than Maplebear Common Stock. It trades about -0.02 of its total potential returns per unit of risk. Maplebear Common Stock is currently generating about 0.04 per unit of volatility. If you would invest 3,370 in Maplebear Common Stock on August 27, 2024 and sell it today you would earn a total of 952.00 from holding Maplebear Common Stock or generate 28.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 65.93% |
| Values | Daily Returns |
Meiwu Technology Co vs. Maplebear Common Stock
Performance |
| Timeline |
| Meiwu Technology |
| Maplebear Common Stock |
Meiwu Technology and Maplebear Common Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and Maplebear Common
The main advantage of trading using opposite Meiwu Technology and Maplebear Common positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, Maplebear Common 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 Maplebear Common will offset losses from the drop in Maplebear Common's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| Maplebear Common vs. Albertsons Companies | Maplebear Common vs. Valneva SE ADR | Maplebear Common vs. National Beverage Corp | Maplebear Common vs. Natural Alternatives International |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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