Correlation Between Meiwu Technology and HF Sinclair
Can any of the company-specific risk be diversified away by investing in both Meiwu Technology and HF Sinclair 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 HF Sinclair 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 HF Sinclair Corp, you can compare the effects of market volatilities on Meiwu Technology and HF Sinclair 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 HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and HF Sinclair.
Diversification Opportunities for Meiwu Technology and HF Sinclair
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Meiwu and DINO is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and HF Sinclair Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HF Sinclair Corp 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 HF Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HF Sinclair Corp has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and HF Sinclair go up and down completely randomly.
Pair Corralation between Meiwu Technology and HF Sinclair
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 0.97 times more return on investment than HF Sinclair. However, Meiwu Technology Co is 1.03 times less risky than HF Sinclair. It trades about 0.11 of its potential returns per unit of risk. HF Sinclair Corp is currently generating about 0.0 per unit of risk. If you would invest 81.00 in Meiwu Technology Co on August 27, 2024 and sell it today you would earn a total of 4.00 from holding Meiwu Technology Co or generate 4.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meiwu Technology Co vs. HF Sinclair Corp
Performance |
| Timeline |
| Meiwu Technology |
| HF Sinclair Corp |
Meiwu Technology and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and HF Sinclair
The main advantage of trading using opposite Meiwu Technology and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, HF Sinclair 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 HF Sinclair will offset losses from the drop in HF Sinclair's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| HF Sinclair vs. Delek Energy | HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Marathon Petroleum Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Stocks Directory Find actively traded stocks across global markets |