Correlation Between Meiwu Technology and ALLSTATE
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By analyzing existing cross correlation between Meiwu Technology Co and ALLSTATE P 328, you can compare the effects of market volatilities on Meiwu Technology and ALLSTATE 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 ALLSTATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and ALLSTATE.
Diversification Opportunities for Meiwu Technology and ALLSTATE
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Meiwu and ALLSTATE is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and ALLSTATE P 328 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALLSTATE P 328 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 ALLSTATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALLSTATE P 328 has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and ALLSTATE go up and down completely randomly.
Pair Corralation between Meiwu Technology and ALLSTATE
Considering the 90-day investment horizon Meiwu Technology Co is expected to under-perform the ALLSTATE. In addition to that, Meiwu Technology is 63.52 times more volatile than ALLSTATE P 328. It trades about -0.09 of its total potential returns per unit of risk. ALLSTATE P 328 is currently generating about 0.14 per unit of volatility. If you would invest 9,753 in ALLSTATE P 328 on November 29, 2024 and sell it today you would earn a total of 32.00 from holding ALLSTATE P 328 or generate 0.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Meiwu Technology Co vs. ALLSTATE P 328
Performance |
| Timeline |
| Meiwu Technology |
| ALLSTATE P 328 |
Meiwu Technology and ALLSTATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and ALLSTATE
The main advantage of trading using opposite Meiwu Technology and ALLSTATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, ALLSTATE 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 ALLSTATE will offset losses from the drop in ALLSTATE's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| ALLSTATE vs. AEP TEX INC | ALLSTATE vs. iShares Global Consumer | ALLSTATE vs. Caterpillar | ALLSTATE vs. 3M Company |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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