Correlation Between Meiwu Technology and APPLE
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By analyzing existing cross correlation between Meiwu Technology Co and APPLE INC, you can compare the effects of market volatilities on Meiwu Technology and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and APPLE.
Diversification Opportunities for Meiwu Technology and APPLE
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Meiwu and APPLE is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and APPLE go up and down completely randomly.
Pair Corralation between Meiwu Technology and APPLE
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 2.42 times more return on investment than APPLE. However, Meiwu Technology is 2.42 times more volatile than APPLE INC. It trades about 0.32 of its potential returns per unit of risk. APPLE INC is currently generating about 0.23 per unit of risk. If you would invest 78.00 in Meiwu Technology Co on September 2, 2024 and sell it today you would earn a total of 20.00 from holding Meiwu Technology Co or generate 25.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Meiwu Technology Co vs. APPLE INC
Performance |
| Timeline |
| Meiwu Technology |
| APPLE INC |
Meiwu Technology and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and APPLE
The main advantage of trading using opposite Meiwu Technology and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Meiwu Technology vs. BJs Wholesale Club | Meiwu Technology vs. Dollar General | Meiwu Technology vs. Grocery Outlet Holding | Meiwu Technology vs. Kroger 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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