Correlation Between Meiwu Technology and ASTRAZENECA
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By analyzing existing cross correlation between Meiwu Technology Co and ASTRAZENECA PLC, you can compare the effects of market volatilities on Meiwu Technology and ASTRAZENECA 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 ASTRAZENECA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and ASTRAZENECA.
Diversification Opportunities for Meiwu Technology and ASTRAZENECA
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Meiwu and ASTRAZENECA is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and ASTRAZENECA PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTRAZENECA PLC 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 ASTRAZENECA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTRAZENECA PLC has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and ASTRAZENECA go up and down completely randomly.
Pair Corralation between Meiwu Technology and ASTRAZENECA
Considering the 90-day investment horizon Meiwu Technology Co is expected to under-perform the ASTRAZENECA. In addition to that, Meiwu Technology is 29.22 times more volatile than ASTRAZENECA PLC. It trades about 0.0 of its total potential returns per unit of risk. ASTRAZENECA PLC is currently generating about 0.03 per unit of volatility. If you would invest 8,844 in ASTRAZENECA PLC on September 12, 2024 and sell it today you would earn a total of 381.00 from holding ASTRAZENECA PLC or generate 4.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.39% |
| Values | Daily Returns |
Meiwu Technology Co vs. ASTRAZENECA PLC
Performance |
| Timeline |
| Meiwu Technology |
| ASTRAZENECA PLC |
Meiwu Technology and ASTRAZENECA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and ASTRAZENECA
The main advantage of trading using opposite Meiwu Technology and ASTRAZENECA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, ASTRAZENECA 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 ASTRAZENECA will offset losses from the drop in ASTRAZENECA's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| ASTRAZENECA vs. Meiwu Technology Co | ASTRAZENECA vs. NetEase | ASTRAZENECA vs. Corsair Gaming | ASTRAZENECA vs. Lululemon Athletica |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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