Correlation Between Meiwu Technology and 09660V2A0
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By analyzing existing cross correlation between Meiwu Technology Co and BNP 4375 01 MAR 33, you can compare the effects of market volatilities on Meiwu Technology and 09660V2A0 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 09660V2A0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and 09660V2A0.
Diversification Opportunities for Meiwu Technology and 09660V2A0
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Meiwu and 09660V2A0 is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and BNP 4375 01 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BNP 4375 01 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 09660V2A0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BNP 4375 01 has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and 09660V2A0 go up and down completely randomly.
Pair Corralation between Meiwu Technology and 09660V2A0
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 13.38 times more return on investment than 09660V2A0. However, Meiwu Technology is 13.38 times more volatile than BNP 4375 01 MAR 33. It trades about 0.02 of its potential returns per unit of risk. BNP 4375 01 MAR 33 is currently generating about 0.08 per unit of risk. If you would invest 103.00 in Meiwu Technology Co on September 1, 2024 and sell it today you would lose (5.00) from holding Meiwu Technology Co or give up 4.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 57.94% |
| Values | Daily Returns |
Meiwu Technology Co vs. BNP 4375 01 MAR 33
Performance |
| Timeline |
| Meiwu Technology |
| BNP 4375 01 |
Meiwu Technology and 09660V2A0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and 09660V2A0
The main advantage of trading using opposite Meiwu Technology and 09660V2A0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, 09660V2A0 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 09660V2A0 will offset losses from the drop in 09660V2A0's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| 09660V2A0 vs. Meiwu Technology Co | 09660V2A0 vs. Cabo Drilling Corp | 09660V2A0 vs. Lululemon Athletica | 09660V2A0 vs. ATRenew Inc DRC |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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