Correlation Between Meiwu Technology and COMCAST
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By analyzing existing cross correlation between Meiwu Technology Co and COMCAST PORATION, you can compare the effects of market volatilities on Meiwu Technology and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and COMCAST.
Diversification Opportunities for Meiwu Technology and COMCAST
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Meiwu and COMCAST is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST PORATION has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and COMCAST go up and down completely randomly.
Pair Corralation between Meiwu Technology and COMCAST
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 11.77 times more return on investment than COMCAST. However, Meiwu Technology is 11.77 times more volatile than COMCAST PORATION. It trades about 0.04 of its potential returns per unit of risk. COMCAST PORATION is currently generating about 0.03 per unit of risk. If you would invest 277.00 in Meiwu Technology Co on September 14, 2024 and sell it today you would lose (115.00) from holding Meiwu Technology Co or give up 41.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.79% |
| Values | Daily Returns |
Meiwu Technology Co vs. COMCAST PORATION
Performance |
| Timeline |
| Meiwu Technology |
| COMCAST PORATION |
Meiwu Technology and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and COMCAST
The main advantage of trading using opposite Meiwu Technology and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| COMCAST vs. Tarsus Pharmaceuticals | COMCAST vs. Centessa Pharmaceuticals PLC | COMCAST vs. Electrovaya Common Shares | COMCAST vs. CECO Environmental 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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