Correlation Between Meiwu Technology and ENBCN
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By analyzing existing cross correlation between Meiwu Technology Co and ENBCN 16 04 OCT 26, you can compare the effects of market volatilities on Meiwu Technology and ENBCN 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 ENBCN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and ENBCN.
Diversification Opportunities for Meiwu Technology and ENBCN
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Meiwu and ENBCN is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and ENBCN 16 04 OCT 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENBCN 16 04 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 ENBCN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENBCN 16 04 has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and ENBCN go up and down completely randomly.
Pair Corralation between Meiwu Technology and ENBCN
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 2.87 times more return on investment than ENBCN. However, Meiwu Technology is 2.87 times more volatile than ENBCN 16 04 OCT 26. It trades about 0.32 of its potential returns per unit of risk. ENBCN 16 04 OCT 26 is currently generating about -0.21 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 Against |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Meiwu Technology Co vs. ENBCN 16 04 OCT 26
Performance |
| Timeline |
| Meiwu Technology |
| ENBCN 16 04 |
Meiwu Technology and ENBCN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and ENBCN
The main advantage of trading using opposite Meiwu Technology and ENBCN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, ENBCN 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 ENBCN will offset losses from the drop in ENBCN'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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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