Correlation Between Meiwu Technology and ONCOR
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By analyzing existing cross correlation between Meiwu Technology Co and ONCOR ELEC DELIVERY, you can compare the effects of market volatilities on Meiwu Technology and ONCOR 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 ONCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and ONCOR.
Diversification Opportunities for Meiwu Technology and ONCOR
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Meiwu and ONCOR is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and ONCOR ELEC DELIVERY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONCOR ELEC DELIVERY 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 ONCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONCOR ELEC DELIVERY has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and ONCOR go up and down completely randomly.
Pair Corralation between Meiwu Technology and ONCOR
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 5.79 times more return on investment than ONCOR. However, Meiwu Technology is 5.79 times more volatile than ONCOR ELEC DELIVERY. It trades about 0.01 of its potential returns per unit of risk. ONCOR ELEC DELIVERY is currently generating about 0.05 per unit of risk. If you would invest 252.00 in Meiwu Technology Co on August 26, 2024 and sell it today you would lose (169.00) from holding Meiwu Technology Co or give up 67.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 59.84% |
| Values | Daily Returns |
Meiwu Technology Co vs. ONCOR ELEC DELIVERY
Performance |
| Timeline |
| Meiwu Technology |
| ONCOR ELEC DELIVERY |
Meiwu Technology and ONCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and ONCOR
The main advantage of trading using opposite Meiwu Technology and ONCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, ONCOR 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 ONCOR will offset losses from the drop in ONCOR's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| ONCOR vs. Allient | ONCOR vs. Integral Ad Science | ONCOR vs. Playtika Holding Corp | ONCOR vs. Meiwu Technology Co |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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