Correlation Between Meiwu Technology and 69351UAU7
Specify exactly 2 symbols:
By analyzing existing cross correlation between Meiwu Technology Co and PPL ELEC UTILS, you can compare the effects of market volatilities on Meiwu Technology and 69351UAU7 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 69351UAU7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meiwu Technology and 69351UAU7.
Diversification Opportunities for Meiwu Technology and 69351UAU7
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Meiwu and 69351UAU7 is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Meiwu Technology Co and PPL ELEC UTILS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PPL ELEC UTILS 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 69351UAU7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PPL ELEC UTILS has no effect on the direction of Meiwu Technology i.e., Meiwu Technology and 69351UAU7 go up and down completely randomly.
Pair Corralation between Meiwu Technology and 69351UAU7
Considering the 90-day investment horizon Meiwu Technology Co is expected to generate 4.08 times more return on investment than 69351UAU7. However, Meiwu Technology is 4.08 times more volatile than PPL ELEC UTILS. It trades about 0.24 of its potential returns per unit of risk. PPL ELEC UTILS is currently generating about 0.11 per unit of risk. If you would invest 81.00 in Meiwu Technology Co on August 30, 2024 and sell it today you would earn a total of 15.00 from holding Meiwu Technology Co or generate 18.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 59.09% |
| Values | Daily Returns |
Meiwu Technology Co vs. PPL ELEC UTILS
Performance |
| Timeline |
| Meiwu Technology |
| PPL ELEC UTILS |
Meiwu Technology and 69351UAU7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meiwu Technology and 69351UAU7
The main advantage of trading using opposite Meiwu Technology and 69351UAU7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meiwu Technology position performs unexpectedly, 69351UAU7 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 69351UAU7 will offset losses from the drop in 69351UAU7's long position.| Meiwu Technology vs. MOGU Inc | Meiwu Technology vs. iPower Inc | Meiwu Technology vs. Jeffs Brands | Meiwu Technology vs. Kidpik Corp |
| 69351UAU7 vs. Meiwu Technology Co | 69351UAU7 vs. Weyco Group | 69351UAU7 vs. Bt Brands | 69351UAU7 vs. Boyd Gaming |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |