Correlation Between 49327V2C7 and Sweetgreen
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By analyzing existing cross correlation between KEY 49 08 AUG 32 and Sweetgreen, you can compare the effects of market volatilities on 49327V2C7 and Sweetgreen 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 49327V2C7 with a short position of Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of 49327V2C7 and Sweetgreen.
Diversification Opportunities for 49327V2C7 and Sweetgreen
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 49327V2C7 and Sweetgreen is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding KEY 49 08 AUG 32 and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen and 49327V2C7 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 KEY 49 08 AUG 32 are associated (or correlated) with Sweetgreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sweetgreen has no effect on the direction of 49327V2C7 i.e., 49327V2C7 and Sweetgreen go up and down completely randomly.
Pair Corralation between 49327V2C7 and Sweetgreen
Assuming the 90 days trading horizon 49327V2C7 is expected to generate 12.17 times less return on investment than Sweetgreen. But when comparing it to its historical volatility, KEY 49 08 AUG 32 is 1.44 times less risky than Sweetgreen. It trades about 0.01 of its potential returns per unit of risk. Sweetgreen is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 850.00 in Sweetgreen on September 26, 2024 and sell it today you would earn a total of 2,481 from holding Sweetgreen or generate 291.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 75.81% |
Values | Daily Returns |
KEY 49 08 AUG 32 vs. Sweetgreen
Performance |
Timeline |
KEY 49 08 |
Sweetgreen |
49327V2C7 and Sweetgreen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 49327V2C7 and Sweetgreen
The main advantage of trading using opposite 49327V2C7 and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 49327V2C7 position performs unexpectedly, Sweetgreen 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 Sweetgreen will offset losses from the drop in Sweetgreen's long position.49327V2C7 vs. AEP TEX INC | 49327V2C7 vs. US BANK NATIONAL | 49327V2C7 vs. Republic Bancorp | 49327V2C7 vs. BYD Co Ltd |
Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari Holdings |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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