Correlation Between Cobas Global and UBS Money
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By analyzing existing cross correlation between Cobas Global PP and UBS Money Market, you can compare the effects of market volatilities on Cobas Global and UBS Money 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 Cobas Global with a short position of UBS Money. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cobas Global and UBS Money.
Diversification Opportunities for Cobas Global and UBS Money
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Cobas and UBS is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Cobas Global PP and UBS Money Market in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UBS Money Market and Cobas Global 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 Cobas Global PP are associated (or correlated) with UBS Money. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UBS Money Market has no effect on the direction of Cobas Global i.e., Cobas Global and UBS Money go up and down completely randomly.
Pair Corralation between Cobas Global and UBS Money
Assuming the 90 days trading horizon Cobas Global PP is expected to generate 1.6 times more return on investment than UBS Money. However, Cobas Global is 1.6 times more volatile than UBS Money Market. It trades about 0.37 of its potential returns per unit of risk. UBS Money Market is currently generating about 0.14 per unit of risk. If you would invest 11,677 in Cobas Global PP on September 14, 2024 and sell it today you would earn a total of 489.00 from holding Cobas Global PP or generate 4.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Cobas Global PP vs. UBS Money Market
Performance |
| Timeline |
| Cobas Global PP |
| UBS Money Market |
Cobas Global and UBS Money Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cobas Global and UBS Money
The main advantage of trading using opposite Cobas Global and UBS Money positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cobas Global position performs unexpectedly, UBS Money 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 UBS Money will offset losses from the drop in UBS Money's long position.| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global vs. Origin Agritech |
| UBS Money vs. Aberdeen Global Asian | UBS Money vs. BGF Global Allocation | UBS Money vs. Cobas Global PP | UBS Money vs. Templeton Global AD |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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