Correlation Between Aurora Innovation and Keurig
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By analyzing existing cross correlation between Aurora Innovation and Keurig Dr Pepper, you can compare the effects of market volatilities on Aurora Innovation and Keurig 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 Aurora Innovation with a short position of Keurig. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aurora Innovation and Keurig.
Diversification Opportunities for Aurora Innovation and Keurig
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Aurora and Keurig is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Aurora Innovation and Keurig Dr Pepper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keurig Dr Pepper and Aurora Innovation 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 Aurora Innovation are associated (or correlated) with Keurig. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keurig Dr Pepper has no effect on the direction of Aurora Innovation i.e., Aurora Innovation and Keurig go up and down completely randomly.
Pair Corralation between Aurora Innovation and Keurig
Considering the 90-day investment horizon Aurora Innovation is expected to generate 19.1 times more return on investment than Keurig. However, Aurora Innovation is 19.1 times more volatile than Keurig Dr Pepper. It trades about 0.08 of its potential returns per unit of risk. Keurig Dr Pepper is currently generating about -0.01 per unit of risk. If you would invest 131.00 in Aurora Innovation on September 2, 2024 and sell it today you would earn a total of 516.00 from holding Aurora Innovation or generate 393.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.98% |
| Values | Daily Returns |
Aurora Innovation vs. Keurig Dr Pepper
Performance |
| Timeline |
| Aurora Innovation |
| Keurig Dr Pepper |
Aurora Innovation and Keurig Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aurora Innovation and Keurig
The main advantage of trading using opposite Aurora Innovation and Keurig positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aurora Innovation position performs unexpectedly, Keurig 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 Keurig will offset losses from the drop in Keurig's long position.| Aurora Innovation vs. Innodata | Aurora Innovation vs. International Business Machines | Aurora Innovation vs. BigBearai Holdings | Aurora Innovation vs. CLPS Inc |
| Keurig vs. AEP TEX INC | Keurig vs. US BANK NATIONAL | Keurig vs. FactSet Research Systems | Keurig vs. Aurora Innovation |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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