Correlation Between Glacier Bancorp and Uber Technologies
Can any of the company-specific risk be diversified away by investing in both Glacier Bancorp and Uber Technologies at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Glacier Bancorp and Uber Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glacier Bancorp and Uber Technologies, you can compare the effects of market volatilities on Glacier Bancorp and Uber Technologies 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 Glacier Bancorp with a short position of Uber Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glacier Bancorp and Uber Technologies.
Diversification Opportunities for Glacier Bancorp and Uber Technologies
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Glacier and Uber is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Glacier Bancorp and Uber Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uber Technologies and Glacier Bancorp 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 Glacier Bancorp are associated (or correlated) with Uber Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uber Technologies has no effect on the direction of Glacier Bancorp i.e., Glacier Bancorp and Uber Technologies go up and down completely randomly.
Pair Corralation between Glacier Bancorp and Uber Technologies
Given the investment horizon of 90 days Glacier Bancorp is expected to under-perform the Uber Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Glacier Bancorp is 1.68 times less risky than Uber Technologies. The stock trades about -0.06 of its potential returns per unit of risk. The Uber Technologies is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 6,597 in Uber Technologies on December 11, 2024 and sell it today you would earn a total of 709.00 from holding Uber Technologies or generate 10.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Glacier Bancorp vs. Uber Technologies
Performance |
| Timeline |
| Glacier Bancorp |
| Uber Technologies |
Glacier Bancorp and Uber Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glacier Bancorp and Uber Technologies
The main advantage of trading using opposite Glacier Bancorp and Uber Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glacier Bancorp position performs unexpectedly, Uber Technologies 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 Uber Technologies will offset losses from the drop in Uber Technologies' long position.| Glacier Bancorp vs. CVB Financial | Glacier Bancorp vs. Columbia Banking System | Glacier Bancorp vs. First Financial Bankshares | Glacier Bancorp vs. BancFirst |
| Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake | Uber Technologies vs. Workday | Uber Technologies vs. C3 Ai Inc |
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.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Stocks Directory Find actively traded stocks across global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |