Correlation Between UBS AG and GPOW
Can any of the company-specific risk be diversified away by investing in both UBS AG and GPOW 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 UBS AG and GPOW into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UBS AG London and GPOW, you can compare the effects of market volatilities on UBS AG and GPOW 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 UBS AG with a short position of GPOW. Check out your portfolio center. Please also check ongoing floating volatility patterns of UBS AG and GPOW.
Diversification Opportunities for UBS AG and GPOW
Pay attention - limited upside
The 3 months correlation between UBS and GPOW is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UBS AG London and GPOW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GPOW and UBS AG 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 UBS AG London are associated (or correlated) with GPOW. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GPOW has no effect on the direction of UBS AG i.e., UBS AG and GPOW go up and down completely randomly.
Pair Corralation between UBS AG and GPOW
If you would invest 1,773 in UBS AG London on September 12, 2024 and sell it today you would earn a total of 787.00 from holding UBS AG London or generate 44.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
UBS AG London vs. GPOW
Performance |
| Timeline |
| UBS AG London |
| GPOW |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
UBS AG and GPOW Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UBS AG and GPOW
The main advantage of trading using opposite UBS AG and GPOW positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UBS AG position performs unexpectedly, GPOW 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 GPOW will offset losses from the drop in GPOW's long position.| UBS AG vs. First Trust North | UBS AG vs. Global X MLP | UBS AG vs. Global X MLP | UBS AG vs. Tortoise North American |
| GPOW vs. Ultimus Managers Trust | GPOW vs. Direxion Daily SP | GPOW vs. EA Series Trust | GPOW vs. Global X MLP |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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