Correlation Between Global X and UBS
Can any of the company-specific risk be diversified away by investing in both Global X and UBS 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 Global X and UBS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global X Funds and UBS, you can compare the effects of market volatilities on Global X and UBS 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 Global X with a short position of UBS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global X and UBS.
Diversification Opportunities for Global X and UBS
Pay attention - limited upside
The 3 months correlation between Global and UBS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global X Funds and UBS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UBS and Global X 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 Global X Funds are associated (or correlated) with UBS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UBS has no effect on the direction of Global X i.e., Global X and UBS go up and down completely randomly.
Pair Corralation between Global X and UBS
If you would invest 2,733 in Global X Funds on September 12, 2024 and sell it today you would earn a total of 1,081 from holding Global X Funds or generate 39.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Global X Funds vs. UBS
Performance |
| Timeline |
| Global X Funds |
| UBS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Global X and UBS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global X and UBS
The main advantage of trading using opposite Global X and UBS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global X position performs unexpectedly, UBS 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 will offset losses from the drop in UBS's long position.| Global X vs. Invesco DWA Utilities | Global X vs. Invesco Dynamic Large | Global X vs. SCOR PK | Global X vs. Morningstar Unconstrained Allocation |
| UBS vs. Global X Funds | UBS vs. Formidable Fortress ETF | UBS vs. JPMorgan Active Value | UBS vs. Global X Funds |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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