Correlation Between Uber Technologies and Astoria Financial

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Can any of the company-specific risk be diversified away by investing in both Uber Technologies and Astoria Financial 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 Uber Technologies and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uber Technologies and Astoria Financial Corp, you can compare the effects of market volatilities on Uber Technologies and Astoria Financial 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 Uber Technologies with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and Astoria Financial.

Diversification Opportunities for Uber Technologies and Astoria Financial

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Uber and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and Astoria Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astoria Financial Corp and Uber Technologies 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 Uber Technologies are associated (or correlated) with Astoria Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astoria Financial Corp has no effect on the direction of Uber Technologies i.e., Uber Technologies and Astoria Financial go up and down completely randomly.

Pair Corralation between Uber Technologies and Astoria Financial

If you would invest (100.00) in Astoria Financial Corp on September 12, 2024 and sell it today you would earn a total of  100.00  from holding Astoria Financial Corp or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Uber Technologies  vs.  Astoria Financial Corp

 Performance 
       Timeline  
Uber Technologies 

Risk-Adjusted Performance

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Very Weak
Over the last 90 days Uber Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable technical and fundamental indicators, Uber Technologies is not utilizing all of its potentials. The recent stock price agitation, may contribute to short-term losses for the retail investors.
Astoria Financial Corp 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Astoria Financial Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Astoria Financial is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.

Uber Technologies and Astoria Financial Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Uber Technologies and Astoria Financial

The main advantage of trading using opposite Uber Technologies and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, Astoria Financial 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 Astoria Financial will offset losses from the drop in Astoria Financial's long position.
The idea behind Uber Technologies and Astoria Financial Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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