Correlation Between Uber Technologies and Nasdaq CTA
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By analyzing existing cross correlation between Uber Technologies and Nasdaq CTA Artificial, you can compare the effects of market volatilities on Uber Technologies and Nasdaq CTA 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 Nasdaq CTA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and Nasdaq CTA.
Diversification Opportunities for Uber Technologies and Nasdaq CTA
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Uber and Nasdaq is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and Nasdaq CTA Artificial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq CTA Artificial 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 Nasdaq CTA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq CTA Artificial has no effect on the direction of Uber Technologies i.e., Uber Technologies and Nasdaq CTA go up and down completely randomly.
Pair Corralation between Uber Technologies and Nasdaq CTA
Given the investment horizon of 90 days Uber Technologies is expected to generate 2.08 times more return on investment than Nasdaq CTA. However, Uber Technologies is 2.08 times more volatile than Nasdaq CTA Artificial. It trades about 0.08 of its potential returns per unit of risk. Nasdaq CTA Artificial is currently generating about 0.02 per unit of risk. If you would invest 3,053 in Uber Technologies on October 13, 2024 and sell it today you would earn a total of 3,544 from holding Uber Technologies or generate 116.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.45% |
| Values | Daily Returns |
Uber Technologies vs. Nasdaq CTA Artificial
Performance |
| Timeline |
Uber Technologies and Nasdaq CTA Volatility Contrast
Predicted Return Density |
| Returns |
Uber Technologies
Pair trading matchups for Uber Technologies
Nasdaq CTA Artificial
Pair trading matchups for Nasdaq CTA
Pair Trading with Uber Technologies and Nasdaq CTA
The main advantage of trading using opposite Uber Technologies and Nasdaq CTA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, Nasdaq CTA 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 Nasdaq CTA will offset losses from the drop in Nasdaq CTA's long position.| Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake | Uber Technologies vs. Workday | Uber Technologies vs. C3 Ai Inc |
| Nasdaq CTA vs. BJs Restaurants | Nasdaq CTA vs. LuxUrban Hotels 1300 | Nasdaq CTA vs. The Cheesecake Factory | Nasdaq CTA vs. Uber Technologies |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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