Correlation Between Uber Technologies and DELHAIZE
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By analyzing existing cross correlation between Uber Technologies and DELHAIZE GROUP SA, you can compare the effects of market volatilities on Uber Technologies and DELHAIZE 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 DELHAIZE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and DELHAIZE.
Diversification Opportunities for Uber Technologies and DELHAIZE
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Uber and DELHAIZE is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and DELHAIZE GROUP SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DELHAIZE GROUP SA 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 DELHAIZE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DELHAIZE GROUP SA has no effect on the direction of Uber Technologies i.e., Uber Technologies and DELHAIZE go up and down completely randomly.
Pair Corralation between Uber Technologies and DELHAIZE
Given the investment horizon of 90 days Uber Technologies is expected to under-perform the DELHAIZE. In addition to that, Uber Technologies is 1.95 times more volatile than DELHAIZE GROUP SA. It trades about -0.06 of its total potential returns per unit of risk. DELHAIZE GROUP SA is currently generating about 0.05 per unit of volatility. If you would invest 10,013 in DELHAIZE GROUP SA on September 4, 2024 and sell it today you would earn a total of 43.00 from holding DELHAIZE GROUP SA or generate 0.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 42.86% |
| Values | Daily Returns |
Uber Technologies vs. DELHAIZE GROUP SA
Performance |
| Timeline |
| Uber Technologies |
| DELHAIZE GROUP SA |
Uber Technologies and DELHAIZE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and DELHAIZE
The main advantage of trading using opposite Uber Technologies and DELHAIZE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, DELHAIZE 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 DELHAIZE will offset losses from the drop in DELHAIZE's long position.| Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake | Uber Technologies vs. Workday | Uber Technologies vs. C3 Ai Inc |
| DELHAIZE vs. CapitaLand Investment Limited | DELHAIZE vs. Uber Technologies | DELHAIZE vs. Bank of America | DELHAIZE vs. Guangdong Investment Limited |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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