Correlation Between Uber Technologies and FEDEX
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By analyzing existing cross correlation between Uber Technologies and FEDEX P 475, you can compare the effects of market volatilities on Uber Technologies and FEDEX 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 FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and FEDEX.
Diversification Opportunities for Uber Technologies and FEDEX
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Uber and FEDEX is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and FEDEX P 475 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 475 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 FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 475 has no effect on the direction of Uber Technologies i.e., Uber Technologies and FEDEX go up and down completely randomly.
Pair Corralation between Uber Technologies and FEDEX
Given the investment horizon of 90 days Uber Technologies is expected to generate 8.79 times less return on investment than FEDEX. But when comparing it to its historical volatility, Uber Technologies is 19.95 times less risky than FEDEX. It trades about 0.1 of its potential returns per unit of risk. FEDEX P 475 is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,069 in FEDEX P 475 on September 3, 2024 and sell it today you would lose (282.00) from holding FEDEX P 475 or give up 3.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.3% |
| Values | Daily Returns |
Uber Technologies vs. FEDEX P 475
Performance |
| Timeline |
| Uber Technologies |
| FEDEX P 475 |
Uber Technologies and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and FEDEX
The main advantage of trading using opposite Uber Technologies and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake | Uber Technologies vs. Workday | Uber Technologies vs. C3 Ai Inc |
| FEDEX vs. Everus Construction Group | FEDEX vs. Parker Hannifin | FEDEX vs. BRP Inc | FEDEX vs. Topbuild Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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