Correlation Between Uber Technologies and GENERAL
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By analyzing existing cross correlation between Uber Technologies and GENERAL ELEC CAP, you can compare the effects of market volatilities on Uber Technologies and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and GENERAL.
Diversification Opportunities for Uber Technologies and GENERAL
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Uber and GENERAL is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Uber Technologies i.e., Uber Technologies and GENERAL go up and down completely randomly.
Pair Corralation between Uber Technologies and GENERAL
Given the investment horizon of 90 days Uber Technologies is expected to generate 0.73 times more return on investment than GENERAL. However, Uber Technologies is 1.36 times less risky than GENERAL. It trades about 0.04 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.01 per unit of risk. If you would invest 6,170 in Uber Technologies on September 3, 2024 and sell it today you would earn a total of 1,137 from holding Uber Technologies or generate 18.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 38.06% |
| Values | Daily Returns |
Uber Technologies vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Uber Technologies |
| GENERAL ELEC CAP |
Uber Technologies and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and GENERAL
The main advantage of trading using opposite Uber Technologies and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake | Uber Technologies vs. Workday | Uber Technologies vs. C3 Ai Inc |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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