Correlation Between Uber Technologies and INTEL
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By analyzing existing cross correlation between Uber Technologies and INTEL P 48, you can compare the effects of market volatilities on Uber Technologies and INTEL 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 INTEL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and INTEL.
Diversification Opportunities for Uber Technologies and INTEL
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Uber and INTEL is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and INTEL P 48 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTEL P 48 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 INTEL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTEL P 48 has no effect on the direction of Uber Technologies i.e., Uber Technologies and INTEL go up and down completely randomly.
Pair Corralation between Uber Technologies and INTEL
Given the investment horizon of 90 days Uber Technologies is expected to generate 1.6 times more return on investment than INTEL. However, Uber Technologies is 1.6 times more volatile than INTEL P 48. It trades about 0.05 of its potential returns per unit of risk. INTEL P 48 is currently generating about 0.0 per unit of risk. If you would invest 4,657 in Uber Technologies on September 12, 2024 and sell it today you would earn a total of 1,839 from holding Uber Technologies or generate 39.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.17% |
| Values | Daily Returns |
Uber Technologies vs. INTEL P 48
Performance |
| Timeline |
| Uber Technologies |
| INTEL P 48 |
Uber Technologies and INTEL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and INTEL
The main advantage of trading using opposite Uber Technologies and INTEL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, INTEL 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 INTEL will offset losses from the drop in INTEL's long position.| Uber Technologies vs. Manhattan Associates | Uber Technologies vs. Paycom Soft | Uber Technologies vs. Clearwater Analytics Holdings | Uber Technologies vs. Procore 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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