Correlation Between Uber Technologies and SUMIBK
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By analyzing existing cross correlation between Uber Technologies and SUMIBK 305 14 JAN 42, you can compare the effects of market volatilities on Uber Technologies and SUMIBK 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 SUMIBK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and SUMIBK.
Diversification Opportunities for Uber Technologies and SUMIBK
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Uber and SUMIBK is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and SUMIBK 305 14 JAN 42 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMIBK 305 14 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 SUMIBK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMIBK 305 14 has no effect on the direction of Uber Technologies i.e., Uber Technologies and SUMIBK go up and down completely randomly.
Pair Corralation between Uber Technologies and SUMIBK
Given the investment horizon of 90 days Uber Technologies is expected to generate 2.63 times more return on investment than SUMIBK. However, Uber Technologies is 2.63 times more volatile than SUMIBK 305 14 JAN 42. It trades about -0.04 of its potential returns per unit of risk. SUMIBK 305 14 JAN 42 is currently generating about -0.13 per unit of risk. If you would invest 6,809 in Uber Technologies on September 12, 2024 and sell it today you would lose (691.00) from holding Uber Technologies or give up 10.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 34.38% |
| Values | Daily Returns |
Uber Technologies vs. SUMIBK 305 14 JAN 42
Performance |
| Timeline |
| Uber Technologies |
| SUMIBK 305 14 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Uber Technologies and SUMIBK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and SUMIBK
The main advantage of trading using opposite Uber Technologies and SUMIBK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, SUMIBK 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 SUMIBK will offset losses from the drop in SUMIBK's long position.| Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake | Uber Technologies vs. Workday | Uber Technologies vs. C3 Ai Inc |
| SUMIBK vs. Braskem SA Class | SUMIBK vs. American Airlines Group | SUMIBK vs. CF Industries Holdings | SUMIBK vs. NL Industries |
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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