Correlation Between Uber Technologies and UNITED
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By analyzing existing cross correlation between Uber Technologies and UNITED TECHNOLOGIES P, you can compare the effects of market volatilities on Uber Technologies and UNITED 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 UNITED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and UNITED.
Diversification Opportunities for Uber Technologies and UNITED
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Uber and UNITED is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and UNITED TECHNOLOGIES P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITED TECHNOLOGIES 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 UNITED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITED TECHNOLOGIES has no effect on the direction of Uber Technologies i.e., Uber Technologies and UNITED go up and down completely randomly.
Pair Corralation between Uber Technologies and UNITED
Given the investment horizon of 90 days Uber Technologies is expected to generate 1.63 times more return on investment than UNITED. However, Uber Technologies is 1.63 times more volatile than UNITED TECHNOLOGIES P. It trades about 0.04 of its potential returns per unit of risk. UNITED TECHNOLOGIES P is currently generating about -0.02 per unit of risk. If you would invest 6,098 in Uber Technologies on September 2, 2024 and sell it today you would earn a total of 1,098 from holding Uber Technologies or generate 18.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 63.31% |
| Values | Daily Returns |
Uber Technologies vs. UNITED TECHNOLOGIES P
Performance |
| Timeline |
| Uber Technologies |
| UNITED TECHNOLOGIES |
Uber Technologies and UNITED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and UNITED
The main advantage of trading using opposite Uber Technologies and UNITED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, UNITED 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 UNITED will offset losses from the drop in UNITED'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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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