Correlation Between ATMOS and Uber Technologies
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By analyzing existing cross correlation between ATMOS ENERGY P and Uber Technologies, you can compare the effects of market volatilities on ATMOS and Uber Technologies 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 ATMOS with a short position of Uber Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATMOS and Uber Technologies.
Diversification Opportunities for ATMOS and Uber Technologies
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ATMOS and Uber is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding ATMOS ENERGY P and Uber Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uber Technologies and ATMOS 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 ATMOS ENERGY P are associated (or correlated) with Uber Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uber Technologies has no effect on the direction of ATMOS i.e., ATMOS and Uber Technologies go up and down completely randomly.
Pair Corralation between ATMOS and Uber Technologies
Assuming the 90 days trading horizon ATMOS ENERGY P is expected to generate 34.94 times more return on investment than Uber Technologies. However, ATMOS is 34.94 times more volatile than Uber Technologies. It trades about 0.07 of its potential returns per unit of risk. Uber Technologies is currently generating about 0.08 per unit of risk. If you would invest 8,474 in ATMOS ENERGY P on August 27, 2024 and sell it today you would earn a total of 141.00 from holding ATMOS ENERGY P or generate 1.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.23% |
| Values | Daily Returns |
ATMOS ENERGY P vs. Uber Technologies
Performance |
| Timeline |
| ATMOS ENERGY P |
| Uber Technologies |
ATMOS and Uber Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ATMOS and Uber Technologies
The main advantage of trading using opposite ATMOS and Uber Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATMOS position performs unexpectedly, Uber Technologies 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 Uber Technologies will offset losses from the drop in Uber Technologies' long position.The idea behind ATMOS ENERGY P and Uber Technologies pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Uber Technologies vs. Kingsoft Cloud Holdings | Uber Technologies vs. AMTD Digital | Uber Technologies vs. Zoom Video Communications | Uber Technologies vs. Snowflake |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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