Correlation Between EXELON and Uber Technologies
Specify exactly 2 symbols:
By analyzing existing cross correlation between EXELON P 51 and Uber Technologies, you can compare the effects of market volatilities on EXELON 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 EXELON with a short position of Uber Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of EXELON and Uber Technologies.
Diversification Opportunities for EXELON and Uber Technologies
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between EXELON and Uber is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding EXELON P 51 and Uber Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uber Technologies and EXELON 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 EXELON P 51 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 EXELON i.e., EXELON and Uber Technologies go up and down completely randomly.
Pair Corralation between EXELON and Uber Technologies
Assuming the 90 days trading horizon EXELON is expected to generate 2.94 times less return on investment than Uber Technologies. But when comparing it to its historical volatility, EXELON P 51 is 2.06 times less risky than Uber Technologies. It trades about 0.03 of its potential returns per unit of risk. Uber Technologies is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 6,582 in Uber Technologies on September 3, 2024 and sell it today you would earn a total of 614.00 from holding Uber Technologies or generate 9.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 77.6% |
| Values | Daily Returns |
EXELON P 51 vs. Uber Technologies
Performance |
| Timeline |
| EXELON P 51 |
| Uber Technologies |
EXELON and Uber Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EXELON and Uber Technologies
The main advantage of trading using opposite EXELON and Uber Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EXELON 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.| EXELON vs. Kaltura | EXELON vs. WiMi Hologram Cloud | EXELON vs. Origin Materials | EXELON vs. Uber Technologies |
| 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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |