Correlation Between LOCKHEED and Uber Technologies
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By analyzing existing cross correlation between LOCKHEED MARTIN P and Uber Technologies, you can compare the effects of market volatilities on LOCKHEED 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 LOCKHEED with a short position of Uber Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of LOCKHEED and Uber Technologies.
Diversification Opportunities for LOCKHEED and Uber Technologies
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between LOCKHEED and Uber is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding LOCKHEED MARTIN P and Uber Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uber Technologies and LOCKHEED 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 LOCKHEED MARTIN 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 LOCKHEED i.e., LOCKHEED and Uber Technologies go up and down completely randomly.
Pair Corralation between LOCKHEED and Uber Technologies
Assuming the 90 days trading horizon LOCKHEED is expected to generate 87.18 times less return on investment than Uber Technologies. But when comparing it to its historical volatility, LOCKHEED MARTIN P is 3.03 times less risky than Uber Technologies. It trades about 0.0 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 6,098 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 Against |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
LOCKHEED MARTIN P vs. Uber Technologies
Performance |
| Timeline |
| LOCKHEED MARTIN P |
| Uber Technologies |
LOCKHEED and Uber Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LOCKHEED and Uber Technologies
The main advantage of trading using opposite LOCKHEED and Uber Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LOCKHEED 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.| LOCKHEED vs. Pekin Life Insurance | LOCKHEED vs. Q2 Holdings | LOCKHEED vs. Asure Software | LOCKHEED vs. Aegon NV ADR |
| 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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