Correlation Between Uber Technologies and INTERSHOP Communications
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By analyzing existing cross correlation between Uber Technologies and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on Uber Technologies and INTERSHOP Communications 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 INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and INTERSHOP Communications.
Diversification Opportunities for Uber Technologies and INTERSHOP Communications
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Uber and INTERSHOP is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications 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 INTERSHOP Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERSHOP Communications has no effect on the direction of Uber Technologies i.e., Uber Technologies and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between Uber Technologies and INTERSHOP Communications
Assuming the 90 days trading horizon Uber Technologies is expected to generate 1.1 times more return on investment than INTERSHOP Communications. However, Uber Technologies is 1.1 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.02 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.02 per unit of risk. If you would invest 5,620 in Uber Technologies on September 24, 2024 and sell it today you would earn a total of 250.00 from holding Uber Technologies or generate 4.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uber Technologies vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| Uber Technologies |
| INTERSHOP Communications |
Uber Technologies and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and INTERSHOP Communications
The main advantage of trading using opposite Uber Technologies and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, INTERSHOP Communications 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 INTERSHOP Communications will offset losses from the drop in INTERSHOP Communications' long position.| Uber Technologies vs. BW OFFSHORE LTD | Uber Technologies vs. Jacquet Metal Service | Uber Technologies vs. WT OFFSHORE | Uber Technologies vs. ADRIATIC METALS LS 013355 |
| INTERSHOP Communications vs. Salesforce | INTERSHOP Communications vs. SAP SE | INTERSHOP Communications vs. Uber Technologies | INTERSHOP Communications vs. Nemetschek AG ON |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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