Correlation Between Uber Technologies and Genfit SA
Can any of the company-specific risk be diversified away by investing in both Uber Technologies and Genfit SA at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Uber Technologies and Genfit SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uber Technologies and Genfit SA, you can compare the effects of market volatilities on Uber Technologies and Genfit SA 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 Genfit SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and Genfit SA.
Diversification Opportunities for Uber Technologies and Genfit SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Uber and Genfit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and Genfit SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit SA 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 Genfit SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genfit SA has no effect on the direction of Uber Technologies i.e., Uber Technologies and Genfit SA go up and down completely randomly.
Pair Corralation between Uber Technologies and Genfit SA
If you would invest 5,919 in Uber Technologies on October 13, 2024 and sell it today you would earn a total of 552.00 from holding Uber Technologies or generate 9.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.88% |
| Values | Daily Returns |
Uber Technologies vs. Genfit SA
Performance |
| Timeline |
| Uber Technologies |
| Genfit SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Uber Technologies and Genfit SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and Genfit SA
The main advantage of trading using opposite Uber Technologies and Genfit SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, Genfit SA 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 Genfit SA will offset losses from the drop in Genfit SA's long position.| Uber Technologies vs. SOFI TECHNOLOGIES | Uber Technologies vs. Kingdee International Software | Uber Technologies vs. TT Electronics PLC | Uber Technologies vs. ELECTRONIC ARTS |
| Genfit SA vs. SEI INVESTMENTS | Genfit SA vs. PennantPark Investment | Genfit SA vs. WisdomTree Investments | Genfit SA vs. New Residential Investment |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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