Correlation Between Uber Technologies and YXTCOM GROUP

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Can any of the company-specific risk be diversified away by investing in both Uber Technologies and YXTCOM GROUP 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 YXTCOM GROUP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uber Technologies and YXTCOM GROUP HOLDING, you can compare the effects of market volatilities on Uber Technologies and YXTCOM GROUP 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 YXTCOM GROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and YXTCOM GROUP.

Diversification Opportunities for Uber Technologies and YXTCOM GROUP

0.14
  Correlation Coefficient

Average diversification

The 3 months correlation between Uber and YXTCOM is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and YXTCOM GROUP HOLDING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YXTCOM GROUP HOLDING 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 YXTCOM GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YXTCOM GROUP HOLDING has no effect on the direction of Uber Technologies i.e., Uber Technologies and YXTCOM GROUP go up and down completely randomly.

Pair Corralation between Uber Technologies and YXTCOM GROUP

Given the investment horizon of 90 days Uber Technologies is expected to generate 0.29 times more return on investment than YXTCOM GROUP. However, Uber Technologies is 3.46 times less risky than YXTCOM GROUP. It trades about -0.07 of its potential returns per unit of risk. YXTCOM GROUP HOLDING is currently generating about -0.03 per unit of risk. If you would invest  7,769  in Uber Technologies on October 28, 2024 and sell it today you would lose (913.00) from holding Uber Technologies or give up 11.75% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Uber Technologies  vs.  YXTCOM GROUP HOLDING

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -20-100102030
JavaScript chart by amCharts 3.21.15UBER YXT
       Timeline  
Uber Technologies 

Risk-Adjusted Performance

0 of 100

 
Weak
 
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Very Weak
Over the last 90 days Uber Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest unfluctuating performance, the Stock's technical and fundamental indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the enterprise retail investors.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan6065707580
YXTCOM GROUP HOLDING 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days YXTCOM GROUP HOLDING has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in February 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan22.533.54

Uber Technologies and YXTCOM GROUP Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-4.01-3.01-2.0-0.99-0.01550.881.822.753.684.61 0.010.020.030.040.050.06
JavaScript chart by amCharts 3.21.15UBER YXT
       Returns  

Pair Trading with Uber Technologies and YXTCOM GROUP

The main advantage of trading using opposite Uber Technologies and YXTCOM GROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, YXTCOM GROUP 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 YXTCOM GROUP will offset losses from the drop in YXTCOM GROUP's long position.
The idea behind Uber Technologies and YXTCOM GROUP HOLDING 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.
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.

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