Correlation Between Genus Plc and Uber Technologies

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

Diversification Opportunities for Genus Plc and Uber Technologies

-0.11
  Correlation Coefficient

Good diversification

The 3 months correlation between Genus and Uber Technologies is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Genus Plc and Uber Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uber Technologies and Genus Plc 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 Genus Plc 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 Genus Plc i.e., Genus Plc and Uber Technologies go up and down completely randomly.

Pair Corralation between Genus Plc and Uber Technologies

Assuming the 90 days horizon Genus Plc is expected to generate 1.31 times more return on investment than Uber Technologies. However, Genus Plc is 1.31 times more volatile than Uber Technologies. It trades about 0.17 of its potential returns per unit of risk. Uber Technologies is currently generating about 0.02 per unit of risk. If you would invest  3,082  in Genus Plc on September 4, 2022 and sell it today you would earn a total of  438.00  from holding Genus Plc or generate 14.21% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy86.36%
ValuesDaily Returns

Genus Plc  vs.  Uber Technologies

 Performance (%) 
       Timeline  
Genus Plc 
Genus Performance
8 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Genus Plc are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of rather conflicting basic indicators, Genus Plc exhibited solid returns over the last few months and may actually be approaching a breakup point.

Genus Price Channel

Uber Technologies 
Uber Technologies Performance
1 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Uber Technologies are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Even with relatively invariable technical and fundamental indicators, Uber Technologies is not utilizing all of its potentials. The newest stock price agitation, may contribute to short-term losses for the retail investors.

Uber Technologies Price Channel

Genus Plc and Uber Technologies Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Genus Plc and Uber Technologies

The main advantage of trading using opposite Genus Plc and Uber Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genus Plc 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.
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The idea behind Genus Plc and Uber Technologies 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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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.

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