Correlation Between Rumble and UGI

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

Diversification Opportunities for Rumble and UGI

0.06
  Correlation Coefficient

Significant diversification

The 3 months correlation between Rumble and UGI is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Rumble Inc and UGI Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UGI Corporation and Rumble 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 Rumble Inc are associated (or correlated) with UGI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UGI Corporation has no effect on the direction of Rumble i.e., Rumble and UGI go up and down completely randomly.

Pair Corralation between Rumble and UGI

Considering the 90-day investment horizon Rumble Inc is expected to under-perform the UGI. In addition to that, Rumble is 2.05 times more volatile than UGI Corporation. It trades about -0.34 of its total potential returns per unit of risk. UGI Corporation is currently generating about 0.21 per unit of volatility. If you would invest  3,494  in UGI Corporation on September 5, 2022 and sell it today you would earn a total of  378.00  from holding UGI Corporation or generate 10.82% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Rumble Inc  vs.  UGI Corp.

 Performance (%) 
       Timeline  
Rumble Inc 
Rumble Performance
0 of 100
Over the last 90 days Rumble Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's basic indicators remain relatively steady which may send shares a bit higher in January 2023. The new chaos may also be a sign of medium-term up-swing for the company stakeholders.

Rumble Price Channel

UGI Corporation 
UGI Performance
1 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in UGI Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite nearly stable technical and fundamental indicators, UGI is not utilizing all of its potentials. The recent stock price disturbance, may contribute to mid-run losses for the stockholders.

UGI Price Channel

Rumble and UGI Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Rumble and UGI

The main advantage of trading using opposite Rumble and UGI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rumble position performs unexpectedly, UGI 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 UGI will offset losses from the drop in UGI's long position.
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The idea behind Rumble Inc and UGI Corporation 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.

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