Correlation Between Uber Technologies and CleanTech Lithium
Can any of the company-specific risk be diversified away by investing in both Uber Technologies and CleanTech Lithium 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 CleanTech Lithium into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uber Technologies and CleanTech Lithium plc, you can compare the effects of market volatilities on Uber Technologies and CleanTech Lithium 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 CleanTech Lithium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and CleanTech Lithium.
Diversification Opportunities for Uber Technologies and CleanTech Lithium
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Uber and CleanTech is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and CleanTech Lithium plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CleanTech Lithium plc 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 CleanTech Lithium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CleanTech Lithium plc has no effect on the direction of Uber Technologies i.e., Uber Technologies and CleanTech Lithium go up and down completely randomly.
Pair Corralation between Uber Technologies and CleanTech Lithium
Assuming the 90 days trading horizon Uber Technologies is expected to under-perform the CleanTech Lithium. But the stock apears to be less risky and, when comparing its historical volatility, Uber Technologies is 1.21 times less risky than CleanTech Lithium. The stock trades about -0.01 of its potential returns per unit of risk. The CleanTech Lithium plc is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 565.00 in CleanTech Lithium plc on August 21, 2025 and sell it today you would earn a total of 35.00 from holding CleanTech Lithium plc or generate 6.19% 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. CleanTech Lithium plc
Performance |
| Timeline |
| Uber Technologies |
| CleanTech Lithium plc |
Uber Technologies and CleanTech Lithium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and CleanTech Lithium
The main advantage of trading using opposite Uber Technologies and CleanTech Lithium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies position performs unexpectedly, CleanTech Lithium 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 CleanTech Lithium will offset losses from the drop in CleanTech Lithium's long position.| Uber Technologies vs. Abingdon Health Plc | Uber Technologies vs. PureTech Health plc | Uber Technologies vs. Optima Health plc | Uber Technologies vs. Metlen Energy Metals |
| CleanTech Lithium vs. Givaudan SA | CleanTech Lithium vs. Antofagasta PLC | CleanTech Lithium vs. Clariant AG | CleanTech Lithium vs. EVRAZ plc |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |