Correlation Between Progyny and Upstart Holdings
Can any of the company-specific risk be diversified away by investing in both Progyny and Upstart Holdings 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 Progyny and Upstart Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Progyny and Upstart Holdings, you can compare the effects of market volatilities on Progyny and Upstart Holdings 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 Progyny with a short position of Upstart Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Progyny and Upstart Holdings.
Diversification Opportunities for Progyny and Upstart Holdings
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Progyny and Upstart is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Progyny and Upstart Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upstart Holdings and Progyny 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 Progyny are associated (or correlated) with Upstart Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upstart Holdings has no effect on the direction of Progyny i.e., Progyny and Upstart Holdings go up and down completely randomly.
Pair Corralation between Progyny and Upstart Holdings
Given the investment horizon of 90 days Progyny is expected to generate 0.58 times more return on investment than Upstart Holdings. However, Progyny is 1.71 times less risky than Upstart Holdings. It trades about -0.09 of its potential returns per unit of risk. Upstart Holdings is currently generating about -0.15 per unit of risk. If you would invest 2,294 in Progyny on July 20, 2025 and sell it today you would lose (360.00) from holding Progyny or give up 15.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Progyny vs. Upstart Holdings
Performance |
| Timeline |
| Progyny |
| Upstart Holdings |
Progyny and Upstart Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Progyny and Upstart Holdings
The main advantage of trading using opposite Progyny and Upstart Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Progyny position performs unexpectedly, Upstart Holdings 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 Upstart Holdings will offset losses from the drop in Upstart Holdings' long position.The idea behind Progyny and Upstart Holdings 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.| Upstart Holdings vs. Nelnet Inc | Upstart Holdings vs. Navient SR | Upstart Holdings vs. SLM Corp | Upstart Holdings vs. Credit Acceptance |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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