Correlation Between TrueBlue and Upwork

Can any of the company-specific risk be diversified away by investing in both TrueBlue and Upwork 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 TrueBlue and Upwork into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between TrueBlue and Upwork Inc, you can compare the effects of market volatilities on TrueBlue and Upwork 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 TrueBlue with a short position of Upwork. Check out your portfolio center. Please also check ongoing floating volatility patterns of TrueBlue and Upwork.

Diversification Opportunities for TrueBlue and Upwork

-0.54

Correlation Coefficient

TrueBlue  Upwork

Excellent diversification

The 3 months correlation between TrueBlue and Upwork is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding TrueBlue and Upwork Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upwork Inc and TrueBlue 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 TrueBlue are associated (or correlated) with Upwork. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upwork Inc has no effect on the direction of TrueBlue i.e., TrueBlue and Upwork go up and down completely randomly.

Pair Corralation between TrueBlue and Upwork

Considering the 90-day investment horizon TrueBlue is expected to generate 1.52 times more return on investment than Upwork. However, TrueBlue is 1.52 times more volatile than Upwork Inc. It trades about 0.17 of its potential returns per unit of risk. Upwork Inc is currently generating about -0.05 per unit of risk. If you would invest  429.00  in TrueBlue on May 5, 2025 and sell it today you would earn a total of  236.00  from holding TrueBlue or generate 55.01% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

TrueBlue  vs.  Upwork Inc

TrueBlue

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in TrueBlue are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite fairly unsteady fundamental drivers, TrueBlue demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Upwork Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Upwork Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's basic indicators remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.

Pair Trading with TrueBlue and Upwork

The main advantage of trading using opposite TrueBlue and Upwork positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TrueBlue position performs unexpectedly, Upwork 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 Upwork will offset losses from the drop in Upwork's long position.

The idea behind TrueBlue and Upwork Inc 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 Commodity Directory module to find actively traded commodities issued by global exchanges.