Correlation Between Mike Pike and Roku
Can any of the company-specific risk be diversified away by investing in both Mike Pike and Roku 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 Mike Pike and Roku into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mike The Pike and Roku Inc, you can compare the effects of market volatilities on Mike Pike and Roku 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 Mike Pike with a short position of Roku. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mike Pike and Roku.
Diversification Opportunities for Mike Pike and Roku
Very good diversification
The 3 months correlation between Mike and Roku is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Mike The Pike and Roku Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Roku Inc and Mike Pike 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 Mike The Pike are associated (or correlated) with Roku. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Roku Inc has no effect on the direction of Mike Pike i.e., Mike Pike and Roku go up and down completely randomly.
Pair Corralation between Mike Pike and Roku
If you would invest 6,570 in Roku Inc on November 1, 2024 and sell it today you would earn a total of 1,958 from holding Roku Inc or generate 29.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 1.67% |
| Values | Daily Returns |
Mike The Pike vs. Roku Inc
Performance |
| Timeline |
| Mike The Pike |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Roku Inc |
Mike Pike and Roku Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mike Pike and Roku
The main advantage of trading using opposite Mike Pike and Roku positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mike Pike position performs unexpectedly, Roku 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 Roku will offset losses from the drop in Roku's long position.| Mike Pike vs. Hanover House | Mike Pike vs. Sanwire | Mike Pike vs. United Amern Pete | Mike Pike vs. Movie Studio |
| Roku vs. Walt Disney | Roku vs. AMC Entertainment Holdings | Roku vs. Paramount Global Class | Roku vs. Warner Bros Discovery |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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