Correlation Between Okta and CITIC Securities
Specify exactly 2 symbols:
By analyzing existing cross correlation between Okta Inc and CITIC Securities Co, you can compare the effects of market volatilities on Okta and CITIC Securities 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 Okta with a short position of CITIC Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Okta and CITIC Securities.
Diversification Opportunities for Okta and CITIC Securities
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Okta and CITIC is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Okta Inc and CITIC Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Securities and Okta 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 Okta Inc are associated (or correlated) with CITIC Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Securities has no effect on the direction of Okta i.e., Okta and CITIC Securities go up and down completely randomly.
Pair Corralation between Okta and CITIC Securities
Given the investment horizon of 90 days Okta is expected to generate 1.51 times less return on investment than CITIC Securities. In addition to that, Okta is 1.46 times more volatile than CITIC Securities Co. It trades about 0.02 of its total potential returns per unit of risk. CITIC Securities Co is currently generating about 0.05 per unit of volatility. If you would invest 2,065 in CITIC Securities Co on August 31, 2024 and sell it today you would earn a total of 922.00 from holding CITIC Securities Co or generate 44.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.82% |
| Values | Daily Returns |
Okta Inc vs. CITIC Securities Co
Performance |
| Timeline |
| Okta Inc |
| CITIC Securities |
Okta and CITIC Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Okta and CITIC Securities
The main advantage of trading using opposite Okta and CITIC Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Okta position performs unexpectedly, CITIC Securities 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 CITIC Securities will offset losses from the drop in CITIC Securities' long position.The idea behind Okta Inc and CITIC Securities Co 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.| CITIC Securities vs. Hangzhou Pinming Software | CITIC Securities vs. Ciwen Media Co | CITIC Securities vs. Sportsoul Co Ltd | CITIC Securities vs. Focus Media Information |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Transaction History View history of all your transactions and understand their impact on performance |