Correlation Between Okta and Grupo Elektra
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By analyzing existing cross correlation between Okta Inc and Grupo Elektra SAB, you can compare the effects of market volatilities on Okta and Grupo Elektra 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 Grupo Elektra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Okta and Grupo Elektra.
Diversification Opportunities for Okta and Grupo Elektra
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Okta and Grupo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Okta Inc and Grupo Elektra SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Elektra SAB 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 Grupo Elektra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Elektra SAB has no effect on the direction of Okta i.e., Okta and Grupo Elektra go up and down completely randomly.
Pair Corralation between Okta and Grupo Elektra
If you would invest 7,240 in Okta Inc on August 31, 2024 and sell it today you would earn a total of 402.00 from holding Okta Inc or generate 5.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Okta Inc vs. Grupo Elektra SAB
Performance |
| Timeline |
| Okta Inc |
| Grupo Elektra SAB |
Okta and Grupo Elektra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Okta and Grupo Elektra
The main advantage of trading using opposite Okta and Grupo Elektra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Okta position performs unexpectedly, Grupo Elektra 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 Grupo Elektra will offset losses from the drop in Grupo Elektra's long position.The idea behind Okta Inc and Grupo Elektra SAB 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.| Grupo Elektra vs. Grupo Financiero Inbursa | Grupo Elektra vs. Grupo Televisa SAB | Grupo Elektra vs. Grupo Carso SAB | Grupo Elektra vs. Kimberly Clark de Mxico |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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