Correlation Between Okta and CABLEVISION

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Can any of the company-specific risk be diversified away by investing in both Okta and CABLEVISION 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 Okta and CABLEVISION into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Okta Inc and CABLEVISION LIGHTPATH LLC, you can compare the effects of market volatilities on Okta and CABLEVISION 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 CABLEVISION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Okta and CABLEVISION.

Diversification Opportunities for Okta and CABLEVISION

-0.53
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Okta and CABLEVISION is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Okta Inc and CABLEVISION LIGHTPATH LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CABLEVISION LIGHTPATH LLC 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 CABLEVISION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CABLEVISION LIGHTPATH LLC has no effect on the direction of Okta i.e., Okta and CABLEVISION go up and down completely randomly.

Pair Corralation between Okta and CABLEVISION

Given the investment horizon of 90 days Okta Inc is expected to generate 0.75 times more return on investment than CABLEVISION. However, Okta Inc is 1.34 times less risky than CABLEVISION. It trades about 0.13 of its potential returns per unit of risk. CABLEVISION LIGHTPATH LLC is currently generating about -0.27 per unit of risk. If you would invest  7,325  in Okta Inc on August 27, 2024 and sell it today you would earn a total of  325.00  from holding Okta Inc or generate 4.44% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy85.71%
ValuesDaily Returns

Okta Inc  vs.  CABLEVISION LIGHTPATH LLC

 Performance 
       Timeline  
Okta Inc 

Risk-Adjusted Performance

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Very Weak
Over the last 90 days Okta Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite uncertain performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in December 2024. The current disturbance may also be a sign of long term up-swing for the company investors.
CABLEVISION LIGHTPATH LLC 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days CABLEVISION LIGHTPATH LLC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in December 2024. The current disturbance may also be a sign of long term up-swing for CABLEVISION LIGHTPATH LLC investors.

Okta and CABLEVISION Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Okta and CABLEVISION

The main advantage of trading using opposite Okta and CABLEVISION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Okta position performs unexpectedly, CABLEVISION 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 CABLEVISION will offset losses from the drop in CABLEVISION's long position.
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The idea behind Okta Inc and CABLEVISION LIGHTPATH LLC 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 CEOs Directory module to screen CEOs from public companies around the world.

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