Correlation Between Roku and Bang Olufsen

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

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Can any of the company-specific risk be diversified away by investing in both Roku and Bang Olufsen at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing Roku and Bang Olufsen into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for Roku and Bang Olufsen

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Correlation
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Pay attention - limited upside

The 3 months correlation between Roku and Bang Olufsen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Roku Inc and Bang Olufsen Holding AS in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bang Olufsen Holding and Roku 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 Roku Inc are associated (or correlated) with Bang Olufsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bang Olufsen Holding has no effect on the direction of Roku i.e. Roku and Bang Olufsen go up and down completely randomly.

Pair Corralation between Roku and Bang Olufsen

If you would invest  11,467  in Roku Inc on May 1, 2020 and sell it today you would lose (516.00)  from holding Roku Inc or give up 4.5% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy1.56%
ValuesDaily Returns

Roku Inc  vs.  Bang Olufsen Holding AS

 Performance (%) 
      Timeline 
Roku Inc 
11

Roku Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Roku Inc are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively weak essential indicators, Roku may actually be approaching a critical reversion point that can send shares even higher in July 2020.
Bang Olufsen Holding 
00

Bang Olufsen Risk-Adjusted Performance

Over the last 30 days Bang Olufsen Holding has generated negative risk-adjusted returns adding no value to investors with long positions. Allthough quite persistent forward indicators, Bang Olufsen is not utilizing all of its potentials. The existing stock price mess, may contribute to short term losses for the partners.

Roku and Bang Olufsen Volatility Contrast

 Predicted Return Density 
      Returns 
Check out your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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