Correlation Between Applied Blockchain and ONEOK
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By analyzing existing cross correlation between Applied Blockchain and ONEOK INC, you can compare the effects of market volatilities on Applied Blockchain and ONEOK 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 Applied Blockchain with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Applied Blockchain and ONEOK.
Diversification Opportunities for Applied Blockchain and ONEOK
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Applied and ONEOK is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Applied Blockchain and ONEOK INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK INC and Applied Blockchain 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 Applied Blockchain are associated (or correlated) with ONEOK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONEOK INC has no effect on the direction of Applied Blockchain i.e., Applied Blockchain and ONEOK go up and down completely randomly.
Pair Corralation between Applied Blockchain and ONEOK
If you would invest 676.00 in Applied Blockchain on September 14, 2024 and sell it today you would earn a total of 226.50 from holding Applied Blockchain or generate 33.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.98% |
| Values | Daily Returns |
Applied Blockchain vs. ONEOK INC
Performance |
| Timeline |
| Applied Blockchain |
| ONEOK INC |
Applied Blockchain and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Applied Blockchain and ONEOK
The main advantage of trading using opposite Applied Blockchain and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Applied Blockchain position performs unexpectedly, ONEOK 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 ONEOK will offset losses from the drop in ONEOK's long position.| Applied Blockchain vs. Magic Empire Global | Applied Blockchain vs. Zhong Yang Financial | Applied Blockchain vs. Netcapital | Applied Blockchain vs. Lazard |
| ONEOK vs. AEP TEX INC | ONEOK vs. US BANK NATIONAL | ONEOK vs. Applied Blockchain | ONEOK vs. BigBearai Holdings |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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