Correlation Between Apogee Enterprises and ONEOK
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By analyzing existing cross correlation between Apogee Enterprises and ONEOK INC NEW, you can compare the effects of market volatilities on Apogee Enterprises 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 Apogee Enterprises with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and ONEOK.
Diversification Opportunities for Apogee Enterprises and ONEOK
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Apogee and ONEOK is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and ONEOK INC NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK INC NEW and Apogee Enterprises 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 Apogee Enterprises 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 NEW has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and ONEOK go up and down completely randomly.
Pair Corralation between Apogee Enterprises and ONEOK
Given the investment horizon of 90 days Apogee Enterprises is expected to generate 0.79 times more return on investment than ONEOK. However, Apogee Enterprises is 1.26 times less risky than ONEOK. It trades about 0.27 of its potential returns per unit of risk. ONEOK INC NEW is currently generating about -0.13 per unit of risk. If you would invest 7,580 in Apogee Enterprises on September 2, 2024 and sell it today you would earn a total of 841.00 from holding Apogee Enterprises or generate 11.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Apogee Enterprises vs. ONEOK INC NEW
Performance |
| Timeline |
| Apogee Enterprises |
| ONEOK INC NEW |
Apogee Enterprises and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and ONEOK
The main advantage of trading using opposite Apogee Enterprises and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises 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.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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