Correlation Between Asure Software and ONEOK

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Can any of the company-specific risk be diversified away by investing in both Asure Software and ONEOK 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 Asure Software and ONEOK into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asure Software and ONEOK INC NEW, you can compare the effects of market volatilities on Asure Software 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 Asure Software with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asure Software and ONEOK.

Diversification Opportunities for Asure Software and ONEOK

-0.34
  Correlation Coefficient

Very good diversification

The 3 months correlation between Asure and ONEOK is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Asure Software 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 Asure Software 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 Asure Software 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 Asure Software i.e., Asure Software and ONEOK go up and down completely randomly.

Pair Corralation between Asure Software and ONEOK

Given the investment horizon of 90 days Asure Software is expected to generate 2.62 times more return on investment than ONEOK. However, Asure Software is 2.62 times more volatile than ONEOK INC NEW. It trades about 0.09 of its potential returns per unit of risk. ONEOK INC NEW is currently generating about 0.03 per unit of risk. If you would invest  757.00  in Asure Software on September 3, 2024 and sell it today you would earn a total of  212.00  from holding Asure Software or generate 28.01% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy87.2%
ValuesDaily Returns

Asure Software  vs.  ONEOK INC NEW

 Performance 
       Timeline  
Asure Software 

Risk-Adjusted Performance

7 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Asure Software are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Asure Software reported solid returns over the last few months and may actually be approaching a breakup point.
ONEOK INC NEW 

Risk-Adjusted Performance

1 of 100

 
Weak
 
Strong
Very Weak
Compared to the overall equity markets, risk-adjusted returns on investments in ONEOK INC NEW are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, ONEOK is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Asure Software and ONEOK Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Asure Software and ONEOK

The main advantage of trading using opposite Asure Software and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asure Software 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.
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The idea behind Asure Software and ONEOK INC NEW 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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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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.

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