Correlation Between BigBearai Holdings and ONEOK
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By analyzing existing cross correlation between BigBearai Holdings and ONEOK INC, you can compare the effects of market volatilities on BigBearai Holdings 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 BigBearai Holdings with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and ONEOK.
Diversification Opportunities for BigBearai Holdings and ONEOK
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BigBearai and ONEOK is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and ONEOK INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK INC and BigBearai Holdings 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 BigBearai Holdings 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 BigBearai Holdings i.e., BigBearai Holdings and ONEOK go up and down completely randomly.
Pair Corralation between BigBearai Holdings and ONEOK
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 11.89 times more return on investment than ONEOK. However, BigBearai Holdings is 11.89 times more volatile than ONEOK INC. It trades about 0.2 of its potential returns per unit of risk. ONEOK INC is currently generating about -0.15 per unit of risk. If you would invest 282.00 in BigBearai Holdings on October 20, 2024 and sell it today you would earn a total of 110.00 from holding BigBearai Holdings or generate 39.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BigBearai Holdings vs. ONEOK INC
Performance |
| Timeline |
| BigBearai Holdings |
| ONEOK INC |
BigBearai Holdings and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and ONEOK
The main advantage of trading using opposite BigBearai Holdings and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings 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.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| ONEOK vs. Saia Inc | ONEOK vs. Lindblad Expeditions Holdings | ONEOK vs. Western Digital | ONEOK vs. MYT Netherlands Parent |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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