Correlation Between GoHealth and ONEOK
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By analyzing existing cross correlation between GoHealth and ONEOK INC NEW, you can compare the effects of market volatilities on GoHealth 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 GoHealth with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of GoHealth and ONEOK.
Diversification Opportunities for GoHealth and ONEOK
Excellent diversification
The 3 months correlation between GoHealth and ONEOK is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding GoHealth 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 GoHealth 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 GoHealth 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 GoHealth i.e., GoHealth and ONEOK go up and down completely randomly.
Pair Corralation between GoHealth and ONEOK
Given the investment horizon of 90 days GoHealth is expected to generate 2.6 times more return on investment than ONEOK. However, GoHealth is 2.6 times more volatile than ONEOK INC NEW. It trades about 0.0 of its potential returns per unit of risk. ONEOK INC NEW is currently generating about -0.15 per unit of risk. If you would invest 1,265 in GoHealth on September 4, 2024 and sell it today you would lose (19.00) from holding GoHealth or give up 1.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 71.43% |
| Values | Daily Returns |
GoHealth vs. ONEOK INC NEW
Performance |
| Timeline |
| GoHealth |
| ONEOK INC NEW |
GoHealth and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GoHealth and ONEOK
The main advantage of trading using opposite GoHealth and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GoHealth 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.| GoHealth vs. eHealth | GoHealth vs. Tian Ruixiang Holdings | GoHealth vs. Huize Holding | GoHealth vs. Selectquote |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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