Correlation Between Integral and ONEOK
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By analyzing existing cross correlation between Integral Ad Science and ONEOK PARTNERS L, you can compare the effects of market volatilities on Integral 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 Integral with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integral and ONEOK.
Diversification Opportunities for Integral and ONEOK
Excellent diversification
The 3 months correlation between Integral and ONEOK is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Integral Ad Science and ONEOK PARTNERS L in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK PARTNERS L and Integral 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 Integral Ad Science 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 PARTNERS L has no effect on the direction of Integral i.e., Integral and ONEOK go up and down completely randomly.
Pair Corralation between Integral and ONEOK
Considering the 90-day investment horizon Integral Ad Science is expected to under-perform the ONEOK. In addition to that, Integral is 3.49 times more volatile than ONEOK PARTNERS L. It trades about -0.02 of its total potential returns per unit of risk. ONEOK PARTNERS L is currently generating about 0.03 per unit of volatility. If you would invest 10,255 in ONEOK PARTNERS L on September 2, 2024 and sell it today you would earn a total of 607.00 from holding ONEOK PARTNERS L or generate 5.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 73.92% |
| Values | Daily Returns |
Integral Ad Science vs. ONEOK PARTNERS L
Performance |
| Timeline |
| Integral Ad Science |
| ONEOK PARTNERS L |
Integral and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integral and ONEOK
The main advantage of trading using opposite Integral and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integral 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.The idea behind Integral Ad Science and ONEOK PARTNERS L 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.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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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