Correlation Between Pfizer and ONEOK
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By analyzing existing cross correlation between Pfizer Inc and ONEOK PARTNERS L, you can compare the effects of market volatilities on Pfizer 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 Pfizer with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and ONEOK.
Diversification Opportunities for Pfizer and ONEOK
Very weak diversification
The 3 months correlation between Pfizer and ONEOK is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc 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 Pfizer 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 Pfizer Inc 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 Pfizer i.e., Pfizer and ONEOK go up and down completely randomly.
Pair Corralation between Pfizer and ONEOK
Considering the 90-day investment horizon Pfizer Inc is expected to under-perform the ONEOK. In addition to that, Pfizer is 1.29 times more volatile than ONEOK PARTNERS L. It trades about -0.22 of its total potential returns per unit of risk. ONEOK PARTNERS L is currently generating about 0.02 per unit of volatility. If you would invest 10,834 in ONEOK PARTNERS L on August 30, 2024 and sell it today you would earn a total of 28.00 from holding ONEOK PARTNERS L or generate 0.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
Pfizer Inc vs. ONEOK PARTNERS L
Performance |
| Timeline |
| Pfizer Inc |
| ONEOK PARTNERS L |
Pfizer and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pfizer and ONEOK
The main advantage of trading using opposite Pfizer and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer 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.| Pfizer vs. Emergent Biosolutions | Pfizer vs. Bausch Health Companies | Pfizer vs. Neurocrine Biosciences | Pfizer vs. Teva Pharma Industries |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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