Correlation Between ONEOK and Merit Medical
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By analyzing existing cross correlation between ONEOK INC and Merit Medical Systems, you can compare the effects of market volatilities on ONEOK and Merit Medical 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 ONEOK with a short position of Merit Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of ONEOK and Merit Medical.
Diversification Opportunities for ONEOK and Merit Medical
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ONEOK and Merit is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding ONEOK INC and Merit Medical Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Merit Medical Systems and ONEOK 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 ONEOK INC are associated (or correlated) with Merit Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Merit Medical Systems has no effect on the direction of ONEOK i.e., ONEOK and Merit Medical go up and down completely randomly.
Pair Corralation between ONEOK and Merit Medical
Assuming the 90 days trading horizon ONEOK INC is expected to under-perform the Merit Medical. In addition to that, ONEOK is 1.11 times more volatile than Merit Medical Systems. It trades about 0.0 of its total potential returns per unit of risk. Merit Medical Systems is currently generating about 0.18 per unit of volatility. If you would invest 8,071 in Merit Medical Systems on September 13, 2024 and sell it today you would earn a total of 2,428 from holding Merit Medical Systems or generate 30.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.2% |
| Values | Daily Returns |
ONEOK INC vs. Merit Medical Systems
Performance |
| Timeline |
| ONEOK INC |
| Merit Medical Systems |
ONEOK and Merit Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ONEOK and Merit Medical
The main advantage of trading using opposite ONEOK and Merit Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ONEOK position performs unexpectedly, Merit Medical 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 Merit Medical will offset losses from the drop in Merit Medical's long position.| ONEOK vs. AEP TEX INC | ONEOK vs. US BANK NATIONAL | ONEOK vs. Applied Blockchain | ONEOK vs. BigBearai Holdings |
| Merit Medical vs. Avita Medical | Merit Medical vs. Sight Sciences | Merit Medical vs. Treace Medical Concepts | Merit Medical vs. Neuropace |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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