Correlation Between 90331HPL1 and ONEOK
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By analyzing existing cross correlation between US BANK NATIONAL and ONEOK INC, you can compare the effects of market volatilities on 90331HPL1 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 90331HPL1 with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of 90331HPL1 and ONEOK.
Diversification Opportunities for 90331HPL1 and ONEOK
Modest diversification
The 3 months correlation between 90331HPL1 and ONEOK is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and ONEOK INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK INC and 90331HPL1 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 US BANK NATIONAL 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 90331HPL1 i.e., 90331HPL1 and ONEOK go up and down completely randomly.
Pair Corralation between 90331HPL1 and ONEOK
Assuming the 90 days trading horizon US BANK NATIONAL is expected to under-perform the ONEOK. But the bond apears to be less risky and, when comparing its historical volatility, US BANK NATIONAL is 2.53 times less risky than ONEOK. The bond trades about -0.05 of its potential returns per unit of risk. The ONEOK INC is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 8,899 in ONEOK INC on September 1, 2024 and sell it today you would lose (369.00) from holding ONEOK INC or give up 4.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 66.38% |
| Values | Daily Returns |
US BANK NATIONAL vs. ONEOK INC
Performance |
| Timeline |
| US BANK NATIONAL |
| ONEOK INC |
90331HPL1 and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 90331HPL1 and ONEOK
The main advantage of trading using opposite 90331HPL1 and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 90331HPL1 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.| 90331HPL1 vs. Centessa Pharmaceuticals PLC | 90331HPL1 vs. Catalyst Pharmaceuticals | 90331HPL1 vs. Acumen Pharmaceuticals | 90331HPL1 vs. Inhibrx |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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