Correlation Between Where Food and ONEOK
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By analyzing existing cross correlation between Where Food Comes and ONEOK INC NEW, you can compare the effects of market volatilities on Where Food 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 Where Food with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Where Food and ONEOK.
Diversification Opportunities for Where Food and ONEOK
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Where and ONEOK is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Where Food Comes 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 Where Food 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 Where Food Comes 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 Where Food i.e., Where Food and ONEOK go up and down completely randomly.
Pair Corralation between Where Food and ONEOK
Given the investment horizon of 90 days Where Food Comes is expected to generate 0.79 times more return on investment than ONEOK. However, Where Food Comes is 1.27 times less risky than ONEOK. It trades about 0.19 of its potential returns per unit of risk. ONEOK INC NEW is currently generating about -0.21 per unit of risk. If you would invest 1,125 in Where Food Comes on September 13, 2024 and sell it today you would earn a total of 110.00 from holding Where Food Comes or generate 9.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
Where Food Comes vs. ONEOK INC NEW
Performance |
| Timeline |
| Where Food Comes |
| ONEOK INC NEW |
Where Food and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Where Food and ONEOK
The main advantage of trading using opposite Where Food and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Where Food 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.| Where Food vs. Issuer Direct Corp | Where Food vs. Smith Midland Corp | Where Food vs. Bm Technologies | Where Food vs. 1StdibsCom |
| ONEOK vs. AEP TEX INC | ONEOK vs. US BANK NATIONAL | ONEOK vs. Applied Blockchain | ONEOK vs. BigBearai Holdings |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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