Correlation Between Comstock Holding and HF Sinclair
Can any of the company-specific risk be diversified away by investing in both Comstock Holding and HF Sinclair at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Comstock Holding and HF Sinclair into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comstock Holding Companies and HF Sinclair Corp, you can compare the effects of market volatilities on Comstock Holding and HF Sinclair 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 Comstock Holding with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comstock Holding and HF Sinclair.
Diversification Opportunities for Comstock Holding and HF Sinclair
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Comstock and DINO is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Comstock Holding Companies and HF Sinclair Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HF Sinclair Corp and Comstock Holding 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 Comstock Holding Companies are associated (or correlated) with HF Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HF Sinclair Corp has no effect on the direction of Comstock Holding i.e., Comstock Holding and HF Sinclair go up and down completely randomly.
Pair Corralation between Comstock Holding and HF Sinclair
Given the investment horizon of 90 days Comstock Holding Companies is expected to under-perform the HF Sinclair. In addition to that, Comstock Holding is 2.0 times more volatile than HF Sinclair Corp. It trades about -0.16 of its total potential returns per unit of risk. HF Sinclair Corp is currently generating about 0.0 per unit of volatility. If you would invest 4,250 in HF Sinclair Corp on August 26, 2024 and sell it today you would lose (13.00) from holding HF Sinclair Corp or give up 0.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comstock Holding Companies vs. HF Sinclair Corp
Performance |
| Timeline |
| Comstock Holding Com |
| HF Sinclair Corp |
Comstock Holding and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comstock Holding and HF Sinclair
The main advantage of trading using opposite Comstock Holding and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comstock Holding position performs unexpectedly, HF Sinclair 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 HF Sinclair will offset losses from the drop in HF Sinclair's long position.| Comstock Holding vs. St Joe Company | Comstock Holding vs. Stratus Properties | Comstock Holding vs. Mitsui Fudosan Co | Comstock Holding vs. New World Development |
| HF Sinclair vs. Delek Energy | HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Marathon Petroleum Corp |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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