Correlation Between HF Sinclair and Moringa Acquisition
Can any of the company-specific risk be diversified away by investing in both HF Sinclair and Moringa Acquisition 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 HF Sinclair and Moringa Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HF Sinclair Corp and Moringa Acquisition Corp, you can compare the effects of market volatilities on HF Sinclair and Moringa Acquisition 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 HF Sinclair with a short position of Moringa Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF Sinclair and Moringa Acquisition.
Diversification Opportunities for HF Sinclair and Moringa Acquisition
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DINO and Moringa is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding HF Sinclair Corp and Moringa Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moringa Acquisition Corp and HF Sinclair 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 HF Sinclair Corp are associated (or correlated) with Moringa Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moringa Acquisition Corp has no effect on the direction of HF Sinclair i.e., HF Sinclair and Moringa Acquisition go up and down completely randomly.
Pair Corralation between HF Sinclair and Moringa Acquisition
If you would invest 4,032 in HF Sinclair Corp on August 30, 2024 and sell it today you would earn a total of 66.00 from holding HF Sinclair Corp or generate 1.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HF Sinclair Corp vs. Moringa Acquisition Corp
Performance |
| Timeline |
| HF Sinclair Corp |
| Moringa Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HF Sinclair and Moringa Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF Sinclair and Moringa Acquisition
The main advantage of trading using opposite HF Sinclair and Moringa Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF Sinclair position performs unexpectedly, Moringa Acquisition 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 Moringa Acquisition will offset losses from the drop in Moringa Acquisition's long position.| HF Sinclair vs. Delek Energy | HF Sinclair vs. Crossamerica Partners LP | HF Sinclair vs. Par Pacific Holdings | HF Sinclair vs. Valvoline |
| Moringa Acquisition vs. HF Sinclair Corp | Moringa Acquisition vs. AerSale Corp | Moringa Acquisition vs. Porvair plc | Moringa Acquisition vs. Mesa Air Group |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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