Correlation Between HF Sinclair and APPLE
Specify exactly 2 symbols:
By analyzing existing cross correlation between HF Sinclair Corp and APPLE INC 245, you can compare the effects of market volatilities on HF Sinclair and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF Sinclair and APPLE.
Diversification Opportunities for HF Sinclair and APPLE
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DINO and APPLE is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding HF Sinclair Corp and APPLE INC 245 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 245 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 245 has no effect on the direction of HF Sinclair i.e., HF Sinclair and APPLE go up and down completely randomly.
Pair Corralation between HF Sinclair and APPLE
Given the investment horizon of 90 days HF Sinclair Corp is expected to under-perform the APPLE. In addition to that, HF Sinclair is 8.33 times more volatile than APPLE INC 245. It trades about -0.03 of its total potential returns per unit of risk. APPLE INC 245 is currently generating about 0.05 per unit of volatility. If you would invest 9,434 in APPLE INC 245 on September 3, 2024 and sell it today you would earn a total of 279.00 from holding APPLE INC 245 or generate 2.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
HF Sinclair Corp vs. APPLE INC 245
Performance |
| Timeline |
| HF Sinclair Corp |
| APPLE INC 245 |
HF Sinclair and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF Sinclair and APPLE
The main advantage of trading using opposite HF Sinclair and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF Sinclair position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |