Correlation Between HF Sinclair and 05565AAN3
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By analyzing existing cross correlation between HF Sinclair Corp and BNP 7375, you can compare the effects of market volatilities on HF Sinclair and 05565AAN3 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 05565AAN3. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF Sinclair and 05565AAN3.
Diversification Opportunities for HF Sinclair and 05565AAN3
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DINO and 05565AAN3 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HF Sinclair Corp and BNP 7375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 05565AAN3 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 05565AAN3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 05565AAN3 has no effect on the direction of HF Sinclair i.e., HF Sinclair and 05565AAN3 go up and down completely randomly.
Pair Corralation between HF Sinclair and 05565AAN3
If you would invest 3,855 in HF Sinclair Corp on September 5, 2024 and sell it today you would earn a total of 193.00 from holding HF Sinclair Corp or generate 5.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HF Sinclair Corp vs. BNP 7375
Performance |
| Timeline |
| HF Sinclair Corp |
| 05565AAN3 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HF Sinclair and 05565AAN3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF Sinclair and 05565AAN3
The main advantage of trading using opposite HF Sinclair and 05565AAN3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF Sinclair position performs unexpectedly, 05565AAN3 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 05565AAN3 will offset losses from the drop in 05565AAN3's long position.| HF Sinclair vs. Delek Energy | HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Marathon Petroleum Corp |
| 05565AAN3 vs. Alta Equipment Group | 05565AAN3 vs. Triton International Limited | 05565AAN3 vs. Mid Atlantic Home Health | 05565AAN3 vs. U Haul Holding |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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