Correlation Between HF Sinclair and 883203CB5
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By analyzing existing cross correlation between HF Sinclair Corp and US883203CB58, you can compare the effects of market volatilities on HF Sinclair and 883203CB5 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 883203CB5. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF Sinclair and 883203CB5.
Diversification Opportunities for HF Sinclair and 883203CB5
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between DINO and 883203CB5 is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding HF Sinclair Corp and US883203CB58 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US883203CB58 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 883203CB5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US883203CB58 has no effect on the direction of HF Sinclair i.e., HF Sinclair and 883203CB5 go up and down completely randomly.
Pair Corralation between HF Sinclair and 883203CB5
Given the investment horizon of 90 days HF Sinclair Corp is expected to under-perform the 883203CB5. In addition to that, HF Sinclair is 2.51 times more volatile than US883203CB58. It trades about -0.01 of its total potential returns per unit of risk. US883203CB58 is currently generating about 0.01 per unit of volatility. If you would invest 8,585 in US883203CB58 on September 12, 2024 and sell it today you would earn a total of 315.00 from holding US883203CB58 or generate 3.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 89.9% |
| Values | Daily Returns |
HF Sinclair Corp vs. US883203CB58
Performance |
| Timeline |
| HF Sinclair Corp |
| US883203CB58 |
HF Sinclair and 883203CB5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF Sinclair and 883203CB5
The main advantage of trading using opposite HF Sinclair and 883203CB5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF Sinclair position performs unexpectedly, 883203CB5 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 883203CB5 will offset losses from the drop in 883203CB5's long position.| HF Sinclair vs. Delek Logistics Partners | HF Sinclair vs. CVR Energy | HF Sinclair vs. Star Gas Partners | HF Sinclair vs. Ultrapar Participacoes SA |
| 883203CB5 vs. Mayfair Gold Corp | 883203CB5 vs. HF Sinclair Corp | 883203CB5 vs. EvoAir Holdings | 883203CB5 vs. Kura Sushi USA |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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