Correlation Between HF Sinclair and 911312BZ8
Specify exactly 2 symbols:
By analyzing existing cross correlation between HF Sinclair Corp and UPS 4875 03 MAR 33, you can compare the effects of market volatilities on HF Sinclair and 911312BZ8 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 911312BZ8. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF Sinclair and 911312BZ8.
Diversification Opportunities for HF Sinclair and 911312BZ8
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between DINO and 911312BZ8 is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding HF Sinclair Corp and UPS 4875 03 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UPS 4875 03 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 911312BZ8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UPS 4875 03 has no effect on the direction of HF Sinclair i.e., HF Sinclair and 911312BZ8 go up and down completely randomly.
Pair Corralation between HF Sinclair and 911312BZ8
Given the investment horizon of 90 days HF Sinclair Corp is expected to under-perform the 911312BZ8. In addition to that, HF Sinclair is 4.0 times more volatile than UPS 4875 03 MAR 33. It trades about -0.08 of its total potential returns per unit of risk. UPS 4875 03 MAR 33 is currently generating about -0.09 per unit of volatility. If you would invest 10,404 in UPS 4875 03 MAR 33 on September 12, 2024 and sell it today you would lose (311.00) from holding UPS 4875 03 MAR 33 or give up 2.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.31% |
| Values | Daily Returns |
HF Sinclair Corp vs. UPS 4875 03 MAR 33
Performance |
| Timeline |
| HF Sinclair Corp |
| UPS 4875 03 |
HF Sinclair and 911312BZ8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF Sinclair and 911312BZ8
The main advantage of trading using opposite HF Sinclair and 911312BZ8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF Sinclair position performs unexpectedly, 911312BZ8 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 911312BZ8 will offset losses from the drop in 911312BZ8's long position.| HF Sinclair vs. Delek Energy | HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Marathon Petroleum Corp |
| 911312BZ8 vs. Apogee Enterprises | 911312BZ8 vs. Summit Materials | 911312BZ8 vs. Mesa Air Group | 911312BZ8 vs. TFI International |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |