Correlation Between Delek Drilling and AMEREN
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By analyzing existing cross correlation between Delek Drilling and AMEREN P 365, you can compare the effects of market volatilities on Delek Drilling and AMEREN 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 Delek Drilling with a short position of AMEREN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Drilling and AMEREN.
Diversification Opportunities for Delek Drilling and AMEREN
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Delek and AMEREN is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Delek Drilling and AMEREN P 365 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMEREN P 365 and Delek Drilling 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 Delek Drilling are associated (or correlated) with AMEREN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMEREN P 365 has no effect on the direction of Delek Drilling i.e., Delek Drilling and AMEREN go up and down completely randomly.
Pair Corralation between Delek Drilling and AMEREN
Assuming the 90 days horizon Delek Drilling is expected to generate 6.71 times more return on investment than AMEREN. However, Delek Drilling is 6.71 times more volatile than AMEREN P 365. It trades about 0.26 of its potential returns per unit of risk. AMEREN P 365 is currently generating about -0.2 per unit of risk. If you would invest 255.00 in Delek Drilling on August 24, 2024 and sell it today you would earn a total of 54.00 from holding Delek Drilling or generate 21.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 72.73% |
| Values | Daily Returns |
Delek Drilling vs. AMEREN P 365
Performance |
| Timeline |
| Delek Drilling |
| AMEREN P 365 |
Delek Drilling and AMEREN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Drilling and AMEREN
The main advantage of trading using opposite Delek Drilling and AMEREN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Drilling position performs unexpectedly, AMEREN 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 AMEREN will offset losses from the drop in AMEREN's long position.| Delek Drilling vs. Permian Resources | Delek Drilling vs. Devon Energy | Delek Drilling vs. EOG Resources | Delek Drilling vs. Coterra Energy |
| AMEREN vs. Patterson UTI Energy | AMEREN vs. Kinetik Holdings | AMEREN vs. Delek Drilling | AMEREN vs. Transocean |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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