Correlation Between Delek Drilling and 191216CE8
Specify exactly 2 symbols:
By analyzing existing cross correlation between Delek Drilling and COCA A 29, you can compare the effects of market volatilities on Delek Drilling and 191216CE8 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 191216CE8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Drilling and 191216CE8.
Diversification Opportunities for Delek Drilling and 191216CE8
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Delek and 191216CE8 is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Delek Drilling and COCA A 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COCA A 29 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 191216CE8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COCA A 29 has no effect on the direction of Delek Drilling i.e., Delek Drilling and 191216CE8 go up and down completely randomly.
Pair Corralation between Delek Drilling and 191216CE8
Assuming the 90 days horizon Delek Drilling is expected to generate 1.9 times more return on investment than 191216CE8. However, Delek Drilling is 1.9 times more volatile than COCA A 29. It trades about -0.04 of its potential returns per unit of risk. COCA A 29 is currently generating about -0.19 per unit of risk. If you would invest 311.00 in Delek Drilling on September 13, 2024 and sell it today you would lose (6.00) from holding Delek Drilling or give up 1.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Delek Drilling vs. COCA A 29
Performance |
| Timeline |
| Delek Drilling |
| COCA A 29 |
Delek Drilling and 191216CE8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Drilling and 191216CE8
The main advantage of trading using opposite Delek Drilling and 191216CE8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Drilling position performs unexpectedly, 191216CE8 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 191216CE8 will offset losses from the drop in 191216CE8's long position.| Delek Drilling vs. Permian Resources | Delek Drilling vs. Devon Energy | Delek Drilling vs. EOG Resources | Delek Drilling vs. Coterra Energy |
| 191216CE8 vs. Pure Cycle | 191216CE8 vs. United Utilities Group | 191216CE8 vs. Vistra Energy Corp | 191216CE8 vs. Coty Inc |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |