Correlation Between Delek Drilling and QTELQD
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By analyzing existing cross correlation between Delek Drilling and QTELQD 2625 08 APR 31, you can compare the effects of market volatilities on Delek Drilling and QTELQD 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 QTELQD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Drilling and QTELQD.
Diversification Opportunities for Delek Drilling and QTELQD
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Delek and QTELQD is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Delek Drilling and QTELQD 2625 08 APR 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on QTELQD 2625 08 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 QTELQD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of QTELQD 2625 08 has no effect on the direction of Delek Drilling i.e., Delek Drilling and QTELQD go up and down completely randomly.
Pair Corralation between Delek Drilling and QTELQD
Assuming the 90 days horizon Delek Drilling is expected to generate 3.52 times less return on investment than QTELQD. But when comparing it to its historical volatility, Delek Drilling is 1.61 times less risky than QTELQD. It trades about 0.08 of its potential returns per unit of risk. QTELQD 2625 08 APR 31 is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 8,753 in QTELQD 2625 08 APR 31 on September 12, 2024 and sell it today you would earn a total of 201.00 from holding QTELQD 2625 08 APR 31 or generate 2.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 33.33% |
| Values | Daily Returns |
Delek Drilling vs. QTELQD 2625 08 APR 31
Performance |
| Timeline |
| Delek Drilling |
| QTELQD 2625 08 |
Delek Drilling and QTELQD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Drilling and QTELQD
The main advantage of trading using opposite Delek Drilling and QTELQD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Drilling position performs unexpectedly, QTELQD 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 QTELQD will offset losses from the drop in QTELQD's long position.| Delek Drilling vs. Permian Resources | Delek Drilling vs. Devon Energy | Delek Drilling vs. EOG Resources | Delek Drilling vs. Coterra Energy |
| QTELQD vs. The Cheesecake Factory | QTELQD vs. Yum Brands | QTELQD vs. FactSet Research Systems | QTELQD vs. Ark Restaurants Corp |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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