Correlation Between Delek Drilling and UNITED
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By analyzing existing cross correlation between Delek Drilling and UNITED PARCEL SVC, you can compare the effects of market volatilities on Delek Drilling and UNITED 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 UNITED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Drilling and UNITED.
Diversification Opportunities for Delek Drilling and UNITED
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Delek and UNITED is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Delek Drilling and UNITED PARCEL SVC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITED PARCEL SVC 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 UNITED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITED PARCEL SVC has no effect on the direction of Delek Drilling i.e., Delek Drilling and UNITED go up and down completely randomly.
Pair Corralation between Delek Drilling and UNITED
If you would invest 327.00 in Delek Drilling on October 20, 2024 and sell it today you would earn a total of 11.00 from holding Delek Drilling or generate 3.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Delek Drilling vs. UNITED PARCEL SVC
Performance |
| Timeline |
| Delek Drilling |
| UNITED PARCEL SVC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Delek Drilling and UNITED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Drilling and UNITED
The main advantage of trading using opposite Delek Drilling and UNITED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Drilling position performs unexpectedly, UNITED 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 UNITED will offset losses from the drop in UNITED's long position.| Delek Drilling vs. Permian Resources | Delek Drilling vs. Devon Energy | Delek Drilling vs. EOG Resources | Delek Drilling vs. Coterra Energy |
| UNITED vs. Monster Beverage Corp | UNITED vs. SNDL Inc | UNITED vs. Cardinal Health | UNITED vs. Molson Coors Brewing |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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