Correlation Between Delek Logistics and AERWINS Technologies
Can any of the company-specific risk be diversified away by investing in both Delek Logistics and AERWINS Technologies at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Delek Logistics and AERWINS Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Delek Logistics Partners and AERWINS Technologies, you can compare the effects of market volatilities on Delek Logistics and AERWINS Technologies 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 Logistics with a short position of AERWINS Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and AERWINS Technologies.
Diversification Opportunities for Delek Logistics and AERWINS Technologies
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Delek and AERWINS is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and AERWINS Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AERWINS Technologies and Delek Logistics 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 Logistics Partners are associated (or correlated) with AERWINS Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AERWINS Technologies has no effect on the direction of Delek Logistics i.e., Delek Logistics and AERWINS Technologies go up and down completely randomly.
Pair Corralation between Delek Logistics and AERWINS Technologies
If you would invest 3,808 in Delek Logistics Partners on September 12, 2024 and sell it today you would earn a total of 73.00 from holding Delek Logistics Partners or generate 1.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Delek Logistics Partners vs. AERWINS Technologies
Performance |
| Timeline |
| Delek Logistics Partners |
| AERWINS Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Delek Logistics and AERWINS Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and AERWINS Technologies
The main advantage of trading using opposite Delek Logistics and AERWINS Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, AERWINS Technologies 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 AERWINS Technologies will offset losses from the drop in AERWINS Technologies' long position.| Delek Logistics vs. CVR Energy | Delek Logistics vs. PBF Energy | Delek Logistics vs. HF Sinclair Corp | Delek Logistics vs. Par Pacific Holdings |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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