Correlation Between Delek Logistics and Rubis
Can any of the company-specific risk be diversified away by investing in both Delek Logistics and Rubis 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 Rubis 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 Rubis, you can compare the effects of market volatilities on Delek Logistics and Rubis 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 Rubis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and Rubis.
Diversification Opportunities for Delek Logistics and Rubis
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Delek and Rubis is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and Rubis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rubis 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 Rubis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rubis has no effect on the direction of Delek Logistics i.e., Delek Logistics and Rubis go up and down completely randomly.
Pair Corralation between Delek Logistics and Rubis
If you would invest 3,831 in Delek Logistics Partners on September 13, 2024 and sell it today you would earn a total of 55.00 from holding Delek Logistics Partners or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Delek Logistics Partners vs. Rubis
Performance |
| Timeline |
| Delek Logistics Partners |
| Rubis |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Delek Logistics and Rubis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and Rubis
The main advantage of trading using opposite Delek Logistics and Rubis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, Rubis 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 Rubis will offset losses from the drop in Rubis' long position.| Delek Logistics vs. CVR Energy | Delek Logistics vs. PBF Energy | Delek Logistics vs. HF Sinclair Corp | Delek Logistics vs. Par Pacific Holdings |
| Rubis vs. DCC PLC ADR | Rubis vs. Ultrapar Participacoes SA | Rubis vs. Sunoco LP | Rubis vs. HF Sinclair 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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