Correlation Between Delek Logistics and SPENN Technology
Can any of the company-specific risk be diversified away by investing in both Delek Logistics and SPENN Technology 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 SPENN Technology 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 SPENN Technology AS, you can compare the effects of market volatilities on Delek Logistics and SPENN Technology 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 SPENN Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and SPENN Technology.
Diversification Opportunities for Delek Logistics and SPENN Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Delek and SPENN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and SPENN Technology AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPENN Technology 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 SPENN Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPENN Technology has no effect on the direction of Delek Logistics i.e., Delek Logistics and SPENN Technology go up and down completely randomly.
Pair Corralation between Delek Logistics and SPENN Technology
If you would invest 3,789 in Delek Logistics Partners on September 2, 2024 and sell it today you would earn a total of 245.00 from holding Delek Logistics Partners or generate 6.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Delek Logistics Partners vs. SPENN Technology AS
Performance |
| Timeline |
| Delek Logistics Partners |
| SPENN Technology |
Delek Logistics and SPENN Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and SPENN Technology
The main advantage of trading using opposite Delek Logistics and SPENN Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, SPENN Technology 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 SPENN Technology will offset losses from the drop in SPENN Technology's long position.| Delek Logistics vs. CVR Energy | Delek Logistics vs. PBF Energy | Delek Logistics vs. HF Sinclair Corp | Delek Logistics vs. Par Pacific Holdings |
| SPENN Technology vs. Delek Logistics Partners | SPENN Technology vs. Fidus Investment Corp | SPENN Technology vs. Royalty Management Holding | SPENN Technology vs. Stepstone Group |
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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