Correlation Between Delek Logistics and APPLE
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By analyzing existing cross correlation between Delek Logistics Partners and APPLE INC, you can compare the effects of market volatilities on Delek Logistics and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and APPLE.
Diversification Opportunities for Delek Logistics and APPLE
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Delek and APPLE is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC has no effect on the direction of Delek Logistics i.e., Delek Logistics and APPLE go up and down completely randomly.
Pair Corralation between Delek Logistics and APPLE
Considering the 90-day investment horizon Delek Logistics Partners is expected to generate 0.49 times more return on investment than APPLE. However, Delek Logistics Partners is 2.04 times less risky than APPLE. It trades about 0.26 of its potential returns per unit of risk. APPLE INC is currently generating about 0.09 per unit of risk. If you would invest 3,792 in Delek Logistics Partners on August 24, 2024 and sell it today you would earn a total of 184.00 from holding Delek Logistics Partners or generate 4.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 86.96% |
| Values | Daily Returns |
Delek Logistics Partners vs. APPLE INC
Performance |
| Timeline |
| Delek Logistics Partners |
| APPLE INC |
Delek Logistics and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and APPLE
The main advantage of trading using opposite Delek Logistics and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE'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 |
| APPLE vs. BioNTech SE | APPLE vs. Hooker Furniture | APPLE vs. Valneva SE ADR | APPLE vs. Delek Logistics Partners |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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