Correlation Between Delek Logistics and Bausch
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By analyzing existing cross correlation between Delek Logistics Partners and Bausch Health Companies, you can compare the effects of market volatilities on Delek Logistics and Bausch 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 Bausch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and Bausch.
Diversification Opportunities for Delek Logistics and Bausch
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Delek and Bausch is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and Bausch Health Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bausch Health Companies 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 Bausch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bausch Health Companies has no effect on the direction of Delek Logistics i.e., Delek Logistics and Bausch go up and down completely randomly.
Pair Corralation between Delek Logistics and Bausch
Considering the 90-day investment horizon Delek Logistics Partners is expected to generate 0.32 times more return on investment than Bausch. However, Delek Logistics Partners is 3.17 times less risky than Bausch. It trades about 0.11 of its potential returns per unit of risk. Bausch Health Companies is currently generating about -0.07 per unit of risk. 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 | Very Weak |
| Accuracy | 54.55% |
| Values | Daily Returns |
Delek Logistics Partners vs. Bausch Health Companies
Performance |
| Timeline |
| Delek Logistics Partners |
| Bausch Health Companies |
Delek Logistics and Bausch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and Bausch
The main advantage of trading using opposite Delek Logistics and Bausch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, Bausch 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 Bausch will offset losses from the drop in Bausch'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 |
| Bausch vs. Acco Brands | Bausch vs. John Wiley Sons | Bausch vs. Universal Technical Institute | Bausch 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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