Correlation Between Delek Logistics and CHEVRON
Specify exactly 2 symbols:
By analyzing existing cross correlation between Delek Logistics Partners and CHEVRON USA INC, you can compare the effects of market volatilities on Delek Logistics and CHEVRON 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 CHEVRON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and CHEVRON.
Diversification Opportunities for Delek Logistics and CHEVRON
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Delek and CHEVRON is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and CHEVRON USA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHEVRON USA 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 CHEVRON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHEVRON USA INC has no effect on the direction of Delek Logistics i.e., Delek Logistics and CHEVRON go up and down completely randomly.
Pair Corralation between Delek Logistics and CHEVRON
Considering the 90-day investment horizon Delek Logistics Partners is expected to under-perform the CHEVRON. In addition to that, Delek Logistics is 1.84 times more volatile than CHEVRON USA INC. It trades about -0.01 of its total potential returns per unit of risk. CHEVRON USA INC is currently generating about -0.01 per unit of volatility. If you would invest 11,047 in CHEVRON USA INC on August 31, 2024 and sell it today you would lose (269.00) from holding CHEVRON USA INC or give up 2.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 58.82% |
| Values | Daily Returns |
Delek Logistics Partners vs. CHEVRON USA INC
Performance |
| Timeline |
| Delek Logistics Partners |
| CHEVRON USA INC |
Delek Logistics and CHEVRON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and CHEVRON
The main advantage of trading using opposite Delek Logistics and CHEVRON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, CHEVRON 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 CHEVRON will offset losses from the drop in CHEVRON'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 |
| CHEVRON vs. Willamette Valley Vineyards | CHEVRON vs. Asbury Automotive Group | CHEVRON vs. Coupang LLC | CHEVRON vs. Vodka Brands 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Stocks Directory Find actively traded stocks across global markets |