Correlation Between Delek Logistics and 254709AQ1
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By analyzing existing cross correlation between Delek Logistics Partners and DFS 6125, you can compare the effects of market volatilities on Delek Logistics and 254709AQ1 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 254709AQ1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and 254709AQ1.
Diversification Opportunities for Delek Logistics and 254709AQ1
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Delek and 254709AQ1 is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and DFS 6125 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 254709AQ1 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 254709AQ1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 254709AQ1 has no effect on the direction of Delek Logistics i.e., Delek Logistics and 254709AQ1 go up and down completely randomly.
Pair Corralation between Delek Logistics and 254709AQ1
Considering the 90-day investment horizon Delek Logistics Partners is expected to under-perform the 254709AQ1. In addition to that, Delek Logistics is 6.04 times more volatile than DFS 6125. It trades about -0.04 of its total potential returns per unit of risk. DFS 6125 is currently generating about -0.05 per unit of volatility. If you would invest 10,015 in DFS 6125 on August 28, 2024 and sell it today you would lose (67.00) from holding DFS 6125 or give up 0.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Delek Logistics Partners vs. DFS 6125
Performance |
| Timeline |
| Delek Logistics Partners |
| 254709AQ1 |
Delek Logistics and 254709AQ1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and 254709AQ1
The main advantage of trading using opposite Delek Logistics and 254709AQ1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, 254709AQ1 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 254709AQ1 will offset losses from the drop in 254709AQ1'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 |
| 254709AQ1 vs. Braskem SA Class | 254709AQ1 vs. Delek Logistics Partners | 254709AQ1 vs. Mativ Holdings | 254709AQ1 vs. Hudson Technologies |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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