Correlation Between Delek Logistics and 78454LAP5
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By analyzing existing cross correlation between Delek Logistics Partners and SM ENERGY 6625, you can compare the effects of market volatilities on Delek Logistics and 78454LAP5 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 78454LAP5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and 78454LAP5.
Diversification Opportunities for Delek Logistics and 78454LAP5
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Delek and 78454LAP5 is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and SM ENERGY 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SM ENERGY 6625 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 78454LAP5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SM ENERGY 6625 has no effect on the direction of Delek Logistics i.e., Delek Logistics and 78454LAP5 go up and down completely randomly.
Pair Corralation between Delek Logistics and 78454LAP5
Considering the 90-day investment horizon Delek Logistics Partners is expected to generate 0.67 times more return on investment than 78454LAP5. However, Delek Logistics Partners is 1.49 times less risky than 78454LAP5. It trades about 0.11 of its potential returns per unit of risk. SM ENERGY 6625 is currently generating about -0.29 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 Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Delek Logistics Partners vs. SM ENERGY 6625
Performance |
| Timeline |
| Delek Logistics Partners |
| SM ENERGY 6625 |
Delek Logistics and 78454LAP5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and 78454LAP5
The main advantage of trading using opposite Delek Logistics and 78454LAP5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, 78454LAP5 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 78454LAP5 will offset losses from the drop in 78454LAP5'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 |
| 78454LAP5 vs. Bright Scholar Education | 78454LAP5 vs. Sun Country Airlines | 78454LAP5 vs. National CineMedia | 78454LAP5 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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