Correlation Between Delek Logistics and 90331HPL1
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By analyzing existing cross correlation between Delek Logistics Partners and US BANK NATIONAL, you can compare the effects of market volatilities on Delek Logistics and 90331HPL1 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 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and 90331HPL1.
Diversification Opportunities for Delek Logistics and 90331HPL1
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Delek and 90331HPL1 is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL 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 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of Delek Logistics i.e., Delek Logistics and 90331HPL1 go up and down completely randomly.
Pair Corralation between Delek Logistics and 90331HPL1
Considering the 90-day investment horizon Delek Logistics is expected to generate 225.26 times less return on investment than 90331HPL1. But when comparing it to its historical volatility, Delek Logistics Partners is 50.47 times less risky than 90331HPL1. It trades about 0.02 of its potential returns per unit of risk. US BANK NATIONAL is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 9,473 in US BANK NATIONAL on November 5, 2024 and sell it today you would earn a total of 70.00 from holding US BANK NATIONAL or generate 0.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 61.94% |
| Values | Daily Returns |
Delek Logistics Partners vs. US BANK NATIONAL
Performance |
| Timeline |
| Delek Logistics Partners |
| US BANK NATIONAL |
Delek Logistics and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and 90331HPL1
The main advantage of trading using opposite Delek Logistics and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1'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 |
| 90331HPL1 vs. AEP TEX INC | 90331HPL1 vs. Gilat Satellite Networks | 90331HPL1 vs. Permex Petroleum | 90331HPL1 vs. Check Point Software |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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