Correlation Between Yuexiu Transport and HF Sinclair
Can any of the company-specific risk be diversified away by investing in both Yuexiu Transport and HF Sinclair at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Yuexiu Transport and HF Sinclair into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yuexiu Transport Infrastructure and HF Sinclair Corp, you can compare the effects of market volatilities on Yuexiu Transport and HF Sinclair 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 Yuexiu Transport with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuexiu Transport and HF Sinclair.
Diversification Opportunities for Yuexiu Transport and HF Sinclair
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Yuexiu and DINO is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Yuexiu Transport Infrastructur and HF Sinclair Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HF Sinclair Corp and Yuexiu Transport 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 Yuexiu Transport Infrastructure are associated (or correlated) with HF Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HF Sinclair Corp has no effect on the direction of Yuexiu Transport i.e., Yuexiu Transport and HF Sinclair go up and down completely randomly.
Pair Corralation between Yuexiu Transport and HF Sinclair
If you would invest 58.00 in Yuexiu Transport Infrastructure on September 14, 2024 and sell it today you would earn a total of 0.00 from holding Yuexiu Transport Infrastructure or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Yuexiu Transport Infrastructur vs. HF Sinclair Corp
Performance |
| Timeline |
| Yuexiu Transport Inf |
| HF Sinclair Corp |
Yuexiu Transport and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuexiu Transport and HF Sinclair
The main advantage of trading using opposite Yuexiu Transport and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuexiu Transport position performs unexpectedly, HF Sinclair 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 HF Sinclair will offset losses from the drop in HF Sinclair's long position.| Yuexiu Transport vs. Zhejiang Expressway Co | Yuexiu Transport vs. Jiangsu Expressway Co | Yuexiu Transport vs. Jiangsu Expressway | Yuexiu Transport vs. Verra Mobility Corp |
| HF Sinclair vs. Delek Energy | HF Sinclair vs. Crossamerica Partners LP | HF Sinclair vs. Par Pacific Holdings | HF Sinclair vs. Valvoline |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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