Correlation Between HF SINCLAIR and Apollo Investment
Can any of the company-specific risk be diversified away by investing in both HF SINCLAIR and Apollo Investment 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 HF SINCLAIR and Apollo Investment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HF SINCLAIR P and Apollo Investment Corp, you can compare the effects of market volatilities on HF SINCLAIR and Apollo Investment 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 HF SINCLAIR with a short position of Apollo Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF SINCLAIR and Apollo Investment.
Diversification Opportunities for HF SINCLAIR and Apollo Investment
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between HL80 and Apollo is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding HF SINCLAIR P and Apollo Investment Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Investment Corp and HF SINCLAIR 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 HF SINCLAIR P are associated (or correlated) with Apollo Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Investment Corp has no effect on the direction of HF SINCLAIR i.e., HF SINCLAIR and Apollo Investment go up and down completely randomly.
Pair Corralation between HF SINCLAIR and Apollo Investment
Assuming the 90 days trading horizon HF SINCLAIR P is expected to under-perform the Apollo Investment. In addition to that, HF SINCLAIR is 1.58 times more volatile than Apollo Investment Corp. It trades about 0.0 of its total potential returns per unit of risk. Apollo Investment Corp is currently generating about 0.07 per unit of volatility. If you would invest 874.00 in Apollo Investment Corp on September 4, 2024 and sell it today you would earn a total of 468.00 from holding Apollo Investment Corp or generate 53.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
HF SINCLAIR P vs. Apollo Investment Corp
Performance |
| Timeline |
| HF SINCLAIR P |
| Apollo Investment Corp |
HF SINCLAIR and Apollo Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF SINCLAIR and Apollo Investment
The main advantage of trading using opposite HF SINCLAIR and Apollo Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF SINCLAIR position performs unexpectedly, Apollo Investment 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 Apollo Investment will offset losses from the drop in Apollo Investment's long position.| HF SINCLAIR vs. MCEWEN MINING INC | HF SINCLAIR vs. Wayside Technology Group | HF SINCLAIR vs. GALENA MINING LTD | HF SINCLAIR vs. Vishay Intertechnology |
| Apollo Investment vs. The Goldman Sachs | Apollo Investment vs. The Goldman Sachs | Apollo Investment vs. Superior Plus Corp | Apollo Investment vs. NMI Holdings |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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