Correlation Between Jutal Offshore and HF Sinclair
Can any of the company-specific risk be diversified away by investing in both Jutal Offshore 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 Jutal Offshore and HF Sinclair into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jutal Offshore Oil and HF Sinclair Corp, you can compare the effects of market volatilities on Jutal Offshore 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 Jutal Offshore with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jutal Offshore and HF Sinclair.
Diversification Opportunities for Jutal Offshore and HF Sinclair
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jutal and DINO is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jutal Offshore Oil 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 Jutal Offshore 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 Jutal Offshore Oil 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 Jutal Offshore i.e., Jutal Offshore and HF Sinclair go up and down completely randomly.
Pair Corralation between Jutal Offshore and HF Sinclair
Assuming the 90 days horizon Jutal Offshore Oil is expected to generate 1.57 times more return on investment than HF Sinclair. However, Jutal Offshore is 1.57 times more volatile than HF Sinclair Corp. It trades about 0.0 of its potential returns per unit of risk. HF Sinclair Corp is currently generating about 0.0 per unit of risk. If you would invest 2,332 in Jutal Offshore Oil on September 3, 2024 and sell it today you would lose (422.00) from holding Jutal Offshore Oil or give up 18.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Jutal Offshore Oil vs. HF Sinclair Corp
Performance |
| Timeline |
| Jutal Offshore Oil |
| HF Sinclair Corp |
Jutal Offshore and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jutal Offshore and HF Sinclair
The main advantage of trading using opposite Jutal Offshore and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jutal Offshore 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.| Jutal Offshore vs. Modine Manufacturing | Jutal Offshore vs. Marine Products | Jutal Offshore vs. BorgWarner | Jutal Offshore vs. Nascent Wine |
| HF Sinclair vs. Delek Energy | HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Marathon Petroleum Corp |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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