Correlation Between PBF Energy and Rubis
Can any of the company-specific risk be diversified away by investing in both PBF Energy and Rubis 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 PBF Energy and Rubis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PBF Energy and Rubis, you can compare the effects of market volatilities on PBF Energy and Rubis 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 PBF Energy with a short position of Rubis. Check out your portfolio center. Please also check ongoing floating volatility patterns of PBF Energy and Rubis.
Diversification Opportunities for PBF Energy and Rubis
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PBF and Rubis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PBF Energy and Rubis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rubis and PBF Energy 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 PBF Energy are associated (or correlated) with Rubis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rubis has no effect on the direction of PBF Energy i.e., PBF Energy and Rubis go up and down completely randomly.
Pair Corralation between PBF Energy and Rubis
If you would invest 2,984 in PBF Energy on September 13, 2024 and sell it today you would earn a total of 58.00 from holding PBF Energy or generate 1.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
PBF Energy vs. Rubis
Performance |
| Timeline |
| PBF Energy |
| Rubis |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PBF Energy and Rubis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PBF Energy and Rubis
The main advantage of trading using opposite PBF Energy and Rubis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PBF Energy position performs unexpectedly, Rubis 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 Rubis will offset losses from the drop in Rubis' long position.| PBF Energy vs. Delek Energy | PBF Energy vs. CVR Energy | PBF Energy vs. Valero Energy | PBF Energy vs. Marathon Petroleum Corp |
| Rubis vs. DCC PLC ADR | Rubis vs. Ultrapar Participacoes SA | Rubis vs. Sunoco LP | Rubis vs. HF Sinclair 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |