Correlation Between Rubis and CVR Energy
Can any of the company-specific risk be diversified away by investing in both Rubis and CVR Energy 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 Rubis and CVR Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rubis and CVR Energy, you can compare the effects of market volatilities on Rubis and CVR Energy 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 Rubis with a short position of CVR Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rubis and CVR Energy.
Diversification Opportunities for Rubis and CVR Energy
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rubis and CVR is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Rubis and CVR Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CVR Energy and Rubis 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 Rubis are associated (or correlated) with CVR Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVR Energy has no effect on the direction of Rubis i.e., Rubis and CVR Energy go up and down completely randomly.
Pair Corralation between Rubis and CVR Energy
If you would invest 1,850 in CVR Energy on September 13, 2024 and sell it today you would earn a total of 138.00 from holding CVR Energy or generate 7.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Rubis vs. CVR Energy
Performance |
| Timeline |
| Rubis |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CVR Energy |
Rubis and CVR Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rubis and CVR Energy
The main advantage of trading using opposite Rubis and CVR Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rubis position performs unexpectedly, CVR Energy 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 CVR Energy will offset losses from the drop in CVR Energy's long position.| Rubis vs. DCC PLC ADR | Rubis vs. Ultrapar Participacoes SA | Rubis vs. Sunoco LP | Rubis vs. HF Sinclair Corp |
| CVR Energy vs. Delek Logistics Partners | CVR Energy vs. PBF Energy | CVR Energy vs. HF Sinclair Corp | CVR Energy vs. Par Pacific 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |