Correlation Between Rubis and HF Sinclair

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Can any of the company-specific risk be diversified away by investing in both Rubis 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 Rubis and HF Sinclair into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rubis and HF Sinclair Corp, you can compare the effects of market volatilities on Rubis 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 Rubis with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rubis and HF Sinclair.

Diversification Opportunities for Rubis and HF Sinclair

0.52
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Rubis and DINO is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Rubis 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 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 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 Rubis i.e., Rubis and HF Sinclair go up and down completely randomly.

Pair Corralation between Rubis and HF Sinclair

If you would invest  2,500  in Rubis on September 13, 2024 and sell it today you would earn a total of  0.00  from holding Rubis or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy4.76%
ValuesDaily Returns

Rubis  vs.  HF Sinclair Corp

 Performance 
       Timeline  
Rubis 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Rubis has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Rubis is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
HF Sinclair Corp 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days HF Sinclair Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest conflicting performance, the Stock's basic indicators remain healthy and the recent disarray on Wall Street may also be a sign of long period gains for the firm investors.

Rubis and HF Sinclair Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Rubis and HF Sinclair

The main advantage of trading using opposite Rubis and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rubis 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.
The idea behind Rubis and HF Sinclair Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .

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