Correlation Between Rubis and Delek Logistics
Can any of the company-specific risk be diversified away by investing in both Rubis and Delek Logistics 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 Delek Logistics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rubis and Delek Logistics Partners, you can compare the effects of market volatilities on Rubis and Delek Logistics 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 Delek Logistics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rubis and Delek Logistics.
Diversification Opportunities for Rubis and Delek Logistics
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Rubis and Delek is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Rubis and Delek Logistics Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delek Logistics Partners 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 Delek Logistics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delek Logistics Partners has no effect on the direction of Rubis i.e., Rubis and Delek Logistics go up and down completely randomly.
Pair Corralation between Rubis and Delek Logistics
If you would invest 3,831 in Delek Logistics Partners on September 13, 2024 and sell it today you would earn a total of 55.00 from holding Delek Logistics Partners or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Rubis vs. Delek Logistics Partners
Performance |
| Timeline |
| Rubis |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Delek Logistics Partners |
Rubis and Delek Logistics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rubis and Delek Logistics
The main advantage of trading using opposite Rubis and Delek Logistics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rubis position performs unexpectedly, Delek Logistics 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 Delek Logistics will offset losses from the drop in Delek Logistics' long position.| Rubis vs. DCC PLC ADR | Rubis vs. Ultrapar Participacoes SA | Rubis vs. Sunoco LP | Rubis vs. HF Sinclair Corp |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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