Correlation Between 053484AD3 and HF Sinclair
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By analyzing existing cross correlation between AVB 5 15 FEB 33 and HF Sinclair Corp, you can compare the effects of market volatilities on 053484AD3 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 053484AD3 with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of 053484AD3 and HF Sinclair.
Diversification Opportunities for 053484AD3 and HF Sinclair
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 053484AD3 and DINO is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding AVB 5 15 FEB 33 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 053484AD3 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 AVB 5 15 FEB 33 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 053484AD3 i.e., 053484AD3 and HF Sinclair go up and down completely randomly.
Pair Corralation between 053484AD3 and HF Sinclair
Assuming the 90 days trading horizon AVB 5 15 FEB 33 is expected to generate 0.98 times more return on investment than HF Sinclair. However, AVB 5 15 FEB 33 is 1.02 times less risky than HF Sinclair. It trades about -0.15 of its potential returns per unit of risk. HF Sinclair Corp is currently generating about -0.29 per unit of risk. If you would invest 9,941 in AVB 5 15 FEB 33 on September 12, 2024 and sell it today you would lose (284.00) from holding AVB 5 15 FEB 33 or give up 2.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 72.73% |
| Values | Daily Returns |
AVB 5 15 FEB 33 vs. HF Sinclair Corp
Performance |
| Timeline |
| 053484AD3 |
| HF Sinclair Corp |
053484AD3 and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 053484AD3 and HF Sinclair
The main advantage of trading using opposite 053484AD3 and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 053484AD3 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.| 053484AD3 vs. AEP TEX INC | 053484AD3 vs. US BANK NATIONAL | 053484AD3 vs. Alphabet Inc Class C | 053484AD3 vs. InMode |
| HF Sinclair vs. Delek Logistics Partners | HF Sinclair vs. CVR Energy | HF Sinclair vs. PBF Energy | HF Sinclair vs. Star Gas Partners |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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