Correlation Between 05565AAN3 and HF Sinclair
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By analyzing existing cross correlation between BNP 7375 and HF Sinclair Corp, you can compare the effects of market volatilities on 05565AAN3 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 05565AAN3 with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of 05565AAN3 and HF Sinclair.
Diversification Opportunities for 05565AAN3 and HF Sinclair
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 05565AAN3 and DINO is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding BNP 7375 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 05565AAN3 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 BNP 7375 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 05565AAN3 i.e., 05565AAN3 and HF Sinclair go up and down completely randomly.
Pair Corralation between 05565AAN3 and HF Sinclair
Assuming the 90 days trading horizon BNP 7375 is expected to generate 0.12 times more return on investment than HF Sinclair. However, BNP 7375 is 8.18 times less risky than HF Sinclair. It trades about -0.05 of its potential returns per unit of risk. HF Sinclair Corp is currently generating about -0.08 per unit of risk. If you would invest 10,111 in BNP 7375 on September 12, 2024 and sell it today you would lose (27.00) from holding BNP 7375 or give up 0.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 29.69% |
| Values | Daily Returns |
BNP 7375 vs. HF Sinclair Corp
Performance |
| Timeline |
| 05565AAN3 |
| HF Sinclair Corp |
05565AAN3 and HF Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 05565AAN3 and HF Sinclair
The main advantage of trading using opposite 05565AAN3 and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 05565AAN3 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.| 05565AAN3 vs. Supercom | 05565AAN3 vs. Inflection Point Acquisition | 05565AAN3 vs. Uber Technologies | 05565AAN3 vs. NextNav Warrant |
| HF Sinclair vs. Delek Energy | HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Marathon Petroleum 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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