Correlation Between PARKER and Delek Logistics
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By analyzing existing cross correlation between PARKER HANNIFIN P MEDIUM and Delek Logistics Partners, you can compare the effects of market volatilities on PARKER 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 PARKER with a short position of Delek Logistics. Check out your portfolio center. Please also check ongoing floating volatility patterns of PARKER and Delek Logistics.
Diversification Opportunities for PARKER and Delek Logistics
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PARKER and Delek is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding PARKER HANNIFIN P MEDIUM 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 PARKER 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 PARKER HANNIFIN P MEDIUM 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 PARKER i.e., PARKER and Delek Logistics go up and down completely randomly.
Pair Corralation between PARKER and Delek Logistics
Assuming the 90 days trading horizon PARKER HANNIFIN P MEDIUM is expected to under-perform the Delek Logistics. In addition to that, PARKER is 1.59 times more volatile than Delek Logistics Partners. It trades about -0.13 of its total potential returns per unit of risk. Delek Logistics Partners is currently generating about 0.07 per unit of volatility. If you would invest 3,882 in Delek Logistics Partners on September 14, 2024 and sell it today you would earn a total of 43.00 from holding Delek Logistics Partners or generate 1.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
PARKER HANNIFIN P MEDIUM vs. Delek Logistics Partners
Performance |
| Timeline |
| PARKER HANNIFIN P |
| Delek Logistics Partners |
PARKER and Delek Logistics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PARKER and Delek Logistics
The main advantage of trading using opposite PARKER and Delek Logistics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PARKER 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.| PARKER vs. Delek Logistics Partners | PARKER vs. JD Sports Fashion | PARKER vs. Eastman Kodak Co | PARKER vs. Fernhill Beverage |
| Delek Logistics vs. CVR Energy | Delek Logistics vs. PBF Energy | Delek Logistics vs. HF Sinclair Corp | Delek Logistics 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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