Correlation Between HF Sinclair and Ampol
Can any of the company-specific risk be diversified away by investing in both HF Sinclair and Ampol 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 HF Sinclair and Ampol into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HF Sinclair Corp and Ampol Ltd ADR, you can compare the effects of market volatilities on HF Sinclair and Ampol 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 HF Sinclair with a short position of Ampol. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF Sinclair and Ampol.
Diversification Opportunities for HF Sinclair and Ampol
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DINO and Ampol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HF Sinclair Corp and Ampol Ltd ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ampol Ltd ADR and HF Sinclair 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 HF Sinclair Corp are associated (or correlated) with Ampol. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ampol Ltd ADR has no effect on the direction of HF Sinclair i.e., HF Sinclair and Ampol go up and down completely randomly.
Pair Corralation between HF Sinclair and Ampol
If you would invest (100.00) in Ampol Ltd ADR on February 23, 2024 and sell it today you would earn a total of 100.00 from holding Ampol Ltd ADR or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
HF Sinclair Corp vs. Ampol Ltd ADR
Performance |
Timeline |
HF Sinclair Corp |
Ampol Ltd ADR |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HF Sinclair and Ampol Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HF Sinclair and Ampol
The main advantage of trading using opposite HF Sinclair and Ampol positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF Sinclair position performs unexpectedly, Ampol 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 Ampol will offset losses from the drop in Ampol's long position.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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |