Correlation Between Delek and Phoenix Holdings
Can any of the company-specific risk be diversified away by investing in both Delek and Phoenix Holdings 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 Delek and Phoenix Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Delek Group and The Phoenix Holdings, you can compare the effects of market volatilities on Delek and Phoenix Holdings 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 Delek with a short position of Phoenix Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek and Phoenix Holdings.
Diversification Opportunities for Delek and Phoenix Holdings
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Delek and Phoenix is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Delek Group and The Phoenix Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phoenix Holdings and Delek 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 Delek Group are associated (or correlated) with Phoenix Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phoenix Holdings has no effect on the direction of Delek i.e., Delek and Phoenix Holdings go up and down completely randomly.
Pair Corralation between Delek and Phoenix Holdings
Assuming the 90 days trading horizon Delek Group is expected to under-perform the Phoenix Holdings. In addition to that, Delek is 1.16 times more volatile than The Phoenix Holdings. It trades about -0.11 of its total potential returns per unit of risk. The Phoenix Holdings is currently generating about -0.05 per unit of volatility. If you would invest 362,182 in The Phoenix Holdings on January 24, 2024 and sell it today you would lose (9,182) from holding The Phoenix Holdings or give up 2.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Delek Group vs. The Phoenix Holdings
Performance |
| Timeline |
| Delek Group |
| Phoenix Holdings |
Delek and Phoenix Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek and Phoenix Holdings
The main advantage of trading using opposite Delek and Phoenix Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek position performs unexpectedly, Phoenix Holdings 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 Phoenix Holdings will offset losses from the drop in Phoenix Holdings' long position.| Delek vs. Fattal 1998 Holdings | Delek vs. El Al Israel | Delek vs. Bank Leumi Le Israel | Delek vs. Teva Pharmaceutical Industries |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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