Correlation Between Yinhang Internet and HF Sinclair
Can any of the company-specific risk be diversified away by investing in both Yinhang Internet and HF Sinclair 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 Yinhang Internet and HF Sinclair into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yinhang Internet Technologies and HF Sinclair Corp, you can compare the effects of market volatilities on Yinhang Internet 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 Yinhang Internet with a short position of HF Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yinhang Internet and HF Sinclair.
Diversification Opportunities for Yinhang Internet and HF Sinclair
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yinhang and DINO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yinhang Internet Technologies 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 Yinhang Internet 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 Yinhang Internet Technologies 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 Yinhang Internet i.e., Yinhang Internet and HF Sinclair go up and down completely randomly.
Pair Corralation between Yinhang Internet and HF Sinclair
If you would invest 5,479 in HF Sinclair Corp on January 26, 2024 and sell it today you would earn a total of 264.00 from holding HF Sinclair Corp or generate 4.82% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Yinhang Internet Technologies vs. HF Sinclair Corp
Performance |
Timeline |
Yinhang Internet Tec |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HF Sinclair Corp |
Yinhang Internet and HF Sinclair Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yinhang Internet and HF Sinclair
The main advantage of trading using opposite Yinhang Internet and HF Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yinhang Internet 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.Yinhang Internet vs. Philip Morris International | Yinhang Internet vs. Aris Water Solutions | Yinhang Internet vs. Transportadora de Gas | Yinhang Internet vs. Black Hills |
HF Sinclair vs. CVR Energy | HF Sinclair vs. Valero Energy | HF Sinclair vs. Delek Logistics Partners | HF Sinclair vs. Phillips 66 |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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