Correlation Between Delek Logistics and CleanCore Solutions
Can any of the company-specific risk be diversified away by investing in both Delek Logistics and CleanCore Solutions 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 Logistics and CleanCore Solutions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Delek Logistics Partners and CleanCore Solutions, you can compare the effects of market volatilities on Delek Logistics and CleanCore Solutions 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 Logistics with a short position of CleanCore Solutions. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delek Logistics and CleanCore Solutions.
Diversification Opportunities for Delek Logistics and CleanCore Solutions
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Delek and CleanCore is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Delek Logistics Partners and CleanCore Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CleanCore Solutions and Delek Logistics 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 Logistics Partners are associated (or correlated) with CleanCore Solutions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CleanCore Solutions has no effect on the direction of Delek Logistics i.e., Delek Logistics and CleanCore Solutions go up and down completely randomly.
Pair Corralation between Delek Logistics and CleanCore Solutions
Considering the 90-day investment horizon Delek Logistics is expected to generate 7.25 times less return on investment than CleanCore Solutions. But when comparing it to its historical volatility, Delek Logistics Partners is 6.76 times less risky than CleanCore Solutions. It trades about 0.22 of its potential returns per unit of risk. CleanCore Solutions is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 138.00 in CleanCore Solutions on April 24, 2025 and sell it today you would earn a total of 258.00 from holding CleanCore Solutions or generate 186.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Delek Logistics Partners vs. CleanCore Solutions
Performance |
| Timeline |
| Delek Logistics Partners |
| CleanCore Solutions |
Delek Logistics and CleanCore Solutions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delek Logistics and CleanCore Solutions
The main advantage of trading using opposite Delek Logistics and CleanCore Solutions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delek Logistics position performs unexpectedly, CleanCore Solutions 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 CleanCore Solutions will offset losses from the drop in CleanCore Solutions' long position.| Delek Logistics vs. CVR Energy | Delek Logistics vs. PBF Energy | Delek Logistics vs. HF Sinclair Corp | Delek Logistics vs. Par Pacific Holdings |
| CleanCore Solutions vs. Biglari Holdings | CleanCore Solutions vs. BJs Restaurants | CleanCore Solutions vs. The Cheesecake Factory | CleanCore Solutions vs. Cannae 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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