Correlation Between Teekay Tankers and Delek Energy
Can any of the company-specific risk be diversified away by investing in both Teekay Tankers and Delek Energy 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 Teekay Tankers and Delek Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Teekay Tankers and Delek Energy, you can compare the effects of market volatilities on Teekay Tankers and Delek Energy 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 Teekay Tankers with a short position of Delek Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teekay Tankers and Delek Energy.
Diversification Opportunities for Teekay Tankers and Delek Energy
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Teekay and Delek is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Teekay Tankers and Delek Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delek Energy and Teekay Tankers 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 Teekay Tankers are associated (or correlated) with Delek Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delek Energy has no effect on the direction of Teekay Tankers i.e., Teekay Tankers and Delek Energy go up and down completely randomly.
Pair Corralation between Teekay Tankers and Delek Energy
Considering the 90-day investment horizon Teekay Tankers is expected to generate 0.68 times more return on investment than Delek Energy. However, Teekay Tankers is 1.46 times less risky than Delek Energy. It trades about 0.03 of its potential returns per unit of risk. Delek Energy is currently generating about -0.02 per unit of risk. If you would invest 5,034 in Teekay Tankers on October 6, 2025 and sell it today you would earn a total of 116.00 from holding Teekay Tankers or generate 2.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Teekay Tankers vs. Delek Energy
Performance |
| Timeline |
| Teekay Tankers |
| Delek Energy |
Teekay Tankers and Delek Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teekay Tankers and Delek Energy
The main advantage of trading using opposite Teekay Tankers and Delek Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teekay Tankers position performs unexpectedly, Delek Energy 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 Energy will offset losses from the drop in Delek Energy's long position.| Teekay Tankers vs. Aemetis | Teekay Tankers vs. AleAnna Class A | Teekay Tankers vs. Gran Tierra Energy | Teekay Tankers vs. XCF Global Class |
| Delek Energy vs. Cosan SA ADR | Delek Energy vs. Patterson UTI Energy | Delek Energy vs. Par Pacific Holdings | Delek Energy vs. Delek Logistics Partners |
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 AI Portfolio Prophet module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |