Correlation Between Cumulus Media and Occidental
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cumulus Media Class and Occidental Petroleum 66, you can compare the effects of market volatilities on Cumulus Media and Occidental 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 Cumulus Media with a short position of Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cumulus Media and Occidental.
Diversification Opportunities for Cumulus Media and Occidental
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cumulus and Occidental is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Cumulus Media Class and Occidental Petroleum 66 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum and Cumulus Media 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 Cumulus Media Class are associated (or correlated) with Occidental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Occidental Petroleum has no effect on the direction of Cumulus Media i.e., Cumulus Media and Occidental go up and down completely randomly.
Pair Corralation between Cumulus Media and Occidental
Given the investment horizon of 90 days Cumulus Media Class is expected to under-perform the Occidental. In addition to that, Cumulus Media is 5.26 times more volatile than Occidental Petroleum 66. It trades about -0.08 of its total potential returns per unit of risk. Occidental Petroleum 66 is currently generating about 0.01 per unit of volatility. If you would invest 10,675 in Occidental Petroleum 66 on September 5, 2024 and sell it today you would earn a total of 128.00 from holding Occidental Petroleum 66 or generate 1.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.78% |
| Values | Daily Returns |
Cumulus Media Class vs. Occidental Petroleum 66
Performance |
| Timeline |
| Cumulus Media Class |
| Occidental Petroleum |
Cumulus Media and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cumulus Media and Occidental
The main advantage of trading using opposite Cumulus Media and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cumulus Media position performs unexpectedly, Occidental 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 Occidental will offset losses from the drop in Occidental's long position.| Cumulus Media vs. E W Scripps | Cumulus Media vs. Gray Television | Cumulus Media vs. ProSiebenSat1 Media AG | Cumulus Media vs. RTL Group SA |
| Occidental vs. The Travelers Companies | Occidental vs. GE Aerospace | Occidental vs. Walmart | Occidental vs. Pfizer Inc |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |