Correlation Between Chevron Corp and EXPEDIA
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By analyzing existing cross correlation between Chevron Corp and EXPEDIA GROUP INC, you can compare the effects of market volatilities on Chevron Corp and EXPEDIA 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 Chevron Corp with a short position of EXPEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chevron Corp and EXPEDIA.
Diversification Opportunities for Chevron Corp and EXPEDIA
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Chevron and EXPEDIA is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp and EXPEDIA GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXPEDIA GROUP INC and Chevron Corp 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 Chevron Corp are associated (or correlated) with EXPEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXPEDIA GROUP INC has no effect on the direction of Chevron Corp i.e., Chevron Corp and EXPEDIA go up and down completely randomly.
Pair Corralation between Chevron Corp and EXPEDIA
Considering the 90-day investment horizon Chevron Corp is expected to generate 2.38 times more return on investment than EXPEDIA. However, Chevron Corp is 2.38 times more volatile than EXPEDIA GROUP INC. It trades about 0.34 of its potential returns per unit of risk. EXPEDIA GROUP INC is currently generating about -0.23 per unit of risk. If you would invest 14,896 in Chevron Corp on August 24, 2024 and sell it today you would earn a total of 1,340 from holding Chevron Corp or generate 9.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chevron Corp vs. EXPEDIA GROUP INC
Performance |
| Timeline |
| Chevron Corp |
| EXPEDIA GROUP INC |
Chevron Corp and EXPEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chevron Corp and EXPEDIA
The main advantage of trading using opposite Chevron Corp and EXPEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chevron Corp position performs unexpectedly, EXPEDIA 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 EXPEDIA will offset losses from the drop in EXPEDIA's long position.| Chevron Corp vs. Eshallgo Class A | Chevron Corp vs. Amtech Systems | Chevron Corp vs. Gold Fields Ltd | Chevron Corp vs. Aegean Airlines SA |
| EXPEDIA vs. The Coca Cola | EXPEDIA vs. JPMorgan Chase Co | EXPEDIA vs. Dupont De Nemours | EXPEDIA vs. Alcoa Corp |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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