Correlation Between Esperion Therapeutics and Occidental
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By analyzing existing cross correlation between Esperion Therapeutics and Occidental Petroleum 8875, you can compare the effects of market volatilities on Esperion Therapeutics 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 Esperion Therapeutics with a short position of Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esperion Therapeutics and Occidental.
Diversification Opportunities for Esperion Therapeutics and Occidental
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Esperion and Occidental is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Esperion Therapeutics and Occidental Petroleum 8875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum 8875 and Esperion Therapeutics 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 Esperion Therapeutics 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 8875 has no effect on the direction of Esperion Therapeutics i.e., Esperion Therapeutics and Occidental go up and down completely randomly.
Pair Corralation between Esperion Therapeutics and Occidental
Given the investment horizon of 90 days Esperion Therapeutics is expected to generate 12.0 times more return on investment than Occidental. However, Esperion Therapeutics is 12.0 times more volatile than Occidental Petroleum 8875. It trades about 0.16 of its potential returns per unit of risk. Occidental Petroleum 8875 is currently generating about -0.04 per unit of risk. If you would invest 183.00 in Esperion Therapeutics on September 3, 2024 and sell it today you would earn a total of 97.00 from holding Esperion Therapeutics or generate 53.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Esperion Therapeutics vs. Occidental Petroleum 8875
Performance |
| Timeline |
| Esperion Therapeutics |
| Occidental Petroleum 8875 |
Esperion Therapeutics and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Esperion Therapeutics and Occidental
The main advantage of trading using opposite Esperion Therapeutics and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esperion Therapeutics 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.| Esperion Therapeutics vs. Elanco Animal Health | Esperion Therapeutics vs. SIGA Technologies | Esperion Therapeutics vs. Catalent | Esperion Therapeutics vs. ANI Pharmaceuticals |
| Occidental vs. Willamette Valley Vineyards | Occidental vs. Esperion Therapeutics | Occidental vs. Celsius Holdings | Occidental vs. Oatly Group AB |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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