Correlation Between Grupo Carso and Exxon
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By analyzing existing cross correlation between Grupo Carso SAB and Exxon Mobil, you can compare the effects of market volatilities on Grupo Carso and Exxon 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 Grupo Carso with a short position of Exxon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Carso and Exxon.
Diversification Opportunities for Grupo Carso and Exxon
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Grupo and Exxon is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Carso SAB and Exxon Mobil in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exxon Mobil and Grupo Carso 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 Grupo Carso SAB are associated (or correlated) with Exxon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exxon Mobil has no effect on the direction of Grupo Carso i.e., Grupo Carso and Exxon go up and down completely randomly.
Pair Corralation between Grupo Carso and Exxon
Assuming the 90 days trading horizon Grupo Carso SAB is expected to under-perform the Exxon. In addition to that, Grupo Carso is 1.47 times more volatile than Exxon Mobil. It trades about -0.04 of its total potential returns per unit of risk. Exxon Mobil is currently generating about 0.1 per unit of volatility. If you would invest 193,648 in Exxon Mobil on September 3, 2024 and sell it today you would earn a total of 46,852 from holding Exxon Mobil or generate 24.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Carso SAB vs. Exxon Mobil
Performance |
| Timeline |
| Grupo Carso SAB |
| Exxon Mobil |
Grupo Carso and Exxon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Carso and Exxon
The main advantage of trading using opposite Grupo Carso and Exxon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Carso position performs unexpectedly, Exxon 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 Exxon will offset losses from the drop in Exxon's long position.| Grupo Carso vs. Grupo Financiero Inbursa | Grupo Carso vs. Alfa SAB de | Grupo Carso vs. Kimberly Clark de Mxico | Grupo Carso vs. Grupo Televisa SAB |
| Exxon vs. GMxico Transportes SAB | Exxon vs. Deutsche Bank Aktiengesellschaft | Exxon vs. Grupo Hotelero Santa | Exxon vs. Hoteles City Express |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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