Correlation Between Oxurion NV and Exxon Mobil
Can any of the company-specific risk be diversified away by investing in both Oxurion NV and Exxon Mobil 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 Oxurion NV and Exxon Mobil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxurion NV and Exxon Mobil, you can compare the effects of market volatilities on Oxurion NV and Exxon Mobil 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 Oxurion NV with a short position of Exxon Mobil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxurion NV and Exxon Mobil.
Diversification Opportunities for Oxurion NV and Exxon Mobil
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oxurion and Exxon is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Oxurion NV and Exxon Mobil in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exxon Mobil and Oxurion NV 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 Oxurion NV are associated (or correlated) with Exxon Mobil. 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 Oxurion NV i.e., Oxurion NV and Exxon Mobil go up and down completely randomly.
Pair Corralation between Oxurion NV and Exxon Mobil
Assuming the 90 days horizon Oxurion NV is expected to generate 5.16 times more return on investment than Exxon Mobil. However, Oxurion NV is 5.16 times more volatile than Exxon Mobil. It trades about 0.03 of its potential returns per unit of risk. Exxon Mobil is currently generating about 0.09 per unit of risk. If you would invest 28.00 in Oxurion NV on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Oxurion NV or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 18.18% |
| Values | Daily Returns |
Oxurion NV vs. Exxon Mobil
Performance |
| Timeline |
| Oxurion NV |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Exxon Mobil |
Oxurion NV and Exxon Mobil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxurion NV and Exxon Mobil
The main advantage of trading using opposite Oxurion NV and Exxon Mobil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxurion NV position performs unexpectedly, Exxon Mobil 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 Mobil will offset losses from the drop in Exxon Mobil's long position.| Oxurion NV vs. GLG LIFE TECH | Oxurion NV vs. AAC TECHNOLOGHLDGADR | Oxurion NV vs. ACCSYS TECHPLC EO | Oxurion NV vs. Perseus Mining Limited |
| Exxon Mobil vs. Apple Inc | Exxon Mobil vs. Apple Inc | Exxon Mobil vs. Apple Inc | Exxon Mobil vs. Apple 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |