Correlation Between OCCIDENTAL and Travelers Companies
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By analyzing existing cross correlation between OCCIDENTAL PETE P and The Travelers Companies, you can compare the effects of market volatilities on OCCIDENTAL and Travelers Companies 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 OCCIDENTAL with a short position of Travelers Companies. Check out your portfolio center. Please also check ongoing floating volatility patterns of OCCIDENTAL and Travelers Companies.
Diversification Opportunities for OCCIDENTAL and Travelers Companies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OCCIDENTAL and Travelers is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OCCIDENTAL PETE P and The Travelers Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Travelers Companies and OCCIDENTAL 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 OCCIDENTAL PETE P are associated (or correlated) with Travelers Companies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Travelers Companies has no effect on the direction of OCCIDENTAL i.e., OCCIDENTAL and Travelers Companies go up and down completely randomly.
Pair Corralation between OCCIDENTAL and Travelers Companies
If you would invest 24,281 in The Travelers Companies on September 5, 2024 and sell it today you would earn a total of 1,778 from holding The Travelers Companies or generate 7.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
OCCIDENTAL PETE P vs. The Travelers Companies
Performance |
| Timeline |
| OCCIDENTAL PETE P |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| The Travelers Companies |
OCCIDENTAL and Travelers Companies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OCCIDENTAL and Travelers Companies
The main advantage of trading using opposite OCCIDENTAL and Travelers Companies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OCCIDENTAL position performs unexpectedly, Travelers Companies 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 Travelers Companies will offset losses from the drop in Travelers Companies' long position.| OCCIDENTAL vs. Elmos Semiconductor SE | OCCIDENTAL vs. Tower Semiconductor | OCCIDENTAL vs. IPG Photonics | OCCIDENTAL vs. Everspin Technologies |
| Travelers Companies vs. Progressive Corp | Travelers Companies vs. Chubb | Travelers Companies vs. Cincinnati Financial | Travelers Companies vs. W R Berkley |
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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