Correlation Between Occidental and Cumulus Media
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By analyzing existing cross correlation between Occidental Petroleum 66 and Cumulus Media Class, you can compare the effects of market volatilities on Occidental and Cumulus Media 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 Cumulus Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Occidental and Cumulus Media.
Diversification Opportunities for Occidental and Cumulus Media
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Occidental and Cumulus is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Occidental Petroleum 66 and Cumulus Media Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cumulus Media Class 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 Petroleum 66 are associated (or correlated) with Cumulus Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cumulus Media Class has no effect on the direction of Occidental i.e., Occidental and Cumulus Media go up and down completely randomly.
Pair Corralation between Occidental and Cumulus Media
Assuming the 90 days trading horizon Occidental Petroleum 66 is expected to generate 0.12 times more return on investment than Cumulus Media. However, Occidental Petroleum 66 is 8.05 times less risky than Cumulus Media. It trades about 0.39 of its potential returns per unit of risk. Cumulus Media Class is currently generating about -0.14 per unit of risk. If you would invest 10,304 in Occidental Petroleum 66 on September 4, 2024 and sell it today you would earn a total of 499.00 from holding Occidental Petroleum 66 or generate 4.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Occidental Petroleum 66 vs. Cumulus Media Class
Performance |
| Timeline |
| Occidental Petroleum |
| Cumulus Media Class |
Occidental and Cumulus Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Occidental and Cumulus Media
The main advantage of trading using opposite Occidental and Cumulus Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Occidental position performs unexpectedly, Cumulus Media 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 Cumulus Media will offset losses from the drop in Cumulus Media's long position.| Occidental vs. Cumulus Media Class | Occidental vs. Inflection Point Acquisition | Occidental vs. Sonida Senior Living | Occidental vs. Saia Inc |
| Cumulus Media vs. Marchex | Cumulus Media vs. Direct Digital Holdings | Cumulus Media vs. Cimpress NV | Cumulus Media vs. Emerald Expositions Events |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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