Correlation Between Valneva SE and Occidental
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By analyzing existing cross correlation between Valneva SE ADR and Occidental Petroleum 0, you can compare the effects of market volatilities on Valneva SE 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 Valneva SE with a short position of Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Valneva SE and Occidental.
Diversification Opportunities for Valneva SE and Occidental
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Valneva and Occidental is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Valneva SE ADR and Occidental Petroleum 0 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum and Valneva SE 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 Valneva SE ADR 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 has no effect on the direction of Valneva SE i.e., Valneva SE and Occidental go up and down completely randomly.
Pair Corralation between Valneva SE and Occidental
Given the investment horizon of 90 days Valneva SE ADR is expected to under-perform the Occidental. In addition to that, Valneva SE is 2.02 times more volatile than Occidental Petroleum 0. It trades about -0.11 of its total potential returns per unit of risk. Occidental Petroleum 0 is currently generating about 0.11 per unit of volatility. If you would invest 5,244 in Occidental Petroleum 0 on September 3, 2024 and sell it today you would earn a total of 247.00 from holding Occidental Petroleum 0 or generate 4.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 18.49% |
| Values | Daily Returns |
Valneva SE ADR vs. Occidental Petroleum 0
Performance |
| Timeline |
| Valneva SE ADR |
| Occidental Petroleum |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Valneva SE and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Valneva SE and Occidental
The main advantage of trading using opposite Valneva SE and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Valneva SE 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.| Valneva SE vs. NuCana PLC | Valneva SE vs. Sage Therapeutic | Valneva SE vs. Sellas Life Sciences | Valneva SE vs. Third Harmonic Bio |
| Occidental vs. Air Lease | Occidental vs. NETGEAR | Occidental vs. Global Ship Lease | Occidental vs. Valneva SE ADR |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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