Correlation Between Exxon and AgileThought
Can any of the company-specific risk be diversified away by investing in both Exxon and AgileThought 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 Exxon and AgileThought into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exxon Mobil Corp and AgileThought, you can compare the effects of market volatilities on Exxon and AgileThought 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 Exxon with a short position of AgileThought. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exxon and AgileThought.
Diversification Opportunities for Exxon and AgileThought
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Exxon and AgileThought is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Exxon Mobil Corp and AgileThought in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AgileThought and Exxon 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 Exxon Mobil Corp are associated (or correlated) with AgileThought. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AgileThought has no effect on the direction of Exxon i.e., Exxon and AgileThought go up and down completely randomly.
Pair Corralation between Exxon and AgileThought
If you would invest 11,574 in Exxon Mobil Corp on August 31, 2024 and sell it today you would earn a total of 192.00 from holding Exxon Mobil Corp or generate 1.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Exxon Mobil Corp vs. AgileThought
Performance |
| Timeline |
| Exxon Mobil Corp |
| AgileThought |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Exxon and AgileThought Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exxon and AgileThought
The main advantage of trading using opposite Exxon and AgileThought positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exxon position performs unexpectedly, AgileThought 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 AgileThought will offset losses from the drop in AgileThought's long position.| Exxon vs. RLJ Lodging Trust | Exxon vs. Aquagold International | Exxon vs. Stepstone Group | Exxon vs. Morningstar Unconstrained Allocation |
| AgileThought vs. Genpact Limited | AgileThought vs. ExlService Holdings | AgileThought vs. Science Applications International | AgileThought vs. CLARIVATE PLC |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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