Correlation Between Exxon and 12572QAK1
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By analyzing existing cross correlation between Exxon Mobil Corp and CME 265 15 MAR 32, you can compare the effects of market volatilities on Exxon and 12572QAK1 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 12572QAK1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exxon and 12572QAK1.
Diversification Opportunities for Exxon and 12572QAK1
Excellent diversification
The 3 months correlation between Exxon and 12572QAK1 is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Exxon Mobil Corp and CME 265 15 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CME 265 15 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 12572QAK1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CME 265 15 has no effect on the direction of Exxon i.e., Exxon and 12572QAK1 go up and down completely randomly.
Pair Corralation between Exxon and 12572QAK1
Considering the 90-day investment horizon Exxon Mobil Corp is expected to generate 2.15 times more return on investment than 12572QAK1. However, Exxon is 2.15 times more volatile than CME 265 15 MAR 32. It trades about 0.03 of its potential returns per unit of risk. CME 265 15 MAR 32 is currently generating about 0.0 per unit of risk. If you would invest 10,283 in Exxon Mobil Corp on August 31, 2024 and sell it today you would earn a total of 1,513 from holding Exxon Mobil Corp or generate 14.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.71% |
| Values | Daily Returns |
Exxon Mobil Corp vs. CME 265 15 MAR 32
Performance |
| Timeline |
| Exxon Mobil Corp |
| CME 265 15 |
Exxon and 12572QAK1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exxon and 12572QAK1
The main advantage of trading using opposite Exxon and 12572QAK1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exxon position performs unexpectedly, 12572QAK1 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 12572QAK1 will offset losses from the drop in 12572QAK1's long position.| Exxon vs. RLJ Lodging Trust | Exxon vs. Aquagold International | Exxon vs. Stepstone Group | Exxon vs. Morningstar Unconstrained Allocation |
| 12572QAK1 vs. Kandi Technologies Group | 12572QAK1 vs. Anterix | 12572QAK1 vs. Radcom | 12572QAK1 vs. US Global Investors |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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