Correlation Between Exxon and HALLIBURTON
Specify exactly 2 symbols:
By analyzing existing cross correlation between Exxon Mobil Corp and HALLIBURTON 745 percent, you can compare the effects of market volatilities on Exxon and HALLIBURTON 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 HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exxon and HALLIBURTON.
Diversification Opportunities for Exxon and HALLIBURTON
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Exxon and HALLIBURTON is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Exxon Mobil Corp and HALLIBURTON 745 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 745 percent 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 HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 745 percent has no effect on the direction of Exxon i.e., Exxon and HALLIBURTON go up and down completely randomly.
Pair Corralation between Exxon and HALLIBURTON
Considering the 90-day investment horizon Exxon is expected to generate 2.23 times less return on investment than HALLIBURTON. But when comparing it to its historical volatility, Exxon Mobil Corp is 1.53 times less risky than HALLIBURTON. It trades about 0.05 of its potential returns per unit of risk. HALLIBURTON 745 percent is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 11,950 in HALLIBURTON 745 percent on August 30, 2024 and sell it today you would earn a total of 294.00 from holding HALLIBURTON 745 percent or generate 2.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Exxon Mobil Corp vs. HALLIBURTON 745 percent
Performance |
| Timeline |
| Exxon Mobil Corp |
| HALLIBURTON 745 percent |
Exxon and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exxon and HALLIBURTON
The main advantage of trading using opposite Exxon and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exxon position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| Exxon vs. BP PLC ADR | Exxon vs. Shell PLC ADR | Exxon vs. Petroleo Brasileiro Petrobras | Exxon vs. Suncor Energy |
| HALLIBURTON vs. VirnetX Holding Corp | HALLIBURTON vs. Kinetik Holdings | HALLIBURTON vs. Qualys Inc | HALLIBURTON vs. WEC Energy Group |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Transaction History View history of all your transactions and understand their impact on performance |