Correlation Between Exxon and 548661EF0
Specify exactly 2 symbols:
By analyzing existing cross correlation between Exxon Mobil Corp and LOW 445 01 APR 62, you can compare the effects of market volatilities on Exxon and 548661EF0 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 548661EF0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exxon and 548661EF0.
Diversification Opportunities for Exxon and 548661EF0
Very good diversification
The 3 months correlation between Exxon and 548661EF0 is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Exxon Mobil Corp and LOW 445 01 APR 62 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOW 445 01 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 548661EF0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOW 445 01 has no effect on the direction of Exxon i.e., Exxon and 548661EF0 go up and down completely randomly.
Pair Corralation between Exxon and 548661EF0
Considering the 90-day investment horizon Exxon Mobil Corp is expected to under-perform the 548661EF0. But the stock apears to be less risky and, when comparing its historical volatility, Exxon Mobil Corp is 1.05 times less risky than 548661EF0. The stock trades about -0.26 of its potential returns per unit of risk. The LOW 445 01 APR 62 is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 7,991 in LOW 445 01 APR 62 on September 12, 2024 and sell it today you would earn a total of 382.00 from holding LOW 445 01 APR 62 or generate 4.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Exxon Mobil Corp vs. LOW 445 01 APR 62
Performance |
| Timeline |
| Exxon Mobil Corp |
| LOW 445 01 |
Exxon and 548661EF0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exxon and 548661EF0
The main advantage of trading using opposite Exxon and 548661EF0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exxon position performs unexpectedly, 548661EF0 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 548661EF0 will offset losses from the drop in 548661EF0's long position.| Exxon vs. Shell PLC ADR | Exxon vs. BP PLC ADR | Exxon vs. Suncor Energy | Exxon vs. Petroleo Brasileiro Petrobras |
| 548661EF0 vs. AEP TEX INC | 548661EF0 vs. US BANK NATIONAL | 548661EF0 vs. Alphabet Inc Class C | 548661EF0 vs. InMode |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |