Correlation Between Exxon and 548661EG8
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By analyzing existing cross correlation between Exxon Mobil Corp and LOW 335 01 APR 27, you can compare the effects of market volatilities on Exxon and 548661EG8 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 548661EG8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exxon and 548661EG8.
Diversification Opportunities for Exxon and 548661EG8
Good diversification
The 3 months correlation between Exxon and 548661EG8 is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Exxon Mobil Corp and LOW 335 01 APR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOW 335 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 548661EG8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOW 335 01 has no effect on the direction of Exxon i.e., Exxon and 548661EG8 go up and down completely randomly.
Pair Corralation between Exxon and 548661EG8
Considering the 90-day investment horizon Exxon Mobil Corp is expected to under-perform the 548661EG8. In addition to that, Exxon is 3.01 times more volatile than LOW 335 01 APR 27. It trades about -0.26 of its total potential returns per unit of risk. LOW 335 01 APR 27 is currently generating about -0.02 per unit of volatility. If you would invest 9,710 in LOW 335 01 APR 27 on September 12, 2024 and sell it today you would lose (14.00) from holding LOW 335 01 APR 27 or give up 0.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Exxon Mobil Corp vs. LOW 335 01 APR 27
Performance |
| Timeline |
| Exxon Mobil Corp |
| LOW 335 01 |
Exxon and 548661EG8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exxon and 548661EG8
The main advantage of trading using opposite Exxon and 548661EG8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exxon position performs unexpectedly, 548661EG8 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 548661EG8 will offset losses from the drop in 548661EG8's long position.| Exxon vs. Shell PLC ADR | Exxon vs. BP PLC ADR | Exxon vs. Suncor Energy | Exxon vs. Petroleo Brasileiro Petrobras |
| 548661EG8 vs. AEP TEX INC | 548661EG8 vs. US BANK NATIONAL | 548661EG8 vs. Alphabet Inc Class C | 548661EG8 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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