Correlation Between Marathon Oil and OLIVUT RESOURCES

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Can any of the company-specific risk be diversified away by investing in both Marathon Oil and OLIVUT RESOURCES 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 Marathon Oil and OLIVUT RESOURCES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marathon Oil Corp and OLIVUT RESOURCES LTD, you can compare the effects of market volatilities on Marathon Oil and OLIVUT RESOURCES 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 Marathon Oil with a short position of OLIVUT RESOURCES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marathon Oil and OLIVUT RESOURCES.

Diversification Opportunities for Marathon Oil and OLIVUT RESOURCES

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Marathon and OLIVUT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Marathon Oil Corp and OLIVUT RESOURCES LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OLIVUT RESOURCES LTD and Marathon Oil 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 Marathon Oil Corp are associated (or correlated) with OLIVUT RESOURCES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OLIVUT RESOURCES LTD has no effect on the direction of Marathon Oil i.e., Marathon Oil and OLIVUT RESOURCES go up and down completely randomly.

Pair Corralation between Marathon Oil and OLIVUT RESOURCES

If you would invest  1,341  in Marathon Oil Corp on August 30, 2022 and sell it today you would earn a total of  1,697  from holding Marathon Oil Corp or generate 126.55% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Marathon Oil Corp  vs.  OLIVUT RESOURCES LTD

 Performance (%) 
       Timeline  
Marathon Oil Corp 
Marathon Performance
7 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Marathon Oil Corp are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite quite weak basic indicators, Marathon Oil disclosed solid returns over the last few months and may actually be approaching a breakup point.

Marathon Price Channel

OLIVUT RESOURCES LTD 
OLIVUT Performance
0 of 100
Over the last 90 days OLIVUT RESOURCES LTD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, OLIVUT RESOURCES is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Marathon Oil and OLIVUT RESOURCES Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Marathon Oil and OLIVUT RESOURCES

The main advantage of trading using opposite Marathon Oil and OLIVUT RESOURCES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marathon Oil position performs unexpectedly, OLIVUT RESOURCES 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 OLIVUT RESOURCES will offset losses from the drop in OLIVUT RESOURCES's long position.
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The idea behind Marathon Oil Corp and OLIVUT RESOURCES LTD pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.

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