Correlation Between Marathon Oil and AGFiQ CORE

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Can any of the company-specific risk be diversified away by investing in both Marathon Oil and AGFiQ CORE 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 AGFiQ CORE 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 AGFiQ CORE GLOBAL, you can compare the effects of market volatilities on Marathon Oil and AGFiQ CORE 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 AGFiQ CORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marathon Oil and AGFiQ CORE.

Diversification Opportunities for Marathon Oil and AGFiQ CORE

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Marathon Oil and AGFiQ CORE

If you would invest  651.00  in Marathon Oil Corp on August 28, 2022 and sell it today you would earn a total of  2,387  from holding Marathon Oil Corp or generate 366.67% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Marathon Oil Corp  vs.  AGFiQ CORE GLOBAL MULTI SECTOR

 Performance (%) 
       Timeline  
Marathon Oil Corp 
Marathon Performance
5 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Marathon Oil Corp are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Despite quite unsteady basic indicators, Marathon Oil disclosed solid returns over the last few months and may actually be approaching a breakup point.

Marathon Price Channel

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

Marathon Oil and AGFiQ CORE Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Marathon Oil and AGFiQ CORE

The main advantage of trading using opposite Marathon Oil and AGFiQ CORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marathon Oil position performs unexpectedly, AGFiQ CORE 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 AGFiQ CORE will offset losses from the drop in AGFiQ CORE's long position.
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The idea behind Marathon Oil Corp and AGFiQ CORE GLOBAL 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.

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