Correlation Analysis Between Exxon and Agilent Technologies

This module allows you to analyze existing cross correlation between Exxon Mobil Corporation and Agilent Technologies. You can compare the effects of market volatilities on Exxon and Agilent Technologies 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 Agilent Technologies. See also your portfolio center. Please also check ongoing floating volatility patterns of Exxon and Agilent Technologies.
Horizon     30 Days    Login   to change
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Comparative Performance

Exxon Mobil  

Risk-Adjusted Performance

Over the last 30 days Exxon Mobil Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Exxon is not utilizing all of its potentials. The existing stock price chaos, may contribute to medium term losses for the stakeholders.
Agilent Technologies  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat fragile basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Exxon and Agilent Technologies Volatility Contrast

 Predicted Return Density 

Exxon Mobil Corp.  vs.  Agilent Technologies Inc

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, Exxon Mobil Corporation is expected to under-perform the Agilent Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Exxon Mobil Corporation is 1.29 times less risky than Agilent Technologies. The stock trades about -0.05 of its potential returns per unit of risk. The Agilent Technologies is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  6,985  in Agilent Technologies on September 23, 2019 and sell it today you would earn a total of  513.00  from holding Agilent Technologies or generate 7.34% return on investment over 30 days.

Pair Corralation between Exxon and Agilent Technologies

Time Period3 Months [change]
StrengthVery Weak
ValuesDaily Returns

Diversification Opportunities for Exxon and Agilent Technologies

Exxon Mobil Corp. diversification synergy

Modest diversification

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