Occidental Petroleum Correlations

Stocks . USA . 
Stock . Occidental Petroleum
OXY Stock  USD 43.62  0.07  0.16%   
The correlation of Occidental Petroleum is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Occidental Petroleum Correlation With Market

Average diversification

The correlation between Occidental Petroleum and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Occidental Petroleum and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Occidental Stock
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Occidental Petroleum. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.
For more information on how to buy Occidental Stock please use our How to Invest in Occidental Petroleum guide.

Moving together with Occidental Stock

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Moving against Occidental Stock

  0.51ANNAW AleAnna, WarrantPairCorr
  0.36DMLP Dorchester MineralsPairCorr
  0.39BSM Black Stone MineralsPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Occidental Stock performing well and Occidental Petroleum Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Occidental Petroleum's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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