Occidental Petroleum Correlations

OXY Stock

USD 40.54 3.36 7.65%

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

Poor diversification

The correlation between Occidental Petroleum and DJI is 0.61 (i.e., Poor 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.

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

0.81	PR	Permian Resources	Pair Corr
0.81	SD	SandRidge Energy	Pair Corr
0.7	SM	SM Energy	Pair Corr
0.73	DMLP	Dorchester Minerals	Pair Corr
0.74	VIST	Vista Oil Gas	Pair Corr
0.63	VTLE	Vital Energy	Pair Corr
0.82	FANG	Diamondback Energy	Pair Corr
0.85	APA	APA Corporation	Pair Corr
0.66	BRY	Berry Petroleum Corp	Pair Corr
0.81	BTE	Baytex Energy Corp	Pair Corr
0.66	CNQ	Canadian Natural Res	Pair Corr
0.75	COP	ConocoPhillips	Pair Corr
0.78	CRC	California Resources Corp	Pair Corr
0.71	DVN	Devon Energy	Pair Corr
0.79	EGY	Vaalco Energy	Pair Corr
0.79	EOG	EOG Resources	Pair Corr
0.7	EPM	Evolution Petroleum	Pair Corr
0.69	GFR	Greenfire Resources	Pair Corr
0.72	GTE	Gran Tierra Energy	Pair Corr
0.72	HPK	Highpeak Energy Acqu	Pair Corr
0.71	KOS	Kosmos Energy	Pair Corr
0.73	KRP	Kimbell Royalty Partners	Pair Corr
0.73	MGY	Magnolia Oil Gas	Pair Corr
0.63	MNR	Mach Natural Resources	Pair Corr
0.89	MUR	Murphy Oil	Pair Corr

Moving against Occidental Stock

0.38

ANNAW

AleAnna, Warrant

Pair Corr

Related Correlations Analysis

	PXD	CTRA	FANG	COP	EOG	DVN	MRO	APA	PR
PXD		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PXD
CTRA	0.0		0.53	0.79	0.63	0.79	0.0	0.39	0.53	CTRA
FANG	0.0	0.53		0.82	0.71	0.49	0.0	0.88	0.97	FANG
COP	0.0	0.79	0.82		0.65	0.73	0.0	0.66	0.79	COP
EOG	0.0	0.63	0.71	0.65		0.74	0.0	0.81	0.77	EOG
DVN	0.0	0.79	0.49	0.73	0.74		0.0	0.43	0.48	DVN
MRO	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MRO
APA	0.0	0.39	0.88	0.66	0.81	0.43	0.0		0.93	APA
PR	0.0	0.53	0.97	0.79	0.77	0.48	0.0	0.93		PR
	PXD	CTRA	FANG	COP	EOG	DVN	MRO	APA	PR

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PR	+ 0.97	FANG
PR	+ 0.93	APA
APA	+ 0.88	FANG
COP	+ 0.82	FANG
APA	+ 0.81	EOG
COP	+ 0.79	CTRA

High negative correlations

PR	- 0.0	MRO
APA	- 0.0	MRO
MRO	- 0.0	DVN
MRO	- 0.0	EOG
MRO	- 0.0	COP
MRO	- 0.0	FANG

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PXD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CTRA	1.54	0.16	0.06	0.00	2.53	(1.38)	2.98	(3.43)	9.60
FANG	1.81	(0.09)	0.00	(0.22)	0.00	0.00	2.24	(4.04)	15.53
COP	1.63	0.07	0.00	(0.11)	0.00	0.00	2.50	(3.98)	13.10
EOG	1.40	0.06	0.00	(0.10)	0.00	0.00	2.48	(3.07)	10.97
DVN	1.96	0.18	0.00	(0.05)	0.00	0.00	2.98	(3.83)	20.26
MRO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
APA	2.24	(0.18)	0.00	(0.25)	0.00	0.00	3.02	(7.22)	22.57
PR	2.06	(0.05)	0.00	(0.19)	0.00	0.00	3.91	(4.99)	18.94

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