UNSTRUCTURED ALPHAMeasure a portfolio

XOP vs LYB

On none of the 19 forces measured do XOP and LYB differ by more than the noise in the readings: their 90% ranges overlap every time.

XOPLYBBars: 90% ranges. Hollow: could not be told apart from zero.Same figures in the table below.
Economic forceXOPSPDR S&P Oil & Gas Exploration & Production ETFLYBLyondellBasell
Interest ratesIn weeks when the 10-year Treasury yield rose 0.25 percentage points−0.06%−1.2% to +1.1%Not distinguishable from zero−0.94%−2.2% to +0.36%Not distinguishable from zero
Inflation expectationsIn weeks when 10-year inflation expectations rose 0.25 percentage points+4.4%+1.4% to +7.4%Tentative+3.8%−0.12% to +7.7%Not distinguishable from zero
U.S. dollarIn weeks when the trade-weighted U.S. dollar rose 2%−0.87%−2.3% to +0.53%Not distinguishable from zero−1.3%−3.2% to +0.53%Not distinguishable from zero
Oil and energyIn weeks when the price of oil rose 10%+3.7%+2.7% to +4.7%Clear+3.7%+2.7% to +4.7%Clear
Credit spreadsIn weeks when corporate credit spreads widened 0.25 percentage points+0.25%−1.5% to +2.0%Not distinguishable from zero−0.64%−3.3% to +2.0%Not distinguishable from zero
Short-term ratesIn weeks when the 2-year Treasury yield rose 0.25 percentage points−0.22%−2.0% to +1.5%Not distinguishable from zero+0.76%−1.6% to +3.1%Not distinguishable from zero
Market volatilityIn weeks when market volatility (the VIX) rose 5 points−2.1%−3.2% to −1.1%Clear−0.72%−1.7% to +0.30%Not distinguishable from zero
Mortgage ratesIn weeks when the 30-year mortgage rate rose 0.25 percentage points+1.2%+0.18% to +2.2%Tentative+0.07%−1.2% to +1.4%Not distinguishable from zero
GoldIn weeks when the price of gold rose 5%−0.56%−1.4% to +0.31%Not distinguishable from zero−0.56%−1.7% to +0.60%Not distinguishable from zero
CopperIn weeks when the price of copper rose 5%+0.37%−0.22% to +1.0%Not distinguishable from zero+1.2%−0.07% to +2.5%Not distinguishable from zero
Natural gasIn weeks when the U.S. natural gas price (Henry Hub) rose 10%+0.03%0.00% to +0.05%Tentative−0.02%−0.04% to +0.01%Not distinguishable from zero
BitcoinIn weeks when the price of bitcoin rose 10%−0.34%−1.1% to +0.41%Not distinguishable from zero+0.13%−0.71% to +1.0%Not distinguishable from zero
Small vs large companiesIn weeks when small companies beat large ones by 1 percentage point+0.69%+0.43% to +1.0%Clear+0.67%+0.24% to +1.1%Tentative
Value vs growthIn weeks when value stocks beat growth stocks by 1 percentage point+1.0%+0.77% to +1.2%Clear+1.1%+0.71% to +1.4%Clear
MomentumIn weeks when recent winners beat the stock market by 1 percentage point−0.19%−0.40% to +0.03%Not distinguishable from zero−0.57%−1.0% to −0.13%Tentative
EuroIn weeks when the euro rose 2% against the U.S. dollar−2.8%−4.8% to −0.88%Tentative+0.88%−1.3% to +3.1%Not distinguishable from zero
Japanese yenIn weeks when the yen rose 2% against the U.S. dollar−0.51%−1.3% to +0.25%Not distinguishable from zero−0.02%−1.2% to +1.2%Not distinguishable from zero
Emerging marketsIn weeks when emerging-market stocks beat the S&P 500 by 1 percentage point+0.03%−0.28% to +0.34%Not distinguishable from zero+0.16%−0.17% to +0.50%Not distinguishable from zero
ChinaIn weeks when Chinese stocks beat other emerging markets by 1 percentage point+0.14%+0.03% to +0.25%Tentative+0.23%+0.08% to +0.39%Tentative
Each figure is the stock's typical move in a week when the force moved by the stated amount, after accounting for the stock market, with its 90% range beneath. Grey figures could not be told apart from zero. A row is marked a clear difference only when the two 90% ranges do not overlap.

This describes the past, and it is not a forecast. Relationships change, and nothing here is a recommendation to buy, sell or hold any security.

Measure XOP and LYB togetherWhat if? Move a force

Your portfolio, measured the same way

Every figure on these pages is one stock at a time. The app measures a whole portfolio: which forces it is exposed to, which holdings cause it, and how sure the reading is. Free, no account for the first report.