I recently read that the stock HES (Hess Corporation) mirrors the price movements of oil closer than any other stock.. Does anyone here have trading experience with this to confirm? Any ideas what the correlation factor might be?
heres rank correlation over the last 85 days CLG07 COP 0.715137346580947 CLG07 CVX 0.667679719462303 CLG07 HES 0.711046171829339 CLG07 XOM 0.63635300993571 COP CVX 0.747165400350672 COP HES 0.72875511396844 COP XOM 0.679193454120397 CVX HES 0.710578609000584 CVX XOM 0.80905902980713 HES XOM 0.630391583869082