Now let’s examine the correlation between Chevron’s (CVX) stock, crude oil, and natural gas prices. The correlation coefficient shows the relationship between two variables. A correlation coefficient ...
Correlation coefficients range from -1 to +1, indicating the strength of relationships between variables. Investors use correlation coefficients for portfolio diversification to reduce risk.
The product moment correlation coefficient is often used even for ordinal data with only a few scale steps. This procedure may lead to biased results, where the bias depends on the number of scale ...
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