XOP seems to be a good overall candidate indeed.
http://www.etfscreen.com/corrsym.php?s=xop
XOP (SPDR Oil & Gas Expl & Prod)
0.65 IWM
0.50 GDX
0.57 Average
XOP seems to be a good overall candidate indeed.
http://www.etfscreen.com/corrsym.php?s=xop
XOP (SPDR Oil & Gas Expl & Prod)
0.65 IWM
0.50 GDX
0.57 Average
XOP/XLE are correlated by 0.94
XLE and IWM are correlated by 0.66 XLE/GDX: 0.55
XOP/IWM: 0.66 XOP/GDX: 0.50
Since I have all the underlying for XLE, while I still would have to include many small stocks for XOP, since ERX/ERY are 100% correlated to XLE, while DIG/DUG are only 0.94 correlated to XOP,
and finally, since the volume is 4 times higher on XLE...
I believe that I will try to work out the XLE robot.
Pascal
I agree as well. There isn't that much difference between XOP and XLE so that should not be an issue.