IIF vs OXY: Correlation
Measured on weekly returns over the past three years, Morgan Stanley India Investment Fund, Inc. (IIF) and Occidental Petroleum (OXY) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIF and OXY?
Across a 3-year window, the weekly returns of IIF and OXY correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.57 versus -0.23 over 3 years. Stretching to 5 years gives -0.11, with an annualized covariance of -123.8 %².
OXY is close to the least connected end of IIF's tracked universe, ranking #10 of 14. Their recent paths diverged sharply: over the last 12 months OXY outperformed by 35.6 percentage points (-6.7% for IIF against +28.9% for OXY). One caveat on sizing: OXY is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IIF vs OXY: side by side
| IIF (Morgan Stanley India Investment Fund, Inc.) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | -6.7% | +28.9% |
| 5-year return | +44.4% | +150.8% |
| Volatility (ann.) | 17.4% | 30.6% |
| Beta vs S&P 500 | 0.61 | 0.13 |
| Max drawdown (3Y) | -24.1% | -46.9% |
| Market cap | – | $59.1B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | 8.56% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | IIF | OXY |
|---|---|---|
| 2022 | -9.6% | +119.1% |
| 2023 | +21.4% | -4.1% |
| 2024 | +29.6% | -15.9% |
| 2025 | +6.7% | -14.9% |
| 2026 | -7.5% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIF and OXY good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIF and OXY?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.57 over the last year and -0.11 over 5 years.
Is OXY a good diversifier for IIF?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: IIF correlations · OXY correlations
