However, we can still use this to our advantage. Although they do not make a good stat arb pair , we do know that if the energy ( XLF ) goes one direction , so does XOM . Based on this , I think that at the current share price, this is a very good longer term hold . Ignore everything to do with who wins the election and simply bet on a future reversal of XLF , which will happen ... eventually :)
At the time of writing , XOM is actually trading below it's book value ($41.54) Also, next years estimates call for a 415% increase in EPS , not to mention it comes with a 10.62% dividend . This is a good long , at a discount, patience likely required .
XLE is shown in orange and XOM is shown in blue ;)
Good luck ~