Suppose today is Oct 1st 2023, an investor had 1,000,000 shares of XOM stocks. She worries that the stock price may decline in the next month, and would like to hedge her stock position with either SP500 or Oil futures. Could you help her decide which futures contract to trade, oil or SP500? Please use the attached excel file as a reference.

\begin{tabular}{|r|r|r|r|r|r|r||} \hline Date & XOM pricXOM ret SP500 & SP500Reil & Oil Return \\ \hline 11/1/2021 & 55.4206 & -0.0718 & 4567 & -0.0083 & 66.18 & -0.2081 \\ \hline 12/1/2021 & 57.4325 & 0.0363 & 4766.18 & 0.04361 & 75.21 & 0.13645 \\ \hline 1/1/2022 & 71.2955 & 0.24138 & 4515.55 & -0.0526 & 88.15 & 0.17205 \\ \hline 2/1/2022 & 73.6045 & 0.03239 & 4373.94 & -0.0314 & 95.72 & 0.08588 \\ \hline 3/1/2022 & 78.3778 & 0.06485 & 4530.41 & 0.03577 & 100.28 & 0.04764 \\ \hline 4/1/2022 & 80.9021 & 0.03221 & 4131.93 & -0.088 & 104.69 & 0.04398 \\ \hline 5/1/2022 & 91.1039 & 0.1261 & 4132.15 & 5.3E05 & 105.225 & 0.00511 \\ \hline 6/1/2022 & 82.1047 & -0.0988 & 3785.38 & -0.0839 & 105.76 & 0.01022 \\ \hline 7/1/2022 & 92.9287 & 0.13183 & 4130.29 & 0.09112 & 98.62 & -0.0675 \\ \hline 8/1/2022 & 91.644 & -0.0138 & 3955 & -0.0424 & 89.55 & -0.092 \\ \hline 9/1/2022 & 84.5191 & -0.0777 & 3585.62 & -0.0934 & 79.49 & -0.1123 \\ \hline 10/1/2022 & 107.268 & 0.26916 & 3871.98 & 0.07986 & 86.53 & 0.08856 \\ \hline 11/1/2022 & 107.781 & 0.00478 & 4080.11 & 0.05375 & 80.55 & -0.0691 \\ \hline 12/1/2022 & 107.634 & -0.0014 & 3839.5 & -0.059 & 80.26 & -0.0036 \\ \hline 1/1/2023 & 113.206 & 0.05177 & 4076.6 & 0.06175 & 78.655 & -0.02 \\ \hline 2/1/2023 & 107.253 & -0.0526 & 3970.15 & -0.0261 & 77.05 & -0.04 \\ \hline 3/1/2023 & 107.833 & 0.0054 & 4109.31 & 0.03505 & 75.67 & -0.0179 \\ \hline 4/1/2023 & 116.368 & 0.07915 & 4169.48 & 0.01464 & 76.78 & 0.01467 \\ \hline 5/1/2023 & 100.477 & -0.1366 & 4179.83 & 0.00248 & 68.09 & -0.1132 \\ \hline 6/1/2023 & 106.378 & 0.05873 & 4450.38 & 0.06473 & 70.64 & 0.03745 \\ \hline 7/1/2023 & 106.368 & 9E05 & 4588.96 & 0.03114 & 81.8 & 0.15798 \\ \hline 8/1/2023 & 110.286 & 0.03683 & 4507.66 & -0.0177 & 83.63 & 0.02237 \\ \hline 9/1/2023 & 117.58 & 0.06614 & 4288.05 & -0.0487 & 90.79 & 0.08562 \\ \hline \end{tabular}