BP Plc Correlations

Stocks . UK . 
Stock . BP plc
BP-A Stock   131.00  0.50  0.38%   
The current 90-days correlation between BP plc and Enbridge is 0.07 (i.e., Significant diversification). The correlation of BP Plc is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

BP Plc Correlation With Market

Good diversification

The correlation between BP plc and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BP plc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to BP Plc could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BP Plc when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back BP Plc - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling BP plc to buy it.

Moving together with BP-A Stock

  0.820Y5F Endo International PLCPairCorr
  0.760R28 Newmont CorpPairCorr
  0.90R2O Freeport McMoRan Earnings Call This WeekPairCorr
  0.840JU0 Lennar Corp ClPairCorr

Moving against BP-A Stock

  0.910KTI EnbridgePairCorr
  0.8TFIF TwentyFour IncomePairCorr
  0.8ENOG Energean Oil GasPairCorr
  0.76ZIOC Zanaga Iron OrePairCorr
  0.75TYT Toyota Motor CorpPairCorr
  0.75ITH Ithaca Energy PLCPairCorr
  0.73SOM Somero EnterprisePairCorr
  0.720R15 SoftBank Group CorpPairCorr
  0.630RR8 Baker Hughes Earnings Call This WeekPairCorr
  0.56OBI Ondine BiomedicalPairCorr
  0.540A1O Zoom Video CommunicationsPairCorr
  0.410HAV Agilent TechnologiesPairCorr
  0.320KCI ONEOK IncPairCorr
  0.91DEC Diversified EnergyPairCorr
  0.9IMB Imperial Brands PLCPairCorr
  0.89APTA Aptamer Group PLCPairCorr
  0.89CNE Capricorn Energy PLCPairCorr
  0.88HSBK Halyk BankPairCorr
  0.88AMRQ Amaroq MineralsPairCorr
  0.86SGE Sage Group PLCPairCorr
  0.84CLDN Caledonia InvestmentsPairCorr
  0.83ATY Athelney Trust plcPairCorr
  0.76CPG Compass Group PLCPairCorr
  0.670NW1 Compagnie Plastic OmniumPairCorr
  0.61ARC Arcontech Group PlcPairCorr
  0.49CUSN Cornish MetalsPairCorr
  0.380LCV Taiwan SemiconductorPairCorr
  0.35TM1 Technology Minerals PLCPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
AMRQ
+ 0.96
CNE
AMRQ
+ 0.9
0KTI
CNE
+ 0.89
0KTI
CLDN
+ 0.89
CNE
CLDN
+ 0.87
0KTI
AMRQ
+ 0.83
CLDN
  
High negative correlations   
HSBK
- 0.78
0Y5F
CNE
- 0.77
0Y5F
0Y5F
- 0.73
0KTI
VCP
- 0.72
0A1O
AMRQ
- 0.71
0Y5F
CLDN
- 0.71
0Y5F

Risk-Adjusted Indicators

There is a big difference between BP-A Stock performing well and BP Plc Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze BP Plc's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

Be your own money manager

Our tools can tell you how much better you can do entering a position in BP Plc without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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BP Plc Corporate Management

Elected by the shareholders, the BP Plc's board of directors comprises two types of representatives: BP Plc inside directors who are chosen from within the company, and outside directors, selected externally and held independent of BP-A. The board's role is to monitor BP Plc's management team and ensure that shareholders' interests are well served. BP Plc's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, BP Plc's outside directors are responsible for providing unbiased perspectives on the board's policies.
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