ChampionX Correlations

CHX Stock

USD 29.21 0.12 0.41%

The current 90-days correlation between ChampionX and Cactus Inc is 0.7 (i.e., Poor diversification). The correlation of ChampionX 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.

ChampionX Correlation With Market

Modest diversification

The correlation between ChampionX and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ChampionX and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ChampionX. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

For more information on how to buy ChampionX Stock please use our How to Invest in ChampionX guide.

Moving together with ChampionX Stock

0.83	VTOL	Bristow Group	Pair Corr
0.73	WFRD	Weatherford International Earnings Call This Week	Pair Corr
0.87	CLB	Core Laboratories	Pair Corr
0.67	DTI	Drilling Tools Inter	Pair Corr
0.81	HAL	Halliburton	Pair Corr
0.63	MRC	MRC Global	Pair Corr
0.84	NOV	NOV Inc	Pair Corr
0.67	OII	Oceaneering International	Pair Corr
0.64	XPRO	Expro Group Holdings	Pair Corr
1.0	SLB	Schlumberger NV	Pair Corr
0.63	SND	Smart Sand	Pair Corr
0.69	VAL	Valaris	Pair Corr
0.86	WHD	Cactus Inc	Pair Corr
0.79	INVX	Innovex International, Symbol Change	Pair Corr
0.7	KLXE	KLX Energy Services	Pair Corr

Moving against ChampionX Stock

0.37	EP	Empire Petroleum Corp	Pair Corr
0.32	PFIE	Profire Ene	Pair Corr

Related Correlations Analysis

	XPRO	RNGR	WHD	MRC	NEX	DRQ	SOI	FTI	DNOW	BKR
XPRO		0.26	0.39	0.42	0.15	0.25	-0.21	0.13	0.05	0.38	XPRO
RNGR	0.26		0.54	0.86	0.51	-0.28	0.66	0.88	0.71	0.92	RNGR
WHD	0.39	0.54		0.66	-0.26	0.48	0.09	0.35	0.79	0.6	WHD
MRC	0.42	0.86	0.66		0.48	-0.03	0.39	0.68	0.76	0.84	MRC
NEX	0.15	0.51	-0.26	0.48		-0.6	0.45	0.52	0.03	0.43	NEX
DRQ	0.25	-0.28	0.48	-0.03	-0.6		-0.63	-0.45	0.13	-0.17	DRQ
SOI	-0.21	0.66	0.09	0.39	0.45	-0.63		0.82	0.44	0.5	SOI
FTI	0.13	0.88	0.35	0.68	0.52	-0.45	0.82		0.56	0.84	FTI
DNOW	0.05	0.71	0.79	0.76	0.03	0.13	0.44	0.56		0.68	DNOW
BKR	0.38	0.92	0.6	0.84	0.43	-0.17	0.5	0.84	0.68		BKR
	XPRO	RNGR	WHD	MRC	NEX	DRQ	SOI	FTI	DNOW	BKR

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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

BKR	+ 0.92	RNGR
FTI	+ 0.88	RNGR
MRC	+ 0.86	RNGR
BKR	+ 0.84	MRC
BKR	+ 0.84	FTI
FTI	+ 0.82	SOI

High negative correlations

SOI	- 0.63	DRQ
DRQ	- 0.6	NEX
FTI	- 0.45	DRQ
DRQ	- 0.28	RNGR
NEX	- 0.26	WHD
SOI	- 0.21	XPRO

Risk-Adjusted Indicators

There is a big difference between ChampionX Stock performing well and ChampionX 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 ChampionX'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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
XPRO	2.10	(0.25)	0.00	(0.46)	0.00	0.00	3.70	(4.94)	20.57
RNGR	1.60	0.48	0.22	0.80	1.61	(1.93)	4.42	(2.62)	11.52
WHD	1.52	0.05	0.01	0.18	1.80	(1.72)	3.55	(2.51)	16.96
MRC	1.51	0.25	0.14	0.39	1.35	(1.81)	3.28	(2.30)	18.83
NEX	2.68	0.59	0.14	(1.14)	2.99	(2.86)	6.33	(4.55)	17.50
DRQ	1.89	(0.05)	0.00	0.15	0.00	0.00	3.57	(4.30)	12.98
SOI	2.52	0.51	0.19	0.64	2.11	(3.13)	4.44	(4.19)	43.08
FTI	1.34	0.24	0.12	0.45	1.49	(1.51)	2.75	(2.93)	9.87
DNOW	1.50	0.31	0.18	0.50	1.28	(1.72)	3.71	(2.72)	16.46
BKR	1.24	0.22	0.12	0.71	1.20	(1.52)	3.03	(2.61)	15.17

ChampionX Corporate Management

Julia JD	General VP	Profile
Mamatha Chamarthi	Independent Director	Profile
Antoine Marcos	Chief Accounting Officer, Vice President Corporate Controller	Profile
Stuart Porter	Director	Profile
Daniel Rabun	Independent Chairman of the Board	Profile
Syed Raza	Senior Vice President Chief Digital Officer	Profile
Jordan Zweig	Senior Officer	Profile

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