CNX Resources Correlations

CNX Stock

USD 27.51 0.31 1.11%

The current 90-days correlation between CNX Resources Corp and Gulfport Energy Operating is 0.46 (i.e., Very weak diversification). The correlation of CNX Resources 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.

CNX Resources Correlation With Market

Significant diversification

The correlation between CNX Resources Corp and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CNX Resources Corp 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 CNX Resources Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with CNX Stock

0.61

CRC

California Resources Corp

Pair Corr

Moving against CNX Stock

0.77	EPSN	Epsilon Energy	Pair Corr
0.63	CRK	Comstock Resources	Pair Corr
0.6	AR	Antero Resources Corp	Pair Corr
0.56	APA	APA Corporation	Pair Corr
0.52	BKV	BKV Corporation	Pair Corr
0.5	EQT	EQT Corporation	Pair Corr
0.45	SD	SandRidge Energy	Pair Corr
0.45	BRY	Berry Petroleum Corp	Pair Corr
0.42	VTLE	Vital Energy	Pair Corr
0.41	VIST	Vista Oil Gas	Pair Corr
0.38	EXE	Expand Energy Symbol Change	Pair Corr
0.81	TBN	Tamboran Resources	Pair Corr
0.77	MNR	Mach Natural Resources	Pair Corr
0.59	HUSA	Houston American Energy	Pair Corr
0.53	RRC	Range Resources Corp Sell-off Trend	Pair Corr
0.43	PHX	PHX Minerals	Pair Corr
0.38	GPOR	Gulfport Energy Operating	Pair Corr

Related Correlations Analysis

	EPSN	GPOR	DEN	GPRK	MVO	SJT	VOC	CRK	MTDR	MUR
EPSN		0.62	-0.64	0.37	-0.46	0.49	-0.36	0.77	0.57	0.03	EPSN
GPOR	0.62		-0.57	0.74	-0.52	0.52	-0.45	0.92	0.84	-0.01	GPOR
DEN	-0.64	-0.57		-0.25	0.66	-0.12	0.57	-0.72	-0.47	0.21	DEN
GPRK	0.37	0.74	-0.25		-0.26	0.53	-0.11	0.64	0.52	-0.04	GPRK
MVO	-0.46	-0.52	0.66	-0.26		-0.17	0.8	-0.65	-0.33	0.58	MVO
SJT	0.49	0.52	-0.12	0.53	-0.17		-0.11	0.54	0.63	0.36	SJT
VOC	-0.36	-0.45	0.57	-0.11	0.8	-0.11		-0.52	-0.32	0.51	VOC
CRK	0.77	0.92	-0.72	0.64	-0.65	0.54	-0.52		0.76	-0.11	CRK
MTDR	0.57	0.84	-0.47	0.52	-0.33	0.63	-0.32	0.76		0.41	MTDR
MUR	0.03	-0.01	0.21	-0.04	0.58	0.36	0.51	-0.11	0.41		MUR
	EPSN	GPOR	DEN	GPRK	MVO	SJT	VOC	CRK	MTDR	MUR

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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

CRK	+ 0.92	GPOR
MTDR	+ 0.84	GPOR
VOC	+ 0.8	MVO
CRK	+ 0.77	EPSN
MTDR	+ 0.76	CRK
GPRK	+ 0.74	GPOR

High negative correlations

CRK	- 0.72	DEN
CRK	- 0.65	MVO
DEN	- 0.64	EPSN
DEN	- 0.57	GPOR
CRK	- 0.52	VOC
MVO	- 0.52	GPOR

Risk-Adjusted Indicators

There is a big difference between CNX Stock performing well and CNX Resources 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 CNX Resources' 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
EPSN	1.78	0.06	(0.01)	(1.30)	2.22	(1.85)	3.72	(3.77)	10.10
GPOR	1.54	0.40	0.16	(5.09)	1.55	(1.71)	4.94	(2.44)	16.93
DEN	1.32	(0.10)	0.00	0.52	0.00	0.00	2.47	(3.21)	9.48
GPRK	2.74	0.30	0.07	24.50	2.84	(2.96)	7.32	(4.27)	15.41
MVO	1.99	(0.57)	0.00	4.35	0.00	0.00	3.58	(5.64)	15.17
SJT	2.36	0.07	0.01	0.35	2.35	(3.10)	5.48	(4.21)	16.89
VOC	2.01	(0.26)	0.00	(1.77)	0.00	0.00	3.02	(4.64)	18.63
CRK	2.70	0.85	0.22	(2.01)	2.71	(3.04)	7.88	(4.54)	19.21
MTDR	1.50	0.28	0.10	(250.98)	1.73	(1.58)	2.44	(2.82)	12.94
MUR	1.43	(0.14)	0.00	1.69	0.00	0.00	2.86	(2.63)	10.12

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