Chevron Corp Correlations

CVX Stock

USD 176.90 5.71 3.34%

The current 90-days correlation between Chevron Corp and Merck Company is 0.21 (i.e., Modest diversification). The correlation of Chevron Corp 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.

Chevron Corp Correlation With Market

Poor diversification

The correlation between Chevron Corp and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Chevron Stock

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

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

Moving together with Chevron Stock

0.84	SU	Suncor Energy Earnings Call This Week	Pair Corr
0.9	EQNR	Equinor ASA ADR Earnings Call This Week	Pair Corr
0.73	EPM	Eclipse Metals	Pair Corr
0.76	PBR	Petroleo Brasileiro	Pair Corr
0.72	TTE	TotalEnergies SE ADR	Pair Corr
0.93	XOM	Exxon Mobil Corp	Pair Corr
0.89	1AE	Aurora Energy Metals	Pair Corr
0.8	LIN	Linde plc Ordinary Earnings Call This Week	Pair Corr
0.79	CAT	Caterpillar	Pair Corr
0.61	HD	Home Depot	Pair Corr
0.61	JNJ	Johnson Johnson	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr

Moving against Chevron Stock

0.42	NTNX	Nutanix	Pair Corr
0.76	HPQ	HP Inc	Pair Corr
0.56	MSFT	Microsoft	Pair Corr
0.37	TRV	The Travelers Companies	Pair Corr
0.34	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	GXRFF	FHTX	PYXS	MRK	USSTX	JDDSF	NEMTF	AA	JDSPY
GXRFF		-0.79	0.75	-0.88	-0.87	0.16	0.72	-0.9	-0.04	GXRFF
FHTX	-0.79		-0.72	0.8	0.81	-0.11	-0.76	0.86	0.09	FHTX
PYXS	0.75	-0.72		-0.65	-0.73	-0.09	0.62	-0.84	-0.45	PYXS
MRK	-0.88	0.8	-0.65		0.81	-0.27	-0.68	0.87	-0.17	MRK
USSTX	-0.87	0.81	-0.73	0.81		-0.14	-0.89	0.93	0.1	USSTX
JDDSF	0.16	-0.11	-0.09	-0.27	-0.14		-0.01	-0.06	0.59	JDDSF
NEMTF	0.72	-0.76	0.62	-0.68	-0.89	-0.01		-0.84	-0.11	NEMTF
AA	-0.9	0.86	-0.84	0.87	0.93	-0.06	-0.84		0.19	AA
JDSPY	-0.04	0.09	-0.45	-0.17	0.1	0.59	-0.11	0.19		JDSPY
	GXRFF	FHTX	PYXS	MRK	USSTX	JDDSF	NEMTF	AA	JDSPY

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

AA	+ 0.93	USSTX
AA	+ 0.87	MRK
AA	+ 0.86	FHTX
USSTX	+ 0.81	FHTX
USSTX	+ 0.81	MRK
MRK	+ 0.8	FHTX

High negative correlations

AA	- 0.9	GXRFF
NEMTF	- 0.89	USSTX
MRK	- 0.88	GXRFF
USSTX	- 0.87	GXRFF
AA	- 0.84	NEMTF
AA	- 0.84	PYXS

Risk-Adjusted Indicators

There is a big difference between Chevron Stock performing well and Chevron Corp 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 Chevron Corp'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
GXRFF	5.10	(0.23)	0.00	(0.74)	0.00	0.00	10.70	(9.67)	38.06
FHTX	4.00	0.58	0.13	0.43	4.28	(4.89)	9.16	(5.56)	31.12
PYXS	6.20	(0.78)	0.00	(0.40)	0.00	0.00	17.05	(15.41)	70.66
MRK	1.28	0.33	0.24	0.50	1.13	(1.56)	3.59	(1.98)	8.09
USSTX	0.05	0.00	(0.30)	0.32	0.00	(0.13)	0.19	(0.10)	0.39
JDDSF	0.67	(0.22)	0.00	(0.42)	0.00	0.00	0.00	(0.87)	22.36
NEMTF	1.04	(0.51)	0.00	0.45	0.00	0.00	0.00	0.00	33.70
AA	2.65	0.52	0.18	0.30	2.69	(3.07)	6.40	(5.54)	14.55
JDSPY	2.91	(0.20)	0.00	(0.44)	0.00	0.00	6.19	(6.25)	15.07

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