Devon Energy Correlations

DVN Stock

USD 38.70 0.40 1.04%

The current 90-days correlation between Devon Energy and Coterra Energy is 0.56 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Devon Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Devon Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Devon Energy Correlation With Market

Weak diversification

The correlation between Devon Energy and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Devon Energy and DJI in the same portfolio, assuming nothing else is changed.

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

To learn how to invest in Devon Stock, please use our How to Invest in Devon Energy guide.

Moving together with Devon Stock

0.87	SD	SandRidge Energy	Pair Corr
0.71	VTLE	Vital Energy	Pair Corr
0.79	EONR	EON Resources Symbol Change	Pair Corr
0.83	FANG	Diamondback Energy	Pair Corr
0.95	APA	APA Corporation	Pair Corr
0.75	BRN	Barnwell Industries	Pair Corr
0.84	BRY	Berry Petroleum Corp	Pair Corr
0.9	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.64	CNQ	Canadian Natural Res	Pair Corr
0.9	EGY	Vaalco Energy	Pair Corr
0.8	GTE	Gran Tierra Energy	Pair Corr
0.71	HPK	Highpeak Energy Acqu	Pair Corr
0.92	KOS	Kosmos Energy	Pair Corr
0.81	MNR	Mach Natural Resources	Pair Corr

Moving against Devon Stock

0.43	DMLP	Dorchester Minerals	Pair Corr
0.55	CNX	CNX Resources Corp Fiscal Year End 23rd of January 2025	Pair Corr
0.55	EQT	EQT Corporation	Pair Corr
0.53	EXE	Expand Energy Symbol Change	Pair Corr
0.37	CRK	Comstock Resources	Pair Corr
0.35	EPM	Evolution Petroleum	Pair Corr
0.32	CRC	California Resources Corp	Pair Corr
0.35	RRC	Range Resources Corp	Pair Corr
0.33	PHX	PHX Minerals	Pair Corr

Related Correlations Analysis

	CTRA	FANG	EOG	COP	PXD	EQT	MRO	PR
CTRA		0.35	0.9	0.71	0.37	0.82	0.74	0.9	CTRA
FANG	0.35		0.52	0.64	0.36	-0.1	0.62	0.49	FANG
EOG	0.9	0.52		0.8	0.3	0.72	0.83	0.93	EOG
COP	0.71	0.64	0.8		0.48	0.41	1.0	0.82	COP
PXD	0.37	0.36	0.3	0.48		0.12	0.46	0.45	PXD
EQT	0.82	-0.1	0.72	0.41	0.12		0.47	0.74	EQT
MRO	0.74	0.62	0.83	1.0	0.46	0.47		0.84	MRO
PR	0.9	0.49	0.93	0.82	0.45	0.74	0.84		PR
	CTRA	FANG	EOG	COP	PXD	EQT	MRO	PR

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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

MRO	+ 1.0	COP
PR	+ 0.93	EOG
EOG	+ 0.9	CTRA
PR	+ 0.9	CTRA
PR	+ 0.84	MRO
MRO	+ 0.83	EOG

High negative correlations

EQT

- 0.1

FANG

Risk-Adjusted Indicators

There is a big difference between Devon Stock performing well and Devon Energy 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 Devon Energy'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
CTRA	1.11	0.11	0.06	0.23	1.25	(1.17)	2.11	(1.94)	8.03
FANG	1.63	(0.11)	0.00	(0.06)	0.00	0.00	3.00	(3.91)	9.60
EOG	1.16	0.08	0.04	0.18	1.36	(1.18)	2.49	(2.88)	7.05
COP	1.24	0.01	(0.01)	0.11	1.51	(1.35)	2.59	(3.24)	7.92
PXD	1.23	(0.06)	0.00	(0.14)	0.00	0.00	2.43	(2.71)	6.32
EQT	1.64	0.43	0.29	0.43	1.17	(2.15)	3.68	(1.95)	8.85
MRO	1.26	0.02	(0.01)	0.13	1.55	(1.35)	2.64	(3.27)	7.72
PR	1.59	0.06	0.03	0.14	1.90	(1.75)	2.70	(3.33)	7.95

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