Devon Energy Correlations

DVN Stock

USD 41.11 0.97 2.42%

The current 90-days correlation between Devon Energy and Coterra Energy is -0.07 (i.e., Good 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

Very weak diversification

The correlation between Devon Energy and DJI is 0.57 (i.e., Very 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.

Build AI portfolio with Devon Stock

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

0.91	FANG	Diamondback Energy	Pair Corr
0.79	CNQ	Canadian Natural Res	Pair Corr
0.81	COP	ConocoPhillips Earnings Call Today	Pair Corr
0.89	INR	Infinity Natural Res	Pair Corr
0.71	IPO	InPlay Oil Corp	Pair Corr
0.66	RF1	Regal Investment	Pair Corr
0.74	MBFJF	Mitsubishi UFJ Financial	Pair Corr
0.86	JPSTF	JAPAN POST BANK	Pair Corr
0.7	MZHOF	Mizuho Financial Normal Trading	Pair Corr
0.64	RCKY	Rocky Brands	Pair Corr
0.8	OBYCF	Obayashi Earnings Call This Week	Pair Corr
0.66	FIBK	First Interstate Ban	Pair Corr
0.73	BNKHF	BOC Hong Kong	Pair Corr

Moving against Devon Stock

0.75	PBCRY	Bank Central Asia	Pair Corr
0.68	PCI	Perpetual Credit Income	Pair Corr
0.46	BROGF	BROGF	Pair Corr
0.39	NVNIW	Nvni Group Limited	Pair Corr

Related Correlations Analysis

	CTRA	TPL	EC	VG	TS	PBA	EXEEL	EXE	EXEEZ	HAL
CTRA		0.43	0.58	0.38	0.71	0.83	0.3	0.37	-0.14	0.44	CTRA
TPL	0.43		0.74	0.87	0.75	0.6	-0.28	-0.2	-0.35	0.63	TPL
EC	0.58	0.74		0.76	0.89	0.78	-0.26	-0.27	-0.29	0.85	EC
VG	0.38	0.87	0.76		0.75	0.63	-0.33	-0.25	-0.36	0.59	VG
TS	0.71	0.75	0.89	0.75		0.86	-0.15	-0.11	-0.4	0.79	TS
PBA	0.83	0.6	0.78	0.63	0.86		0.06	0.06	-0.2	0.63	PBA
EXEEL	0.3	-0.28	-0.26	-0.33	-0.15	0.06		0.94	-0.14	-0.52	EXEEL
EXE	0.37	-0.2	-0.27	-0.25	-0.11	0.06	0.94		-0.18	-0.53	EXE
EXEEZ	-0.14	-0.35	-0.29	-0.36	-0.4	-0.2	-0.14	-0.18		-0.08	EXEEZ
HAL	0.44	0.63	0.85	0.59	0.79	0.63	-0.52	-0.53	-0.08		HAL
	CTRA	TPL	EC	VG	TS	PBA	EXEEL	EXE	EXEEZ	HAL

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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

EXE	+ 0.94	EXEEL
TS	+ 0.89	EC
VG	+ 0.87	TPL
PBA	+ 0.86	TS
HAL	+ 0.85	EC
PBA	+ 0.83	CTRA

High negative correlations

HAL	- 0.53	EXE
HAL	- 0.52	EXEEL
EXEEZ	- 0.4	TS
EXEEZ	- 0.36	VG
EXEEZ	- 0.35	TPL
EXEEL	- 0.33	VG

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	1.46	0.45	0.18	(0.96)	1.67	(1.60)	3.07	(2.93)	9.69
TPL	2.18	0.15	0.06	0.22	2.30	(2.53)	5.79	(3.90)	16.39
EC	1.64	0.46	0.18	(2.67)	1.77	(1.78)	3.15	(3.07)	10.93
VG	3.60	0.22	0.05	0.28	4.50	(3.67)	6.78	(7.96)	18.51
TS	1.19	0.23	0.12	0.70	1.31	(1.24)	3.44	(2.22)	8.44
PBA	0.96	0.19	0.09	11.98	1.27	(0.96)	1.99	(1.63)	6.67
EXEEL	1.77	0.09	0.02	0.26	2.07	(2.66)	4.93	(3.46)	14.95
EXE	1.65	0.15	0.04	(2.18)	1.81	(1.80)	4.39	(3.15)	11.42
EXEEZ	0.32	(0.01)	0.00	0.08	0.00	0.00	0.00	0.00	8.55
HAL	1.50	0.38	0.16	1.18	1.63	(1.59)	4.05	(3.16)	11.25

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