Devon Energy Correlations

DVN Stock

USD 42.66 0.04 0.09%

The current 90-days correlation between Devon Energy and Coterra Energy is 0.64 (i.e., Poor 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

Poor diversification

The correlation between Devon Energy and DJI is 0.61 (i.e., Poor 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 persons.

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

Moving together with Devon Stock

0.82	JP9	Japan Petroleum Expl	Pair Corr
0.97	PR	Permian Resources	Pair Corr
0.63	CDA	Canuc Resources Corp Split	Pair Corr
0.97	SD	SandRidge Energy Earnings Call This Week	Pair Corr
0.88	SM	SM Energy	Pair Corr
0.8	VG	Venture Global Earnings Call This Week	Pair Corr
0.89	RBY	Rubellite Energy	Pair Corr
0.9	DMLP	Dorchester Minerals	Pair Corr
0.71	QEM	QEM	Pair Corr
0.91	SDE	Spartan Delta Corp	Pair Corr
0.82	VIST	Vista Oil Gas	Pair Corr
0.77	1PZ	Panoro Energy ASA	Pair Corr
0.88	SEPL	Seplat Petroleum Dev Earnings Call This Week	Pair Corr
0.67	6BW	BW ENERGY LTD	Pair Corr
0.93	VNOM	Viper Energy Ut	Pair Corr
0.72	BLOE	Block Energy PLC	Pair Corr
0.83	EFXT	Enerflex Upward Rally	Pair Corr
0.92	OBE	Obsidian Energy	Pair Corr
0.73	41Z0	SURGE ENERGY INC Earnings Call This Week	Pair Corr
0.93	PXK	Peyto Exploration	Pair Corr

Moving against Devon Stock

0.92	INDI	Indus Gas Limited	Pair Corr
0.78	JGH	Jade Gas Holdings	Pair Corr
0.7	LGN	Logan Energy Corp	Pair Corr
0.68	AXP	AXP Energy	Pair Corr
0.43	VIVK	Vivakor	Pair Corr
0.39	L5K	Lekoil Limited	Pair Corr
0.39	KEY	KEY Petroleum Earnings Call This Week	Pair Corr
0.35	KKO	Kinetiko Energy	Pair Corr
0.8	SHE	Stonehorse Energy	Pair Corr
0.55	ERHE	ERHC Energy	Pair Corr
0.33	ROK	ROK Resources	Pair Corr

Related Correlations Analysis

	CTRA	TPL	EC	VG	TS	PBA	EXEEL	EXE	EXEEZ	HAL
CTRA		0.83	0.64	0.77	0.89	0.96	-0.42	-0.26	-0.34	0.69	CTRA
TPL	0.83		0.7	0.75	0.96	0.88	-0.37	-0.49	-0.18	0.77	TPL
EC	0.64	0.7		0.93	0.78	0.76	-0.68	-0.53	0.23	0.92	EC
VG	0.77	0.75	0.93		0.81	0.85	-0.68	-0.47	0.06	0.87	VG
TS	0.89	0.96	0.78	0.81		0.93	-0.49	-0.43	-0.17	0.82	TS
PBA	0.96	0.88	0.76	0.85	0.93		-0.48	-0.34	-0.3	0.78	PBA
EXEEL	-0.42	-0.37	-0.68	-0.68	-0.49	-0.48		0.25	-0.13	-0.53	EXEEL
EXE	-0.26	-0.49	-0.53	-0.47	-0.43	-0.34	0.25		-0.41	-0.67	EXE
EXEEZ	-0.34	-0.18	0.23	0.06	-0.17	-0.3	-0.13	-0.41		0.21	EXEEZ
HAL	0.69	0.77	0.92	0.87	0.82	0.78	-0.53	-0.67	0.21		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

PBA	+ 0.96	CTRA
TS	+ 0.96	TPL
VG	+ 0.93	EC
PBA	+ 0.93	TS
HAL	+ 0.92	EC
TS	+ 0.89	CTRA

High negative correlations

EXEEL	- 0.68	VG
EXEEL	- 0.68	EC
HAL	- 0.67	EXE
HAL	- 0.53	EXEEL
EXE	- 0.53	EC
EXEEL	- 0.49	TS

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	1.42	0.27	0.07	(3.67)	1.78	(1.43)	2.92	(2.93)	8.10
TPL	2.38	0.79	0.35	1.02	1.68	(2.97)	7.24	(3.35)	14.47
EC	1.74	0.24	0.06	0.81	2.19	(1.71)	4.26	(4.04)	10.93
VG	3.43	0.37	0.10	0.41	3.70	(3.66)	6.78	(6.30)	18.51
TS	1.40	0.49	0.22	2.33	1.28	(1.56)	3.65	(2.35)	10.44
PBA	0.89	0.23	0.07	(2.47)	1.19	(0.89)	1.95	(1.63)	6.57
EXEEL	1.78	0.18	0.00	(0.21)	2.10	(2.58)	4.93	(3.46)	14.95
EXE	1.79	(0.10)	0.00	(2.26)	0.00	0.00	4.35	(3.58)	11.34
EXEEZ	0.32	(0.03)	0.00	(1.22)	0.00	0.00	0.00	0.00	8.55
HAL	1.60	0.44	0.23	0.78	1.31	(1.86)	4.05	(2.52)	11.25

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