Ecopetrol Correlations

EC Stock

USD 9.04 0.43 4.99%

The current 90-days correlation between Ecopetrol SA ADR and Cenovus Energy is 0.53 (i.e., Very weak diversification). The correlation of Ecopetrol 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.

Ecopetrol Correlation With Market

Good diversification

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

Moving together with Ecopetrol Stock

0.83	BP	BP PLC ADR Earnings Call This Week	Pair Corr
0.77	EQNR	Equinor ASA ADR Earnings Call This Week	Pair Corr
0.73	NFG	National Fuel Gas Earnings Call This Week	Pair Corr
0.82	PBR	Petroleo Brasileiro	Pair Corr
0.7	CGBSW	Crown LNG Holdings	Pair Corr
0.72	SLNG	Stabilis Solutions	Pair Corr
0.62	AM	Antero Midstream Partners	Pair Corr
0.7	AR	Antero Resources Corp	Pair Corr
0.68	SD	SandRidge Energy	Pair Corr
0.63	VIST	Vista Oil Gas	Pair Corr

Moving against Ecopetrol Stock

0.6	VIVK	Vivakor	Pair Corr
0.38	SKYQ	Sky Quarry	Pair Corr
0.47	ENSV	Enservco	Pair Corr
0.46	DWSN	Dawson Geophysical	Pair Corr
0.38	WFRD	Weatherford International Earnings Call This Week	Pair Corr

Related Correlations Analysis

	BP	SHEL	PBR	SU	TTE	XOM	EQNR	CVE	IMO	PBR-A
BP		0.42	0.6	0.34	0.2	-0.27	0.68	-0.06	-0.04	-0.14	BP
SHEL	0.42		0.18	0.78	0.81	0.63	0.32	0.62	0.67	0.3	SHEL
PBR	0.6	0.18		0.49	-0.12	-0.15	0.58	-0.3	0.15	0.31	PBR
SU	0.34	0.78	0.49		0.55	0.66	0.47	0.46	0.77	0.62	SU
TTE	0.2	0.81	-0.12	0.55		0.69	0.11	0.81	0.71	0.19	TTE
XOM	-0.27	0.63	-0.15	0.66	0.69		-0.07	0.79	0.88	0.66	XOM
EQNR	0.68	0.32	0.58	0.47	0.11	-0.07		0.16	0.07	0.06	EQNR
CVE	-0.06	0.62	-0.3	0.46	0.81	0.79	0.16		0.69	0.32	CVE
IMO	-0.04	0.67	0.15	0.77	0.71	0.88	0.07	0.69		0.78	IMO
PBR-A	-0.14	0.3	0.31	0.62	0.19	0.66	0.06	0.32	0.78		PBR-A
	BP	SHEL	PBR	SU	TTE	XOM	EQNR	CVE	IMO	PBR-A

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

IMO	+ 0.88	XOM
TTE	+ 0.81	SHEL
CVE	+ 0.81	TTE
CVE	+ 0.79	XOM
SU	+ 0.78	SHEL
PBR-A	+ 0.78	IMO

High negative correlations

CVE	- 0.3	PBR
XOM	- 0.27	BP
XOM	- 0.15	PBR
PBR-A	- 0.14	BP
TTE	- 0.12	PBR
EQNR	- 0.07	XOM

Risk-Adjusted Indicators

There is a big difference between Ecopetrol Stock performing well and Ecopetrol 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 Ecopetrol'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
BP	1.08	0.01	(0.03)	0.14	1.62	(1.08)	1.80	(2.63)	8.28
SHEL	0.84	(0.05)	0.00	(0.11)	0.00	0.00	1.82	(1.91)	5.26
PBR	1.16	0.12	0.03	1.35	1.59	(1.16)	2.44	(2.36)	10.24
SU	1.10	0.00	(0.04)	0.09	1.31	(1.12)	2.12	(2.52)	6.69
TTE	0.92	(0.14)	0.00	(1.96)	0.00	0.00	1.56	(2.48)	4.72
XOM	0.82	(0.18)	0.00	(0.33)	0.00	0.00	1.71	(1.74)	6.06
EQNR	1.60	0.02	(0.02)	0.28	2.14	(1.54)	3.60	(3.62)	8.46
CVE	1.22	(0.16)	0.00	(1.12)	0.00	0.00	2.16	(2.54)	7.41
IMO	1.30	(0.11)	0.00	(0.30)	0.00	0.00	2.35	(2.66)	9.40
PBR-A	1.27	0.00	(0.03)	0.07	1.87	(1.29)	2.26	(3.17)	9.33

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC