Equinor ASA Correlations

EQNR Stock

USD 23.09 0.03 0.13%

The current 90-days correlation between Equinor ASA ADR and BP PLC ADR is 0.6 (i.e., Poor diversification). The correlation of Equinor ASA 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.

Equinor ASA Correlation With Market

Significant diversification

The correlation between Equinor ASA ADR and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Equinor ASA 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 Equinor ASA 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 board of governors.

Moving together with Equinor Stock

0.67	DK	Delek Energy	Pair Corr
0.67	PR	Permian Resources Sell-off Trend	Pair Corr
0.72	SD	SandRidge Energy	Pair Corr

Moving against Equinor Stock

0.42	DWSN	Dawson Geophysical	Pair Corr
0.37	ENLC	EnLink Midstream LLC Earnings Call This Week	Pair Corr

Related Correlations Analysis

	SHEL	BP	E	GLPEY	TTE	EC	NFG	TGS	PBR-A	PBR
SHEL		0.65	0.92	-0.31	0.91	0.63	0.68	-0.19	0.44	0.75	SHEL
BP	0.65		0.43	-0.13	0.59	0.9	0.84	-0.02	-0.01	0.76	BP
E	0.92	0.43		-0.36	0.91	0.41	0.43	-0.33	0.55	0.53	E
GLPEY	-0.31	-0.13	-0.36		-0.44	-0.25	-0.17	0.08	-0.11	-0.16	GLPEY
TTE	0.91	0.59	0.91	-0.44		0.59	0.66	-0.44	0.42	0.63	TTE
EC	0.63	0.9	0.41	-0.25	0.59		0.89	-0.04	0.18	0.84	EC
NFG	0.68	0.84	0.43	-0.17	0.66	0.89		-0.2	0.13	0.86	NFG
TGS	-0.19	-0.02	-0.33	0.08	-0.44	-0.04	-0.2		-0.26	0.05	TGS
PBR-A	0.44	-0.01	0.55	-0.11	0.42	0.18	0.13	-0.26		0.37	PBR-A
PBR	0.75	0.76	0.53	-0.16	0.63	0.84	0.86	0.05	0.37		PBR
	SHEL	BP	E	GLPEY	TTE	EC	NFG	TGS	PBR-A	PBR

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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

E	+ 0.92	SHEL
TTE	+ 0.91	SHEL
TTE	+ 0.91	E
EC	+ 0.9	BP
NFG	+ 0.89	EC
PBR	+ 0.86	NFG

High negative correlations

TGS	- 0.44	TTE
TTE	- 0.44	GLPEY
GLPEY	- 0.36	E
TGS	- 0.33	E
GLPEY	- 0.31	SHEL
PBR-A	- 0.26	TGS

Risk-Adjusted Indicators

There is a big difference between Equinor Stock performing well and Equinor ASA 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 Equinor ASA'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
SHEL	0.88	0.03	0.03	0.08	1.06	(0.89)	2.23	(1.91)	4.46
BP	1.09	0.29	0.22	6.03	1.01	(1.24)	2.49	(1.86)	8.28
E	0.77	(0.01)	(0.01)	(0.03)	1.02	(0.71)	1.57	(1.50)	3.27
GLPEY	1.06	0.00	0.00	0.01	1.38	(1.11)	2.10	(2.29)	8.56
TTE	0.90	0.02	0.02	0.20	1.21	(0.91)	1.87	(2.35)	4.62
EC	1.67	0.52	0.27	4.99	1.29	(1.99)	4.99	(3.17)	11.00
NFG	0.98	0.31	0.28	0.75	0.77	(1.14)	2.68	(1.89)	5.99
TGS	2.41	0.29	0.10	(1.55)	2.58	(2.69)	6.03	(3.78)	18.61
PBR-A	1.30	0.06	0.03	0.43	1.90	(1.30)	2.31	(3.17)	9.33
PBR	1.20	0.19	0.11	(5.35)	1.45	(1.26)	2.74	(2.36)	10.24

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