Diamondback Energy Correlations

FANG Stock

USD 182.70 1.24 0.68%

The current 90-days correlation between Diamondback Energy and Devon Energy is 0.83 (i.e., Very poor diversification). The correlation of Diamondback Energy 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.

Diamondback Energy Correlation With Market

Modest diversification

The correlation between Diamondback Energy and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Diamondback 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 Diamondback 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 board of governors.

For more detail on how to invest in Diamondback Stock please use our How to Invest in Diamondback Energy guide.

Moving together with Diamondback Stock

0.72	SD	SandRidge Energy	Pair Corr
0.85	SM	SM Energy	Pair Corr
0.73	VTLE	Vital Energy	Pair Corr
0.67	EONR	EON Resources Symbol Change	Pair Corr
0.75	APA	APA Corporation	Pair Corr
0.77	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.84	CNQ	Canadian Natural Res	Pair Corr
0.64	COP	ConocoPhillips	Pair Corr
0.83	DVN	Devon Energy	Pair Corr
0.8	EGY	Vaalco Energy	Pair Corr
0.72	GTE	Gran Tierra Energy	Pair Corr
0.64	HPK	Highpeak Energy Acqu	Pair Corr
0.79	KOS	Kosmos Energy	Pair Corr
0.64	MNR	Mach Natural Resources	Pair Corr
0.62	MRO	Marathon Oil	Pair Corr

Related Correlations Analysis

	DVN	CTRA	EOG	COP	AR	CPE	ESTE	VTLE	PXD	OXY
DVN		-0.1	0.1	0.36	-0.28	0.0	0.0	0.67	0.31	0.95	DVN
CTRA	-0.1		0.89	0.69	0.9	0.0	0.0	0.42	0.35	0.05	CTRA
EOG	0.1	0.89		0.8	0.82	0.0	0.0	0.46	0.3	0.18	EOG
COP	0.36	0.69	0.8		0.56	0.0	0.0	0.72	0.45	0.45	COP
AR	-0.28	0.9	0.82	0.56		0.0	0.0	0.19	0.21	-0.13	AR
CPE	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	CPE
ESTE	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	ESTE
VTLE	0.67	0.42	0.46	0.72	0.19	0.0	0.0		0.73	0.74	VTLE
PXD	0.31	0.35	0.3	0.45	0.21	0.0	0.0	0.73		0.38	PXD
OXY	0.95	0.05	0.18	0.45	-0.13	0.0	0.0	0.74	0.38		OXY
	DVN	CTRA	EOG	COP	AR	CPE	ESTE	VTLE	PXD	OXY

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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

OXY	+ 0.95	DVN
AR	+ 0.9	CTRA
EOG	+ 0.89	CTRA
AR	+ 0.82	EOG
COP	+ 0.8	EOG
OXY	+ 0.74	VTLE

High negative correlations

AR	- 0.28	DVN
OXY	- 0.13	AR
CTRA	- 0.1	DVN
OXY	- 0.0	ESTE
PXD	- 0.0	ESTE
VTLE	- 0.0	ESTE

Risk-Adjusted Indicators

There is a big difference between Diamondback Stock performing well and Diamondback 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 Diamondback 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
DVN	1.27	(0.24)	0.00	(0.24)	0.00	0.00	2.17	(2.95)	7.21
CTRA	1.13	0.14	0.08	0.27	1.25	(1.20)	2.27	(1.94)	8.03
EOG	1.17	0.06	0.02	0.19	1.37	(1.18)	2.49	(2.88)	7.05
COP	1.25	(0.01)	(0.03)	0.09	1.53	(1.35)	2.59	(3.24)	7.92
AR	1.88	0.18	0.08	0.24	2.17	(1.96)	4.91	(3.20)	13.54
CPE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESTE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VTLE	2.64	(0.20)	0.00	(0.05)	0.00	0.00	5.41	(6.77)	17.63
PXD	1.23	(0.07)	0.00	(0.10)	0.00	0.00	2.43	(2.71)	6.32
OXY	1.14	(0.18)	0.00	(0.20)	0.00	0.00	2.04	(2.77)	7.68

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