Forum Energy Correlations

FET Stock  USD 18.29  0.15  0.81%   
The current 90-days correlation between Forum Energy Technologies and Natural Gas Services is 0.48 (i.e., Very weak diversification). The correlation of Forum 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Forum Energy Correlation With Market

ForumDowDiversified AwayForumDowDiversified Away100%

Modest diversification

The correlation between Forum Energy Technologies and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Forum Energy Technologies 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 Forum Energy Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Forum Stock

  0.8BKR Baker HughesPairCorr
  0.84KGS Kodiak Gas Services,PairCorr
  0.63XPRO Expro Group HoldingsPairCorr
  0.66TDW Tidewater Earnings Call TomorrowPairCorr
  0.9TTI Tetra TechnologiesPairCorr
  0.78NCSM NCS Multistage Holdings Earnings Call Next WeekPairCorr
  0.77NESR National Energy ServicesPairCorr

Moving against Forum Stock

  0.68HLX Helix Energy Solutions Buyout TrendPairCorr
  0.55WFRD Weatherford InternationalPairCorr
  0.43GRO Brazil Potash CorpPairCorr
  0.4NOA North American ConstPairCorr
  0.36HAL HalliburtonPairCorr
  0.35OII Oceaneering InternationalPairCorr
  0.34DWSN Dawson GeophysicalPairCorr
  0.34CLB Core LaboratoriesPairCorr
  0.63GEOS Geospace TechnologiesPairCorr
  0.45NPKI NPK International Symbol ChangePairCorr

Related Correlations Analysis

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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   
OIIHLX
RESNGS
OIIVTOL
HLXVTOL
VTOLNGS
VTOLDNOW
  
High negative correlations   
DNOWEFXT
VTOLEFXT
HLXEFXT
HLXDNOW
OIIDNOW
RESHLX

Risk-Adjusted Indicators

There is a big difference between Forum Stock performing well and Forum 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 Forum 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
NGS  1.95  0.09  0.03  0.08  2.62 
 4.86 
 13.69 
EFXT  1.58  0.10  0.04  0.29  2.10 
 3.14 
 13.85 
DRQ  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
CCLP  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
DNOW  1.66  0.28  0.15  0.23  1.59 
 2.49 
 21.05 
NR  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
VTOL  1.30 (0.03) 0.00 (0.20) 0.00 
 2.92 
 9.95 
HLX  1.61 (0.34) 0.00 (0.42) 0.00 
 3.45 
 9.15 
OII  1.81 (0.27) 0.00 (0.22) 0.00 
 3.00 
 10.94 
RES  1.86  0.03  0.01  0.04  2.51 
 3.47 
 13.10