Halliburton Correlations

HAL Stock

USD 33.39 0.03 0.09%

The current 90-days correlation between Halliburton and Tenaris SA ADR is 0.29 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Halliburton moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Halliburton moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Halliburton Correlation With Market

Poor diversification

The correlation between Halliburton and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Halliburton and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Halliburton Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Halliburton. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more information on how to buy Halliburton Stock please use our How to buy in Halliburton Stock guide.

Moving together with Halliburton Stock

0.65	YAMHF	Yamaha Motor	Pair Corr
0.64	DAIUF	Daifuku	Pair Corr
0.76	CVX	Chevron Corp Earnings Call Today	Pair Corr
0.72	AA	Alcoa Corp	Pair Corr
0.76	INTC	Intel	Pair Corr
0.7	XOM	Exxon Mobil Corp Earnings Call Today	Pair Corr

Moving against Halliburton Stock

0.63	T	ATT Inc Earnings Call This Week	Pair Corr
0.4	VZ	Verizon Communications Earnings Call Today	Pair Corr
0.32	NDEKY	Nitto Denko Corp	Pair Corr

Related Correlations Analysis

	TS	PBA	FTI	CQP	VG	TPL	DVN	EXEEZ	EXE	EC
TS		0.75	0.84	0.68	0.29	0.59	0.67	-0.28	0.11	0.86	TS
PBA	0.75		0.7	0.78	0.38	0.52	0.73	-0.13	0.18	0.71	PBA
FTI	0.84	0.7		0.83	0.19	0.46	0.76	-0.03	-0.18	0.91	FTI
CQP	0.68	0.78	0.83		0.19	0.37	0.81	0.03	-0.01	0.76	CQP
VG	0.29	0.38	0.19	0.19		0.74	-0.19	-0.36	-0.31	0.46	VG
TPL	0.59	0.52	0.46	0.37	0.74		0.14	-0.32	-0.11	0.68	TPL
DVN	0.67	0.73	0.76	0.81	-0.19	0.14		0.18	0.3	0.61	DVN
EXEEZ	-0.28	-0.13	-0.03	0.03	-0.36	-0.32	0.18		-0.15	-0.15	EXEEZ
EXE	0.11	0.18	-0.18	-0.01	-0.31	-0.11	0.3	-0.15		-0.17	EXE
EC	0.86	0.71	0.91	0.76	0.46	0.68	0.61	-0.15	-0.17		EC
	TS	PBA	FTI	CQP	VG	TPL	DVN	EXEEZ	EXE	EC

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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

EC	+ 0.91	FTI
EC	+ 0.86	TS
FTI	+ 0.84	TS
CQP	+ 0.83	FTI
DVN	+ 0.81	CQP
CQP	+ 0.78	PBA

High negative correlations

EXEEZ	- 0.36	VG
EXEEZ	- 0.32	TPL
EXE	- 0.31	VG
EXEEZ	- 0.28	TS
DVN	- 0.19	VG
EXE	- 0.18	FTI

Risk-Adjusted Indicators

There is a big difference between Halliburton Stock performing well and Halliburton 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 Halliburton'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
TS	1.25	0.36	0.20	0.93	1.25	(1.37)	3.69	(2.22)	9.87
PBA	0.90	0.17	0.08	2.91	1.23	(0.90)	1.99	(1.63)	6.67
FTI	1.21	0.43	0.25	0.67	1.17	(1.37)	2.98	(1.94)	8.13
CQP	1.04	0.09	0.04	0.43	1.21	(1.10)	2.25	(2.09)	6.34
VG	3.53	0.14	0.00	(0.05)	4.26	(3.72)	6.78	(7.80)	17.61
TPL	2.10	0.22	0.07	2.33	2.27	(2.33)	5.79	(3.90)	16.39
DVN	1.58	0.31	0.14	5.24	1.60	(1.78)	3.91	(3.33)	9.52
EXEEZ	0.28	0.00	0.00	0.05	0.00	0.00	0.00	0.00	8.55
EXE	1.56	0.10	0.03	1.15	1.67	(1.73)	4.39	(3.08)	10.14
EC	1.61	0.51	0.21	3.16	1.72	(1.79)	3.15	(3.07)	10.93

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