Halliburton Correlations

HAL Stock

USD 35.79 0.55 1.56%

The current 90-days correlation between Halliburton and Tenaris SA ADR is 0.41 (i.e., Very weak 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

Very poor diversification

The correlation between Halliburton and DJI is 0.87 (i.e., Very 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

0.82	TW1	Tenaris SA	Pair Corr
0.82	TS	Tenaris SA ADR Earnings Call Tomorrow	Pair Corr
0.62	RO3	ROBIT OYJ	Pair Corr
0.74	DWSN	Dawson Geophysical	Pair Corr
0.92	VTOL	Bristow Group	Pair Corr
0.94	WFRD	Weatherford International	Pair Corr
0.87	TWZ	Trican Well Service	Pair Corr
0.82	AT	Ashtead Technology Earnings Call This Week	Pair Corr
0.89	E1V	Eidesvik Offshore ASA	Pair Corr
0.9	WTTR	Select Energy Services	Pair Corr
0.95	FLOC	Flowco Holdings	Pair Corr
0.8	TGC	TGS ASA	Pair Corr
0.83	BKR	Baker Hughes	Pair Corr
0.92	CLB	Core Laboratories	Pair Corr
0.92	DTI	Drilling Tools Inter	Pair Corr
0.83	NOA	North American Const	Pair Corr
0.92	FET	Forum Energy Technologies	Pair Corr
0.92	TGI	TETRA Technologies Earnings Call Tomorrow	Pair Corr
0.92	FTI	TechnipFMC PLC	Pair Corr
0.81	S1P	SD STANDARD ETC	Pair Corr
0.82	HLX	Helix Energy Solutions Upward Rally	Pair Corr
0.79	KGS	Kodiak Gas Services	Pair Corr
0.89	NGS	Natural Gas Services	Pair Corr
0.89	NOA	North American Const	Pair Corr
0.97	NOV	NOV Inc	Pair Corr
0.86	OII	Oceaneering International	Pair Corr
0.84	OIS	Oil States International Trending	Pair Corr
0.98	SCL	Schlumberger Limited	Pair Corr
0.7	RES	RPC Inc	Pair Corr
0.86	1SD	Smart Sand Earnings Call This Week	Pair Corr

Moving against Halliburton Stock

0.42	SRJ	SRJ Technologies Earnings Call Tomorrow	Pair Corr
0.39	LSE	Leishen Energy Holding	Pair Corr

Related Correlations Analysis

	TS	PBA	FTI	CQP	VG	TPL	DVN	EXEEZ	EXE	EC
TS		0.93	0.95	0.95	0.82	0.95	0.92	-0.22	-0.44	0.8	TS
PBA	0.93		0.92	0.93	0.84	0.87	0.96	-0.34	-0.34	0.76	PBA
FTI	0.95	0.92		0.94	0.89	0.91	0.91	-0.05	-0.6	0.88	FTI
CQP	0.95	0.93	0.94		0.84	0.92	0.92	-0.18	-0.44	0.8	CQP
VG	0.82	0.84	0.89	0.84		0.76	0.79	-0.04	-0.45	0.93	VG
TPL	0.95	0.87	0.91	0.92	0.76		0.86	-0.23	-0.5	0.71	TPL
DVN	0.92	0.96	0.91	0.92	0.79	0.86		-0.29	-0.38	0.69	DVN
EXEEZ	-0.22	-0.34	-0.05	-0.18	-0.04	-0.23	-0.29		-0.41	0.12	EXEEZ
EXE	-0.44	-0.34	-0.6	-0.44	-0.45	-0.5	-0.38	-0.41		-0.52	EXE
EC	0.8	0.76	0.88	0.8	0.93	0.71	0.69	0.12	-0.52		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

DVN	+ 0.96	PBA
FTI	+ 0.95	TS
CQP	+ 0.95	TS
TPL	+ 0.95	TS
CQP	+ 0.94	FTI
PBA	+ 0.93	TS

High negative correlations

EXE	- 0.6	FTI
EC	- 0.52	EXE
EXE	- 0.5	TPL
EXE	- 0.45	VG
EXE	- 0.44	CQP
EXE	- 0.44	TS

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	1.43	0.45	0.21	1.73	1.37	(1.59)	3.65	(2.35)	10.44
PBA	0.89	0.22	0.08	(3.55)	1.19	(0.89)	1.95	(1.63)	6.57
FTI	1.20	0.54	0.36	0.75	0.80	(1.45)	3.59	(1.40)	8.13
CQP	0.99	0.19	0.10	1.37	0.94	(1.13)	2.10	(1.89)	5.55
VG	3.57	0.21	0.06	0.24	4.11	(3.72)	6.78	(7.80)	18.51
TPL	2.39	0.79	0.37	0.88	1.61	(3.04)	7.24	(2.86)	11.82
DVN	1.61	0.29	0.12	1.48	1.60	(1.91)	4.02	(3.33)	9.52
EXEEZ	0.32	(0.04)	0.00	(0.55)	0.00	0.00	0.00	0.00	8.55
EXE	1.78	(0.18)	0.00	(2.99)	0.00	0.00	4.35	(3.58)	11.34
EC	1.73	0.22	0.07	0.65	2.09	(1.72)	4.26	(3.12)	10.93

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