Nabors Industries Correlations

NBR Stock

USD 75.43 2.89 3.98%

The current 90-days correlation between Nabors Industries and Helmerich and Payne is 0.83 (i.e., Very poor diversification). The correlation of Nabors Industries 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.

Nabors Industries Correlation With Market

Modest diversification

The correlation between Nabors Industries 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 Nabors Industries and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nabors Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

To learn how to invest in Nabors Stock, please use our How to Invest in Nabors Industries guide.

Moving together with Nabors Stock

0.84	HP	Helmerich and Payne	Pair Corr
0.66	PR	Permian Resources Aggressive Push	Pair Corr
0.83	SM	SM Energy	Pair Corr
0.74	SU	Suncor Energy	Pair Corr
0.66	VNOM	Viper Energy Ut	Pair Corr

Moving against Nabors Stock

0.36

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Pair Corr

Related Correlations Analysis

	HP	PDS	DO	SDRL	BORR	PTEN	NE	RIG
HP		-0.16	-0.22	-0.09	-0.46	0.17	-0.13	0.12	HP
PDS	-0.16		-0.13	0.82	0.65	0.88	0.74	0.77	PDS
DO	-0.22	-0.13		-0.31	0.39	-0.25	0.27	-0.24	DO
SDRL	-0.09	0.82	-0.31		0.41	0.75	0.69	0.85	SDRL
BORR	-0.46	0.65	0.39	0.41		0.53	0.68	0.52	BORR
PTEN	0.17	0.88	-0.25	0.75	0.53		0.67	0.78	PTEN
NE	-0.13	0.74	0.27	0.69	0.68	0.67		0.72	NE
RIG	0.12	0.77	-0.24	0.85	0.52	0.78	0.72		RIG
	HP	PDS	DO	SDRL	BORR	PTEN	NE	RIG

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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

PTEN	+ 0.88	PDS
RIG	+ 0.85	SDRL
SDRL	+ 0.82	PDS
RIG	+ 0.78	PTEN
RIG	+ 0.77	PDS
PTEN	+ 0.75	SDRL

High negative correlations

BORR	- 0.46	HP
SDRL	- 0.31	DO
PTEN	- 0.25	DO
RIG	- 0.24	DO
DO	- 0.22	HP
PDS	- 0.16	HP

Risk-Adjusted Indicators

There is a big difference between Nabors Stock performing well and Nabors Industries 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 Nabors Industries' 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
HP	1.92	(0.04)	0.00	0.05	2.47	(1.95)	3.69	(4.82)	12.16
PDS	1.83	(0.15)	0.00	(0.05)	0.00	0.00	3.53	(4.25)	11.18
DO	1.31	(0.01)	(0.04)	0.01	1.87	(1.29)	2.65	(3.30)	15.02
SDRL	1.89	(0.16)	0.00	(0.05)	0.00	0.00	3.83	(3.21)	13.44
BORR	2.44	(0.79)	0.00	(0.35)	0.00	0.00	4.04	(6.51)	14.51
PTEN	2.12	(0.28)	0.00	(0.07)	0.00	0.00	3.50	(4.36)	14.10
NE	1.84	(0.23)	0.00	(0.04)	0.00	0.00	3.99	(3.50)	14.22
RIG	2.57	(0.32)	0.00	(0.15)	0.00	0.00	5.19	(5.66)	14.43

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