Nabors Energy Correlations

NETDW Stock

0.11 0.01 10.00%

The current 90-days correlation between Nabors Energy Transition and Minerals Technologies is 0.21 (i.e., Modest diversification). The correlation of Nabors 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.

Nabors Energy Correlation With Market

Significant diversification

The correlation between Nabors Energy Transition and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nabors Energy Transition 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 Energy Transition. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Nabors Stock

0.64	COF	Capital One Financial Fiscal Year End 23rd of January 2025	Pair Corr
0.63	DFS	Discover Financial Fiscal Year End 15th of January 2025	Pair Corr
0.63	SYF	Synchrony Financial Fiscal Year End 28th of January 2025	Pair Corr
0.61	C	Citigroup Aggressive Push	Pair Corr
0.61	GS	Goldman Sachs Group Fiscal Year End 21st of January 2025	Pair Corr
0.66	LC	LendingClub Corp	Pair Corr

Moving against Nabors Stock

0.37	SWIN	Solowin Holdings Ordinary	Pair Corr
0.33	CB	Chubb	Pair Corr
0.52	WU	Western Union	Pair Corr
0.51	TD	Toronto Dominion Bank Earnings Call This Week	Pair Corr
0.47	XP	Xp Inc	Pair Corr
0.44	IX	Orix Corp Ads	Pair Corr
0.34	EG	Everest Group	Pair Corr

Related Correlations Analysis

	MTX	ADI	PLTK	ARW	PINS	WB	ZDGE
MTX		-0.3	0.78	-0.46	0.06	0.33	-0.53	MTX
ADI	-0.3		-0.45	0.82	0.69	0.29	0.61	ADI
PLTK	0.78	-0.45		-0.67	-0.25	0.19	-0.66	PLTK
ARW	-0.46	0.82	-0.67		0.6	0.17	0.76	ARW
PINS	0.06	0.69	-0.25	0.6		0.66	0.52	PINS
WB	0.33	0.29	0.19	0.17	0.66		0.28	WB
ZDGE	-0.53	0.61	-0.66	0.76	0.52	0.28		ZDGE
	MTX	ADI	PLTK	ARW	PINS	WB	ZDGE

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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

ARW	+ 0.82	ADI
PLTK	+ 0.78	MTX
ZDGE	+ 0.76	ARW
PINS	+ 0.69	ADI
WB	+ 0.66	PINS
ZDGE	+ 0.61	ADI

High negative correlations

ARW	- 0.67	PLTK
ZDGE	- 0.66	PLTK
ZDGE	- 0.53	MTX
ARW	- 0.46	MTX
PLTK	- 0.45	ADI
ADI	- 0.3	MTX

Risk-Adjusted Indicators

There is a big difference between Nabors Stock performing well and Nabors 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 Nabors 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
MTX	1.32	(0.11)	0.00	0.07	1.43	(1.42)	2.46	(2.51)	11.90
ADI	1.52	(0.24)	0.00	(0.03)	0.00	0.00	2.90	(3.05)	9.32
PLTK	1.18	0.07	0.03	0.21	1.24	(1.32)	2.33	(2.19)	7.19
ARW	1.28	(0.35)	0.00	(0.09)	0.00	0.00	2.56	(1.98)	15.96
PINS	1.63	(0.14)	0.00	(0.03)	0.00	0.00	2.79	(3.30)	17.91
WB	2.81	0.44	0.10	1.96	3.17	(3.18)	7.48	(5.36)	23.98
ZDGE	2.81	(0.43)	0.00	(0.88)	0.00	0.00	4.53	(6.17)	19.78

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