Northern Oil Correlations

Stocks . USA . 
Stock . Northern Oil Gas
NOG Stock  USD 43.31  0.11  0.25%   
The current 90-days correlation between Northern Oil Gas and Permian Resources is 0.8 (i.e., Very poor diversification). The correlation of Northern Oil 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.

Northern Oil Correlation With Market

Very weak diversification

The correlation between Northern Oil Gas and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Oil Gas 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 Northern Oil Gas. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Northern Stock

  0.75AR Antero Resources CorpPairCorr
  0.7EP Empire Petroleum CorpPairCorr
  0.68LB LandBridge Company Downward RallyPairCorr
  0.94PR Permian Resources Aggressive PushPairCorr
  0.89SM SM EnergyPairCorr
  0.73DMLP Dorchester MineralsPairCorr
  0.77BSM Black Stone MineralsPairCorr
  0.66CNX CNX Resources Corp Fiscal Year End 23rd of January 2025 PairCorr
  0.82COP ConocoPhillips Downward RallyPairCorr
  0.83CRC California Resources CorpPairCorr
  0.82CRK Comstock ResourcesPairCorr
  0.78DEC Diversified EnergyPairCorr
  0.93EOG EOG ResourcesPairCorr
  0.61EPM Evolution PetroleumPairCorr
  0.73EQT EQT CorporationPairCorr
  0.7EXE Expand Energy Symbol ChangePairCorr
  0.89HES HessPairCorr
  0.78KRP Kimbell Royalty PartnersPairCorr
  0.92MGY Magnolia Oil GasPairCorr
  0.81MRO Marathon OilPairCorr

Moving against Northern Stock

  0.41BRN Barnwell IndustriesPairCorr

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   
OXY
+ 0.95
DVN
EOG
+ 0.93
PR
CTRA
+ 0.93
PR
CTRA
+ 0.89
EOG
RRC
+ 0.89
CTRA
RRC
+ 0.88
PR
  
High negative correlations   
RRC
- 0.38
DVN
RRC
- 0.22
OXY
CTRA
- 0.11
DVN
PR
- 0.01
DVN

Risk-Adjusted Indicators

There is a big difference between Northern Stock performing well and Northern Oil 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 Northern Oil'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.

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