Natural Resource Correlations

NRP Stock

USD 105.46 2.15 2.00%

The current 90-days correlation between Natural Resource Partners and Hallador Energy is 0.17 (i.e., Average diversification). The correlation of Natural Resource 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.

Natural Resource Correlation With Market

Weak diversification

The correlation between Natural Resource Partners and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Natural Resource Partners 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 Natural Resource Partners. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Natural Stock

0.64	HNRG	Hallador Energy	Pair Corr
0.78	AE	Adams Resources Energy	Pair Corr
0.66	AR	Antero Resources Corp	Pair Corr
0.77	DK	Delek Energy	Pair Corr
0.86	EE	Excelerate Energy	Pair Corr
0.68	EP	Empire Petroleum Corp	Pair Corr
0.79	ET	Energy Transfer LP	Pair Corr
0.71	LB	LandBridge Company	Pair Corr
0.7	PR	Permian Resources Sell-off Trend	Pair Corr
0.9	TS	Tenaris SA ADR	Pair Corr
0.68	DLNG	Dynagas LNG Partners	Pair Corr
0.67	DMLP	Dorchester Minerals	Pair Corr
0.71	DNOW	Now Inc	Pair Corr
0.71	VTLE	Vital Energy	Pair Corr
0.78	EFXT	Enerflex	Pair Corr

Moving against Natural Stock

0.53	E	Eni SpA ADR	Pair Corr
0.46	EU	enCore Energy Corp	Pair Corr
0.37	BTU	Peabody Energy Corp Earnings Call This Week	Pair Corr
0.69	DWSN	Dawson Geophysical	Pair Corr
0.65	CKX	CKX Lands	Pair Corr
0.57	BRY	Berry Petroleum Corp	Pair Corr
0.54	BRN	Barnwell Industries	Pair Corr
0.53	ENSV	Enservco	Pair Corr
0.5	EONR	EON Resources Symbol Change	Pair Corr
0.39	BPT	BP Prudhoe Bay	Pair Corr
0.32	VIVK	Vivakor	Pair Corr
0.31	BTE	Baytex Energy Corp	Pair Corr

Related Correlations Analysis

	HNRG	CEIX	ADOOY	ARLP	BTU	NC	TNGRF	GRYRF	TBNGY	TERCF
HNRG		0.42	-0.13	0.57	-0.15	0.29	0.09	-0.55	-0.3	-0.35	HNRG
CEIX	0.42		-0.47	-0.01	0.15	-0.08	0.22	0.15	-0.12	-0.12	CEIX
ADOOY	-0.13	-0.47		-0.03	-0.41	-0.09	-0.1	-0.15	-0.33	-0.28	ADOOY
ARLP	0.57	-0.01	-0.03		-0.18	0.73	0.34	-0.68	-0.1	-0.34	ARLP
BTU	-0.15	0.15	-0.41	-0.18		0.04	0.4	0.45	0.8	0.44	BTU
NC	0.29	-0.08	-0.09	0.73	0.04		0.32	-0.46	-0.01	-0.34	NC
TNGRF	0.09	0.22	-0.1	0.34	0.4	0.32		-0.02	0.28	0.04	TNGRF
GRYRF	-0.55	0.15	-0.15	-0.68	0.45	-0.46	-0.02		0.34	0.42	GRYRF
TBNGY	-0.3	-0.12	-0.33	-0.1	0.8	-0.01	0.28	0.34		0.55	TBNGY
TERCF	-0.35	-0.12	-0.28	-0.34	0.44	-0.34	0.04	0.42	0.55		TERCF
	HNRG	CEIX	ADOOY	ARLP	BTU	NC	TNGRF	GRYRF	TBNGY	TERCF

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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

TBNGY	+ 0.8	BTU
NC	+ 0.73	ARLP
ARLP	+ 0.57	HNRG
TERCF	+ 0.55	TBNGY
GRYRF	+ 0.45	BTU
TERCF	+ 0.44	BTU

High negative correlations

GRYRF	- 0.68	ARLP
GRYRF	- 0.55	HNRG
ADOOY	- 0.47	CEIX
GRYRF	- 0.46	NC
BTU	- 0.41	ADOOY
TERCF	- 0.35	HNRG

Risk-Adjusted Indicators

There is a big difference between Natural Stock performing well and Natural Resource 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 Natural Resource'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
HNRG	3.24	0.36	0.04	(0.76)	5.75	(3.48)	7.25	(5.44)	53.64
CEIX	1.57	(0.12)	0.00	(0.20)	0.00	0.00	3.05	(3.57)	17.96
ADOOY	14.66	3.68	0.21	1.03	13.84	(18.22)	54.86	(31.40)	188.38
ARLP	1.40	0.26	0.08	(5.82)	1.91	(1.41)	3.26	(2.78)	10.43
BTU	1.97	(0.45)	0.00	(0.56)	0.00	0.00	5.26	(5.04)	16.78
NC	1.74	0.24	0.09	0.65	1.75	(2.00)	6.40	(3.30)	12.57
TNGRF	2.11	0.00	(0.01)	0.07	2.55	(3.07)	5.15	(4.76)	13.69
GRYRF	1.11	(0.30)	0.00	(0.41)	0.00	0.00	0.00	0.00	32.73
TBNGY	1.06	(0.05)	0.00	0.15	0.00	0.00	4.17	0.00	26.82
TERCF	7.72	(0.48)	0.00	0.40	0.00	0.00	18.18	(20.00)	50.79

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