Oceaneering International Correlations

OII Stock

USD 28.81 0.84 3.00%

The current 90-days correlation between Oceaneering International and Helix Energy Solutions is 0.69 (i.e., Poor diversification). The correlation of Oceaneering International 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.

Oceaneering International Correlation With Market

Very weak diversification

The correlation between Oceaneering International and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oceaneering International and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Oceaneering International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For more detail on how to invest in Oceaneering Stock please use our How to Invest in Oceaneering International guide.

Moving together with Oceaneering Stock

0.72	VTOL	Bristow Group	Pair Corr
0.72	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.71	CHX	ChampionX	Pair Corr
0.86	CLB	Core Laboratories	Pair Corr
0.89	FTI	TechnipFMC PLC	Pair Corr
0.61	FTK	Flotek Industries	Pair Corr
0.73	HAL	Halliburton Fiscal Year End 28th of January 2025	Pair Corr
0.91	MRC	MRC Global	Pair Corr
0.82	NGS	Natural Gas Services	Pair Corr
0.72	NOA	North American Const	Pair Corr
0.87	OIS	Oil States International	Pair Corr
0.69	SEI	Solaris Energy Infra Symbol Change	Pair Corr
0.72	SLB	Schlumberger NV Aggressive Push	Pair Corr
0.64	SND	Smart Sand	Pair Corr
0.76	TTI	Tetra Technologies	Pair Corr
0.82	WHD	Cactus Inc	Pair Corr
0.61	INVX	Innovex International, Symbol Change	Pair Corr

Moving against Oceaneering Stock

0.38	NESRW	National Energy Services	Pair Corr
0.34	NESR	National Energy Services	Pair Corr

Related Correlations Analysis

	HLX	DRQ	NR	RES	OIS	NEX	CHX	FTI	DNOW
HLX		0.35	0.6	0.61	0.6	-0.05	0.83	0.47	0.47	HLX
DRQ	0.35		0.52	0.11	0.21	-0.6	0.08	-0.38	-0.06	DRQ
NR	0.6	0.52		0.18	0.61	-0.2	0.45	0.1	0.28	NR
RES	0.61	0.11	0.18		0.14	-0.23	0.75	0.25	0.06	RES
OIS	0.6	0.21	0.61	0.14		0.45	0.65	0.69	0.78	OIS
NEX	-0.05	-0.6	-0.2	-0.23	0.45		0.2	0.73	0.7	NEX
CHX	0.83	0.08	0.45	0.75	0.65	0.2		0.66	0.57	CHX
FTI	0.47	-0.38	0.1	0.25	0.69	0.73	0.66		0.79	FTI
DNOW	0.47	-0.06	0.28	0.06	0.78	0.7	0.57	0.79		DNOW
	HLX	DRQ	NR	RES	OIS	NEX	CHX	FTI	DNOW

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

CHX	+ 0.83	HLX
DNOW	+ 0.79	FTI
DNOW	+ 0.78	OIS
CHX	+ 0.75	RES
FTI	+ 0.73	NEX
DNOW	+ 0.7	NEX

High negative correlations

NEX	- 0.6	DRQ
FTI	- 0.38	DRQ
NEX	- 0.23	RES
NEX	- 0.2	NR
DNOW	- 0.06	DRQ
NEX	- 0.05	HLX

Risk-Adjusted Indicators

There is a big difference between Oceaneering Stock performing well and Oceaneering International 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 Oceaneering International'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
HLX	1.95	(0.07)	0.01	0.05	2.30	(2.00)	5.47	(3.94)	11.37
DRQ	1.89	(0.13)	0.00	(0.26)	0.00	0.00	3.57	(4.30)	12.98
NR	1.68	(0.25)	0.00	(0.04)	0.00	0.00	3.69	(3.89)	13.55
RES	2.03	(0.16)	0.00	(0.01)	0.00	0.00	4.29	(4.55)	14.14
OIS	2.40	0.01	0.02	0.09	2.68	(2.79)	5.26	(4.37)	15.23
NEX	2.68	0.47	0.14	0.57	2.99	(2.86)	6.33	(4.55)	17.50
CHX	1.43	(0.14)	(0.05)	0.00	1.85	(1.52)	2.87	(3.32)	11.10
FTI	1.54	0.09	0.04	0.17	2.21	(1.46)	3.31	(3.50)	9.70
DNOW	1.60	0.08	0.11	0.12	1.40	(2.02)	3.55	(2.40)	14.99

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC