Ovintiv Correlations

OVV Stock

USD 50.44 1.00 2.02%

The current 90-days correlation between Ovintiv and Antero Resources Corp is 0.53 (i.e., Very weak diversification). The correlation of Ovintiv 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.

Ovintiv Correlation With Market

Very weak diversification

The correlation between Ovintiv and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ovintiv and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Ovintiv Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Ovintiv. 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.

For more information on how to buy Ovintiv Stock please use our How to Invest in Ovintiv guide.

Moving together with Ovintiv Stock

0.8	JP9	Japan Petroleum Expl	Pair Corr
0.98	PR	Permian Resources	Pair Corr
0.96	SD	SandRidge Energy Earnings Call This Week	Pair Corr
0.93	SM	SM Energy	Pair Corr
0.77	VG	Venture Global Earnings Call This Week	Pair Corr
0.89	RBY	Rubellite Energy	Pair Corr
0.88	DMLP	Dorchester Minerals	Pair Corr
0.79	QEM	QEM	Pair Corr
0.93	SDE	Spartan Delta Corp	Pair Corr
0.83	VIST	Vista Oil Gas	Pair Corr
0.76	1PZ	Panoro Energy ASA	Pair Corr
0.86	SEPL	Seplat Petroleum Dev Earnings Call This Week	Pair Corr
0.65	6BW	BW ENERGY LTD	Pair Corr
0.93	VNOM	Viper Energy Ut	Pair Corr
0.65	BLOE	Block Energy PLC	Pair Corr
0.82	EFXT	Enerflex Upward Rally	Pair Corr
0.91	OBE	Obsidian Energy	Pair Corr
0.8	41Z0	SURGE ENERGY INC Earnings Call This Week	Pair Corr
0.9	PXK	Peyto Exploration	Pair Corr

Moving against Ovintiv Stock

0.91	INDI	Indus Gas Limited	Pair Corr
0.73	JGH	Jade Gas Holdings	Pair Corr
0.64	AXP	AXP Energy	Pair Corr
0.62	LGN	Logan Energy Corp	Pair Corr
0.47	KKO	Kinetiko Energy	Pair Corr
0.34	VIVK	Vivakor	Pair Corr
0.34	KEY	KEY Petroleum Earnings Call This Week	Pair Corr
0.82	SHE	Stonehorse Energy	Pair Corr
0.48	ERHE	ERHC Energy	Pair Corr

Related Correlations Analysis

	AR	RRC	PR	DINO	APA	AM	PAA	HESM	DTM	VNOM
AR		0.71	0.15	0.08	0.23	0.14	-0.16	0.06	0.08	0.3	AR
RRC	0.71		0.44	0.3	0.46	0.48	0.15	0.3	0.41	0.45	RRC
PR	0.15	0.44		0.58	0.93	0.93	0.9	0.94	0.96	0.95	PR
DINO	0.08	0.3	0.58		0.51	0.41	0.43	0.34	0.45	0.44	DINO
APA	0.23	0.46	0.93	0.51		0.85	0.83	0.89	0.86	0.9	APA
AM	0.14	0.48	0.93	0.41	0.85		0.84	0.93	0.94	0.91	AM
PAA	-0.16	0.15	0.9	0.43	0.83	0.84		0.91	0.89	0.82	PAA
HESM	0.06	0.3	0.94	0.34	0.89	0.93	0.91		0.95	0.93	HESM
DTM	0.08	0.41	0.96	0.45	0.86	0.94	0.89	0.95		0.92	DTM
VNOM	0.3	0.45	0.95	0.44	0.9	0.91	0.82	0.93	0.92		VNOM
	AR	RRC	PR	DINO	APA	AM	PAA	HESM	DTM	VNOM

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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

DTM	+ 0.96	PR
VNOM	+ 0.95	PR
DTM	+ 0.95	HESM
HESM	+ 0.94	PR
DTM	+ 0.94	AM
APA	+ 0.93	PR

High negative correlations

PAA

- 0.16

Risk-Adjusted Indicators

There is a big difference between Ovintiv Stock performing well and Ovintiv 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 Ovintiv'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
AR	2.01	0.04	(0.02)	0.33	2.59	(2.03)	3.73	(3.89)	12.45
RRC	1.66	0.04	(0.03)	0.81	2.26	(1.63)	3.16	(3.01)	11.21
PR	1.57	0.41	0.18	2.08	1.51	(1.79)	3.66	(2.42)	7.79
DINO	1.59	(0.10)	0.00	(0.04)	0.00	0.00	4.03	(2.54)	16.20
APA	2.09	0.29	0.11	0.51	2.10	(2.47)	4.65	(3.50)	13.20
AM	0.93	0.38	0.16	(1.07)	0.95	(1.03)	2.51	(2.01)	5.56
PAA	0.76	0.32	0.19	(3.79)	0.66	(0.92)	1.82	(1.44)	5.15
HESM	0.86	0.26	0.15	1.29	0.74	(0.95)	2.29	(1.63)	5.02
DTM	0.88	0.28	0.18	(4.63)	0.61	(1.04)	1.78	(1.36)	4.27
VNOM	1.29	0.39	0.18	3.92	1.32	(1.49)	3.11	(2.32)	10.04

Ovintiv Corporate Management

Rachel CHRP	Executive Services	Profile
Brendan McCracken	Executive Vice President - Corporate Development and External Relations	Profile
Michael McAllister	President	Profile
Joanne Alexander	Executive Vice President General Counsel, Corporate Secretary	Profile
Renee Zemljak	Executive Vice President of Midstream, Marketing and Fundamentals	Profile

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