Precision Drilling Correlations

PDS Stock

USD 87.22 0.97 1.10%

The current 90-days correlation between Precision Drilling and Borr Drilling is 0.61 (i.e., Poor diversification). The correlation of Precision Drilling 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.

Precision Drilling Correlation With Market

Very poor diversification

The correlation between Precision Drilling and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Precision Drilling and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Precision Stock

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

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

Moving together with Precision Stock

0.92	NBR	Nabors Industries Earnings Call Today	Pair Corr
0.93	B2W	BORR DRILLING NEW Earnings Call This Week	Pair Corr
0.81	CAPD	Capital Drilling	Pair Corr
0.99	PD	Precision Drilling Earnings Call Today	Pair Corr
0.83	AKT-A	AKITA Drilling	Pair Corr
0.96	PRE1	PRECISION DRILLING Earnings Call Today	Pair Corr
0.66	MAT	Mattel Inc	Pair Corr
0.88	YLLXF	Yellow Cake plc	Pair Corr
0.86	BNKHF	BOC Hong Kong	Pair Corr
0.93	OBYCF	Obayashi	Pair Corr
0.77	SECVY	Seche Environnement	Pair Corr
0.71	RILYL	B Riley Financial	Pair Corr
0.87	NEWTH	NewtekOne 8625 percent	Pair Corr
0.9	ENS	Enersys Earnings Call Today	Pair Corr
0.81	APETF	Alpha Esports Tech	Pair Corr
0.77	TFLM	TFLM	Pair Corr
0.77	AROC	Archrock Symbol Change	Pair Corr

Moving against Precision Stock

0.9	PBCRY	Bank Central Asia	Pair Corr
0.66	PTAIF	PT Astra International	Pair Corr
0.58	PBCRF	PT Bank Central	Pair Corr
0.74	BROGF	BROGF	Pair Corr
0.64	RVSN	Rail Vision Upward Rally	Pair Corr
0.37	NVNIW	Nvni Group Limited	Pair Corr
0.34	ALL	Allstate	Pair Corr

Related Correlations Analysis

	BORR	NBR	VTS	TK	CAPL	SOC	CLB	GLP	HPK	NGL
BORR		0.91	0.15	0.17	0.77	0.62	0.86	0.7	-0.64	0.72	BORR
NBR	0.91		0.1	0.27	0.84	0.69	0.95	0.71	-0.62	0.69	NBR
VTS	0.15	0.1		0.45	0.15	-0.53	-0.08	0.48	0.48	0.4	VTS
TK	0.17	0.27	0.45		0.53	-0.16	0.17	0.47	0.14	0.55	TK
CAPL	0.77	0.84	0.15	0.53		0.55	0.8	0.76	-0.55	0.84	CAPL
SOC	0.62	0.69	-0.53	-0.16	0.55		0.8	0.24	-0.81	0.29	SOC
CLB	0.86	0.95	-0.08	0.17	0.8	0.8		0.61	-0.71	0.57	CLB
GLP	0.7	0.71	0.48	0.47	0.76	0.24	0.61		-0.18	0.77	GLP
HPK	-0.64	-0.62	0.48	0.14	-0.55	-0.81	-0.71	-0.18		-0.36	HPK
NGL	0.72	0.69	0.4	0.55	0.84	0.29	0.57	0.77	-0.36		NGL
	BORR	NBR	VTS	TK	CAPL	SOC	CLB	GLP	HPK	NGL

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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

CLB	+ 0.95	NBR
NBR	+ 0.91	BORR
CLB	+ 0.86	BORR
CAPL	+ 0.84	NBR
NGL	+ 0.84	CAPL
CLB	+ 0.8	CAPL

High negative correlations

HPK	- 0.81	SOC
HPK	- 0.71	CLB
HPK	- 0.64	BORR
HPK	- 0.62	NBR
HPK	- 0.55	CAPL
SOC	- 0.53	VTS

Risk-Adjusted Indicators

There is a big difference between Precision Stock performing well and Precision Drilling 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 Precision Drilling'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
BORR	2.57	0.84	0.28	0.70	2.24	(3.00)	7.29	(5.54)	15.66
NBR	2.24	0.35	0.13	0.37	2.42	(2.48)	5.72	(4.65)	16.18
VTS	1.37	0.09	0.01	0.66	1.63	(1.36)	2.98	(2.71)	6.95
TK	1.40	0.15	0.03	(0.76)	1.44	(1.68)	3.06	(2.33)	11.37
CAPL	0.76	0.20	0.11	(2.81)	0.79	(0.85)	1.45	(1.28)	4.94
SOC	8.60	0.91	0.12	0.32	8.89	(9.76)	20.50	(14.79)	72.14
CLB	1.96	0.16	0.08	0.19	2.26	(2.08)	5.51	(4.32)	11.70
GLP	1.56	0.11	0.02	0.46	1.91	(1.61)	3.06	(2.99)	9.16
HPK	4.11	(0.32)	0.00	(1.52)	0.00	0.00	8.28	(8.90)	21.96
NGL	2.37	0.49	0.16	0.86	2.40	(2.83)	6.60	(3.58)	17.07

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