Smart Sand Correlations

SND Stock

USD 4.04 0.04 1.00%

The current 90-days correlation between Smart Sand and Leishen Energy Holding is 0.05 (i.e., Significant diversification). The correlation of Smart Sand 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.

Smart Sand Correlation With Market

Significant diversification

The correlation between Smart Sand and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smart Sand and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Smart Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Smart Sand. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in employment.

For information on how to trade Smart Stock refer to our How to Trade Smart Stock guide.

Moving together with Smart Stock

0.87	0NIS	SBM Offshore NV	Pair Corr
0.82	WFRD	Weatherford International	Pair Corr
0.86	FLOC	Flowco Holdings	Pair Corr
0.82	DTI	Drilling Tools Inter	Pair Corr
0.89	FET	Forum Energy Technologies	Pair Corr
0.76	NOV	NOV Inc	Pair Corr
0.76	OIS	Oil States International	Pair Corr
0.73	RES	RPC Inc	Pair Corr
0.78	GIFI	Gulf Island Fabrication Sell-off Trend	Pair Corr
0.83	NESR	National Energy Services	Pair Corr
0.88	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.79	SMXWW	SMX Public Limited	Pair Corr
0.75	BROS	Dutch Bros	Pair Corr
0.87	MGCV	MGC Ventures	Pair Corr
0.66	DB	Deutsche Bank AG	Pair Corr
0.91	SYF	Synchrony Financial	Pair Corr

Moving against Smart Stock

0.79	LSE	Leishen Energy Holding	Pair Corr
0.58	MTRX	Matrix Service	Pair Corr
0.51	DWSN	Dawson Geophysical	Pair Corr
0.48	MIND	Mind Technology	Pair Corr
0.37	NOA	North American Const	Pair Corr
0.87	GLABF	Gemina Laboratories	Pair Corr
0.76	NSFDF	NXT Energy Solutions	Pair Corr
0.66	RCON	Recon Technology	Pair Corr
0.63	TUSK	Mammoth Energy Services	Pair Corr
0.62	ZTLLF	Zonetail	Pair Corr

Related Correlations Analysis

	LSE	SLNG	NCSM	DTI	MMLP	ZEO	EP	EPSN	IMPP
LSE		0.35	-0.04	-0.68	0.42	0.79	0.46	0.08	0.64	LSE
SLNG	0.35		-0.03	0.01	-0.01	0.28	0.12	0.27	0.15	SLNG
NCSM	-0.04	-0.03		-0.01	0.56	-0.11	0.71	0.54	-0.35	NCSM
DTI	-0.68	0.01	-0.01		-0.44	-0.59	-0.42	0.16	-0.45	DTI
MMLP	0.42	-0.01	0.56	-0.44		0.15	0.76	0.42	0.03	MMLP
ZEO	0.79	0.28	-0.11	-0.59	0.15		0.3	-0.11	0.59	ZEO
EP	0.46	0.12	0.71	-0.42	0.76	0.3		0.46	-0.03	EP
EPSN	0.08	0.27	0.54	0.16	0.42	-0.11	0.46		-0.13	EPSN
IMPP	0.64	0.15	-0.35	-0.45	0.03	0.59	-0.03	-0.13		IMPP
	LSE	SLNG	NCSM	DTI	MMLP	ZEO	EP	EPSN	IMPP

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

ZEO	+ 0.79	LSE
EP	+ 0.76	MMLP
EP	+ 0.71	NCSM
IMPP	+ 0.64	LSE
IMPP	+ 0.59	ZEO
MMLP	+ 0.56	NCSM

High negative correlations

DTI	- 0.68	LSE
ZEO	- 0.59	DTI
IMPP	- 0.45	DTI
MMLP	- 0.44	DTI
EP	- 0.42	DTI
IMPP	- 0.35	NCSM

Risk-Adjusted Indicators

There is a big difference between Smart Stock performing well and Smart Sand 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 Smart Sand'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
LSE	2.18	(0.33)	0.00	(1.08)	0.00	0.00	4.36	(5.83)	19.26
SLNG	2.22	0.09	0.02	0.39	2.95	(2.34)	5.36	(4.83)	14.66
NCSM	2.90	(0.36)	0.00	(0.31)	0.00	0.00	5.56	(5.42)	20.91
DTI	4.21	0.29	0.06	1.27	4.23	(5.47)	10.57	(7.35)	22.79
MMLP	2.44	(0.15)	0.00	(0.29)	0.00	0.00	6.25	(4.85)	24.43
ZEO	4.72	(0.20)	0.00	(0.01)	0.00	0.00	10.77	(8.72)	28.74
EP	3.74	(0.53)	0.00	(4.87)	0.00	0.00	8.86	(7.74)	18.78
EPSN	1.92	(0.18)	0.00	(0.07)	0.00	0.00	4.46	(3.38)	11.38
IMPP	3.43	(0.34)	0.00	(0.25)	0.00	0.00	6.24	(7.80)	43.25

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