Tenaris SA Correlations

TS Stock

USD 37.00 0.01 0.03%

The current 90-days correlation between Tenaris SA ADR and TechnipFMC PLC is 0.49 (i.e., Very weak diversification). The correlation of Tenaris SA 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.

Tenaris SA Correlation With Market

Very weak diversification

The correlation between Tenaris SA ADR and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tenaris SA ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Tenaris Stock

0.93	EFXT	Enerflex	Pair Corr
0.97	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.75	CLB	Core Laboratories	Pair Corr
0.76	FTI	TechnipFMC PLC	Pair Corr
0.89	FTK	Flotek Industries	Pair Corr
0.96	KGS	Kodiak Gas Services,	Pair Corr
0.68	MRC	MRC Global	Pair Corr
0.69	NGS	Natural Gas Services	Pair Corr
0.91	SEI	Solaris Energy Infra Symbol Change	Pair Corr
0.78	SND	Smart Sand	Pair Corr
0.86	TTI	Tetra Technologies	Pair Corr
0.62	SUBCY	Subsea 7 SA	Pair Corr
0.78	WHD	Cactus Inc	Pair Corr
0.92	GEOS	Geospace Technologies	Pair Corr

Moving against Tenaris Stock

0.83	TDW	Tidewater	Pair Corr
0.8	XPRO	Expro Group Holdings	Pair Corr
0.7	DTI	Drilling Tools Inter	Pair Corr
0.57	WFRD	Weatherford International	Pair Corr
0.48	FET	Forum Energy Technologies	Pair Corr
0.4	ENSV	Enservco	Pair Corr
0.36	NR	Newpark Resources	Pair Corr
0.35	NOV	NOV Inc	Pair Corr
0.81	EC	Ecopetrol SA ADR	Pair Corr
0.77	BP	BP PLC ADR	Pair Corr
0.74	VAL	Valaris	Pair Corr
0.67	DINO	HF Sinclair Corp	Pair Corr
0.61	E	Eni SpA ADR	Pair Corr
0.6	LBRT	Liberty Oilfield Services Fiscal Year End 22nd of January 2025	Pair Corr
0.59	BOOM	Dmc Global	Pair Corr
0.45	NESR	National Energy Services	Pair Corr

Related Correlations Analysis

	FTI	DNOW	CHX	BKR	OII	RES	VTOL	NEX	RNGR	HAL
FTI		0.79	0.66	0.85	0.89	0.25	0.47	0.73	0.74	0.55	FTI
DNOW	0.79		0.57	0.79	0.82	0.06	0.62	0.7	0.79	0.54	DNOW
CHX	0.66	0.57		0.34	0.71	0.75	0.53	0.2	0.17	0.87	CHX
BKR	0.85	0.79	0.34		0.72	-0.09	0.24	0.93	0.93	0.21	BKR
OII	0.89	0.82	0.71	0.72		0.21	0.72	0.6	0.69	0.73	OII
RES	0.25	0.06	0.75	-0.09	0.21		0.08	-0.23	-0.31	0.53	RES
VTOL	0.47	0.62	0.53	0.24	0.72	0.08		0.16	0.34	0.73	VTOL
NEX	0.73	0.7	0.2	0.93	0.6	-0.23	0.16		0.92	0.12	NEX
RNGR	0.74	0.79	0.17	0.93	0.69	-0.31	0.34	0.92		0.18	RNGR
HAL	0.55	0.54	0.87	0.21	0.73	0.53	0.73	0.12	0.18		HAL
	FTI	DNOW	CHX	BKR	OII	RES	VTOL	NEX	RNGR	HAL

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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

NEX	+ 0.93	BKR
RNGR	+ 0.93	BKR
RNGR	+ 0.92	NEX
OII	+ 0.89	FTI
HAL	+ 0.87	CHX
BKR	+ 0.85	FTI

High negative correlations

RNGR	- 0.31	RES
NEX	- 0.23	RES
RES	- 0.09	BKR

Risk-Adjusted Indicators

There is a big difference between Tenaris Stock performing well and Tenaris SA 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 Tenaris SA'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
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
CHX	1.43	(0.14)	(0.05)	0.00	1.85	(1.52)	2.87	(3.32)	11.10
BKR	1.27	0.29	0.23	0.29	0.97	(1.50)	3.36	(1.52)	12.16
OII	2.09	(0.04)	0.02	0.07	2.47	(2.23)	4.35	(4.07)	15.31
RES	2.03	(0.16)	0.00	(0.01)	0.00	0.00	4.29	(4.55)	14.14
VTOL	1.54	(0.08)	(0.02)	0.03	2.15	(1.74)	2.89	(2.86)	12.05
NEX	2.68	0.47	0.14	0.57	2.99	(2.86)	6.33	(4.55)	17.50
RNGR	1.49	0.55	0.32	0.80	1.11	(1.76)	3.98	(2.21)	10.24
HAL	1.42	(0.09)	(0.04)	0.01	1.85	(1.49)	3.03	(3.67)	10.02

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