APA Correlations

APA Stock

USD 22.65 0.13 0.58%

The current 90-days correlation between APA Corporation and Devon Energy is 0.83 (i.e., Very poor diversification). The correlation of APA 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.

APA Correlation With Market

Modest diversification

The correlation between APA Corp. and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding APA Corp. and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in APA Corporation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with APA Stock

0.69	SD	SandRidge Energy	Pair Corr
0.78	EONR	EON Resources Symbol Change	Pair Corr
0.67	FANG	Diamondback Energy	Pair Corr
0.83	BRN	Barnwell Industries	Pair Corr
0.85	BRY	Berry Petroleum Corp	Pair Corr
0.81	BTE	Baytex Energy Corp	Pair Corr
0.93	DVN	Devon Energy	Pair Corr
0.9	EGY	Vaalco Energy	Pair Corr
0.64	GTE	Gran Tierra Energy	Pair Corr
0.88	KOS	Kosmos Energy	Pair Corr
0.68	MNR	Mach Natural Resources Earnings Call This Week	Pair Corr
0.77	MUR	Murphy Oil Fiscal Year End 23rd of January 2025	Pair Corr

Moving against APA Stock

0.57	DMLP	Dorchester Minerals	Pair Corr
0.55	CNX	CNX Resources Corp Fiscal Year End 23rd of January 2025	Pair Corr
0.46	AR	Antero Resources Corp Potential Growth	Pair Corr
0.41	EP	Empire Petroleum Corp	Pair Corr
0.39	BSM	Black Stone Minerals	Pair Corr
0.35	PR	Permian Resources	Pair Corr
0.65	EQT	EQT Corporation	Pair Corr
0.59	EXE	Expand Energy Symbol Change	Pair Corr
0.57	CRK	Comstock Resources	Pair Corr
0.52	DEC	Diversified Energy	Pair Corr
0.5	CRC	California Resources Corp	Pair Corr
0.4	EPM	Evolution Petroleum	Pair Corr
0.32	HES	Hess	Pair Corr
0.66	TPL	Texas Pacific Land	Pair Corr
0.53	RRC	Range Resources Corp	Pair Corr
0.46	STR	Sitio Royalties Corp	Pair Corr
0.35	PHX	PHX Minerals	Pair Corr

Related Correlations Analysis

	DVN	COP	FANG	OXY	PXD	HES	PR	EOG	CTRA	RRC
DVN		0.3	0.77	0.93	0.27	-0.25	-0.21	-0.01	-0.27	-0.47	DVN
COP	0.3		0.63	0.41	0.34	0.61	0.65	0.77	0.56	0.5	COP
FANG	0.77	0.63		0.82	0.21	0.31	0.32	0.5	0.23	0.08	FANG
OXY	0.93	0.41	0.82		0.38	-0.09	-0.05	0.13	-0.08	-0.28	OXY
PXD	0.27	0.34	0.21	0.38		0.11	0.25	0.21	0.29	0.06	PXD
HES	-0.25	0.61	0.31	-0.09	0.11		0.89	0.89	0.87	0.88	HES
PR	-0.21	0.65	0.32	-0.05	0.25	0.89		0.92	0.95	0.92	PR
EOG	-0.01	0.77	0.5	0.13	0.21	0.89	0.92		0.87	0.82	EOG
CTRA	-0.27	0.56	0.23	-0.08	0.29	0.87	0.95	0.87		0.92	CTRA
RRC	-0.47	0.5	0.08	-0.28	0.06	0.88	0.92	0.82	0.92		RRC
	DVN	COP	FANG	OXY	PXD	HES	PR	EOG	CTRA	RRC

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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

CTRA	+ 0.95	PR
OXY	+ 0.93	DVN
EOG	+ 0.92	PR
RRC	+ 0.92	PR
RRC	+ 0.92	CTRA
PR	+ 0.89	HES

High negative correlations

RRC	- 0.47	DVN
RRC	- 0.28	OXY
CTRA	- 0.27	DVN
HES	- 0.25	DVN
PR	- 0.21	DVN
HES	- 0.09	OXY

Risk-Adjusted Indicators

There is a big difference between APA Stock performing well and APA 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 APA'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
DVN	1.31	(0.30)	0.00	(0.37)	0.00	0.00	2.14	(2.99)	7.08
COP	1.29	(0.08)	0.00	(0.09)	0.00	0.00	2.59	(3.41)	11.42
FANG	1.68	(0.20)	0.00	(0.17)	0.00	0.00	3.00	(3.91)	9.60
OXY	1.19	(0.23)	0.00	(0.35)	0.00	0.00	2.00	(2.84)	7.68
PXD	1.23	(0.08)	0.00	(0.12)	0.00	0.00	2.43	(2.71)	6.32
HES	0.95	0.03	(0.01)	0.17	1.36	(0.91)	2.25	(2.31)	5.16
PR	1.62	0.05	0.02	0.19	1.97	(1.76)	2.90	(3.33)	8.22
EOG	1.16	(0.01)	(0.04)	0.11	1.56	(1.11)	1.92	(3.19)	9.26
CTRA	1.16	0.08	0.03	0.24	1.34	(1.21)	2.27	(2.08)	8.03
RRC	1.40	0.19	0.10	0.35	1.47	(1.53)	3.64	(2.66)	8.94

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