Archrock Correlations

Stocks . USA . 
Stock . Archrock
AROC Stock  USD 26.21  0.50  1.94%   
The current 90-days correlation between Archrock and ProPetro Holding Corp is 0.46 (i.e., Very weak diversification). The correlation of Archrock 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.

Archrock Correlation With Market

Weak diversification

The correlation between Archrock and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Archrock 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 Archrock. 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 information on how to trade Archrock Stock refer to our How to Trade Archrock Stock guide.

Moving together with Archrock Stock

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Related Correlations Analysis

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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   
WTTR
+ 0.87
PUMP
PARR
+ 0.86
PUMP
MRC
+ 0.85
PARR
PARR
+ 0.82
WTTR
MRC
+ 0.76
PUMP
MRC
+ 0.75
WTTR
  
High negative correlations   
USAC
- 0.24
WTTR
USAC
- 0.2
PUMP
PARR
- 0.04
USAC

Risk-Adjusted Indicators

There is a big difference between Archrock Stock performing well and Archrock 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 Archrock'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.

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