BP PLC Correlations

BP Stock

USD 29.13 0.17 0.59%

The current 90-days correlation between BP PLC ADR and TotalEnergies SE ADR is 0.72 (i.e., Poor diversification). The correlation of BP PLC 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.

BP PLC Correlation With Market

Modest diversification

The correlation between BP PLC ADR and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BP PLC ADR 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 BP PLC 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 american community survey.

Moving together with BP PLC Stock

0.88	E	Eni SpA ADR	Pair Corr
0.92	EC	Ecopetrol SA ADR	Pair Corr
0.81	EQNR	Equinor ASA ADR	Pair Corr
0.88	CVE	Cenovus Energy	Pair Corr
0.78	PBR	Petroleo Brasileiro	Pair Corr
0.89	TTE	TotalEnergies SE ADR	Pair Corr
0.8	SHEL	Shell PLC ADR	Pair Corr
0.88	DINO	HF Sinclair Corp	Pair Corr
0.64	NE	Noble plc	Pair Corr
0.78	SD	SandRidge Energy	Pair Corr

Moving against BP PLC Stock

0.79	LB	LandBridge Company	Pair Corr
0.72	TGS	Transportadora de Gas	Pair Corr
0.72	EE	Excelerate Energy	Pair Corr
0.67	AE	Adams Resources Energy	Pair Corr
0.66	YPF	YPF Sociedad Anonima	Pair Corr
0.63	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.58	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.58	SLNG	Stabilis Solutions	Pair Corr
0.52	CGBSW	Crown LNG Holdings	Pair Corr
0.48	NFG	National Fuel Gas	Pair Corr
0.46	EP	Empire Petroleum Corp	Pair Corr
0.45	AR	Antero Resources Corp Potential Growth	Pair Corr
0.38	AM	Antero Midstream Partners	Pair Corr
0.36	HP	Helmerich and Payne	Pair Corr
0.79	ENLC	EnLink Midstream LLC	Pair Corr
0.76	TS	Tenaris SA ADR	Pair Corr
0.7	IMPPP	Imperial Petroleum	Pair Corr
0.68	DMLP	Dorchester Minerals	Pair Corr
0.68	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.66	EFXT	Enerflex	Pair Corr
0.6	VNOM	Viper Energy Ut	Pair Corr
0.51	DLNG	Dynagas LNG Partners Earnings Call Tomorrow	Pair Corr
0.39	EPSN	Epsilon Energy	Pair Corr
0.37	DNOW	Now Inc	Pair Corr

Related Correlations Analysis

	TTE	CVX	XOM	EQNR	SHEL	PBR	SU	E	GLPEY	PBR-A
TTE		-0.71	-0.2	0.68	0.67	0.6	-0.21	0.9	0.82	0.56	TTE
CVX	-0.71		0.74	-0.31	-0.24	-0.34	0.72	-0.48	-0.72	-0.27	CVX
XOM	-0.2	0.74		0.03	0.03	-0.07	0.78	0.01	-0.38	-0.02	XOM
EQNR	0.68	-0.31	0.03		0.62	0.82	0.25	0.69	0.69	0.82	EQNR
SHEL	0.67	-0.24	0.03	0.62		0.58	0.31	0.84	0.76	0.61	SHEL
PBR	0.6	-0.34	-0.07	0.82	0.58		0.2	0.54	0.71	0.99	PBR
SU	-0.21	0.72	0.78	0.25	0.31	0.2		0.06	-0.14	0.27	SU
E	0.9	-0.48	0.01	0.69	0.84	0.54	0.06		0.8	0.53	E
GLPEY	0.82	-0.72	-0.38	0.69	0.76	0.71	-0.14	0.8		0.69	GLPEY
PBR-A	0.56	-0.27	-0.02	0.82	0.61	0.99	0.27	0.53	0.69		PBR-A
	TTE	CVX	XOM	EQNR	SHEL	PBR	SU	E	GLPEY	PBR-A

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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

PBR-A	+ 0.99	PBR
E	+ 0.9	TTE
E	+ 0.84	SHEL
GLPEY	+ 0.82	TTE
PBR	+ 0.82	EQNR
PBR-A	+ 0.82	EQNR

High negative correlations

GLPEY	- 0.72	CVX
CVX	- 0.71	TTE
E	- 0.48	CVX
GLPEY	- 0.38	XOM
PBR	- 0.34	CVX
EQNR	- 0.31	CVX

Risk-Adjusted Indicators

There is a big difference between BP PLC Stock performing well and BP PLC 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 BP PLC'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
TTE	1.01	(0.30)	0.00	(2.32)	0.00	0.00	1.62	(2.57)	7.40
CVX	0.90	0.07	0.02	0.22	1.05	(0.93)	2.21	(1.79)	5.13
XOM	1.02	(0.06)	(0.09)	0.00	1.34	(1.07)	2.10	(2.09)	5.74
EQNR	1.50	(0.14)	0.00	1.31	0.00	0.00	3.30	(4.50)	8.46
SHEL	0.99	(0.20)	0.00	(0.74)	0.00	0.00	1.42	(2.79)	5.88
PBR	1.17	(0.13)	0.00	(0.31)	0.00	0.00	1.92	(2.53)	6.04
SU	1.29	(0.12)	0.00	(0.13)	0.00	0.00	2.17	(2.75)	8.68
E	0.97	(0.19)	0.00	(2.80)	0.00	0.00	1.51	(2.34)	4.90
GLPEY	1.14	(0.39)	0.00	(4.28)	0.00	0.00	1.54	(2.74)	7.62
PBR-A	1.16	(0.14)	0.00	(0.33)	0.00	0.00	2.27	(2.81)	5.66

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