Baytex Energy Correlations

BTE Stock

USD 2.19 0.01 0.45%

The current 90-days correlation between Baytex Energy Corp and Vermilion Energy is 0.81 (i.e., Very poor diversification). The correlation of Baytex Energy 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.

Baytex Energy Correlation With Market

Modest diversification

The correlation between Baytex Energy Corp and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baytex Energy 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 Baytex Energy Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Baytex Stock

0.91	PR	Permian Resources	Pair Corr
0.68	SD	SandRidge Energy	Pair Corr
0.95	SM	SM Energy	Pair Corr
0.89	DMLP	Dorchester Minerals	Pair Corr
0.85	VIST	Vista Oil Gas	Pair Corr
0.93	VTLE	Vital Energy	Pair Corr
0.79	EONR	EON Resources Symbol Change	Pair Corr
0.89	FANG	Diamondback Energy	Pair Corr
0.95	APA	APA Corporation	Pair Corr
0.87	BKV	BKV Corporation	Pair Corr
0.88	BRY	Berry Petroleum Corp	Pair Corr
0.86	CNQ	Canadian Natural Res	Pair Corr
0.72	COP	ConocoPhillips	Pair Corr
0.85	CRC	California Resources Corp	Pair Corr
0.88	DEC	Diversified Energy	Pair Corr
0.74	EGY	Vaalco Energy	Pair Corr
0.8	EPM	Evolution Petroleum	Pair Corr
0.92	GFR	Greenfire Resources	Pair Corr
0.84	GTE	Gran Tierra Energy	Pair Corr
0.9	HPK	Highpeak Energy Acqu	Pair Corr
0.94	KOS	Kosmos Energy	Pair Corr
0.87	KRP	Kimbell Royalty Partners	Pair Corr
0.83	MNR	Mach Natural Resources	Pair Corr

Moving against Baytex Stock

0.35	EPSN	Epsilon Energy	Pair Corr
0.35	TXO	MorningStar Partners,	Pair Corr

Related Correlations Analysis

	VET	OBE	CNQ	OVV	MGY	VTLE	COP	GPRK
VET		0.59	0.85	0.66	0.6	0.94	0.72	0.88	VET
OBE	0.59		0.67	0.55	0.54	0.41	0.7	0.54	OBE
CNQ	0.85	0.67		0.54	0.61	0.73	0.78	0.79	CNQ
OVV	0.66	0.55	0.54		0.7	0.69	0.78	0.41	OVV
MGY	0.6	0.54	0.61	0.7		0.49	0.83	0.56	MGY
VTLE	0.94	0.41	0.73	0.69	0.49		0.6	0.79	VTLE
COP	0.72	0.7	0.78	0.78	0.83	0.6		0.59	COP
GPRK	0.88	0.54	0.79	0.41	0.56	0.79	0.59		GPRK
	VET	OBE	CNQ	OVV	MGY	VTLE	COP	GPRK

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Baytex Stock performing well and Baytex Energy 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 Baytex Energy'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
VET	1.90	(0.11)	0.00	(0.19)	0.00	0.00	4.79	(4.03)	14.06
OBE	2.41	0.14	0.06	0.42	3.10	(2.69)	5.08	(3.50)	23.14
CNQ	1.28	0.00	0.00	(0.06)	0.00	0.00	2.38	(2.88)	8.73
OVV	1.82	0.13	0.05	0.07	2.65	(1.79)	3.95	(3.77)	13.37
MGY	1.52	0.05	0.04	0.01	2.02	(1.54)	2.88	(3.30)	9.02
VTLE	2.58	(0.38)	0.00	(0.32)	0.00	0.00	4.42	(6.93)	18.53
COP	1.34	0.07	0.05	0.05	1.97	(1.27)	2.45	(2.59)	9.02
GPRK	2.44	(0.39)	0.00	(0.78)	0.00	0.00	5.47	(5.28)	14.97

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC