Canadian Natural Correlations

CNQ Stock

USD 31.42 0.30 0.96%

The current 90-days correlation between Canadian Natural Res and PEDEVCO Corp is 0.39 (i.e., Weak diversification). The correlation of Canadian Natural 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.

Canadian Natural Correlation With Market

Weak diversification

The correlation between Canadian Natural Resources and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Natural Resources 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 Canadian Natural Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Canadian Stock

0.83	PR	Permian Resources	Pair Corr
0.77	SM	SM Energy	Pair Corr
0.7	DMLP	Dorchester Minerals	Pair Corr
0.66	VIST	Vista Oil Gas	Pair Corr
0.67	VTLE	Vital Energy	Pair Corr
0.65	EONR	EON Resources Symbol Change	Pair Corr
0.84	FANG	Diamondback Energy	Pair Corr
0.76	APA	APA Corporation	Pair Corr
0.74	BKV	BKV Corporation	Pair Corr
0.75	BTE	Baytex Energy Corp Buyout Trend	Pair Corr
0.78	COP	ConocoPhillips	Pair Corr
0.78	CRC	California Resources Corp	Pair Corr
0.72	DEC	Diversified Energy	Pair Corr
0.71	EPM	Evolution Petroleum	Pair Corr
0.67	GFR	Greenfire Resources	Pair Corr
0.75	GTE	Gran Tierra Energy	Pair Corr
0.7	HPK	Highpeak Energy Acqu	Pair Corr
0.7	KOS	Kosmos Energy	Pair Corr
0.64	KRP	Kimbell Royalty Partners	Pair Corr
0.62	MGY	Magnolia Oil Gas	Pair Corr
0.71	MNR	Mach Natural Resources	Pair Corr

Related Correlations Analysis

	PED	HUSA	PHX	TPET	PNRG	TXO	XLEFF	CKX	EPSN	CRGY
PED		0.91	0.26	0.71	0.41	-0.19	0.0	-0.04	-0.12	0.82	PED
HUSA	0.91		0.16	0.74	0.36	-0.24	0.0	-0.03	-0.24	0.87	HUSA
PHX	0.26	0.16		0.2	0.33	0.42	0.0	-0.26	0.2	0.26	PHX
TPET	0.71	0.74	0.2		0.37	0.26	0.0	-0.49	0.1	0.58	TPET
PNRG	0.41	0.36	0.33	0.37		0.17	0.0	-0.1	0.25	0.37	PNRG
TXO	-0.19	-0.24	0.42	0.26	0.17		0.0	-0.67	0.66	-0.34	TXO
XLEFF	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	XLEFF
CKX	-0.04	-0.03	-0.26	-0.49	-0.1	-0.67	0.0		-0.3	-0.04	CKX
EPSN	-0.12	-0.24	0.2	0.1	0.25	0.66	0.0	-0.3		-0.46	EPSN
CRGY	0.82	0.87	0.26	0.58	0.37	-0.34	0.0	-0.04	-0.46		CRGY
	PED	HUSA	PHX	TPET	PNRG	TXO	XLEFF	CKX	EPSN	CRGY

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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

HUSA	+ 0.91	PED
CRGY	+ 0.87	HUSA
CRGY	+ 0.82	PED
TPET	+ 0.74	HUSA
TPET	+ 0.71	PED
EPSN	+ 0.66	TXO

High negative correlations

CKX	- 0.67	TXO
CKX	- 0.49	TPET
CRGY	- 0.46	EPSN
CRGY	- 0.34	TXO
EPSN	- 0.3	CKX
CKX	- 0.26	PHX

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Natural 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 Canadian Natural'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
PED	2.25	0.00	0.00	0.00	3.18	(2.66)	5.33	(5.26)	18.01
HUSA	4.55	(0.23)	0.00	(0.13)	0.00	0.00	9.09	(9.65)	64.28
PHX	1.58	0.06	0.03	0.19	1.75	(1.88)	3.32	(3.16)	8.84
TPET	9.49	1.76	0.21	0.41	7.87	(14.26)	18.69	(12.99)	103.76
PNRG	2.71	0.38	0.11	0.43	3.03	(3.01)	5.43	(5.90)	23.58
TXO	1.33	0.39	0.25	0.91	1.26	(1.59)	3.60	(2.87)	9.26
XLEFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CKX	1.42	(0.15)	0.00	8.26	0.00	0.00	3.32	(3.08)	8.36
EPSN	1.73	0.31	0.14	(0.79)	1.87	(1.93)	5.04	(3.75)	10.87
CRGY	1.90	(0.25)	0.00	(0.27)	0.00	0.00	4.00	(4.99)	13.49

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