CNX Resources Correlations

CNX Stock

USD 40.34 0.44 1.08%

The current 90-days correlation between CNX Resources Corp and Gulfport Energy Operating is 0.61 (i.e., Poor diversification). The correlation of CNX Resources 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.

CNX Resources Correlation With Market

Weak diversification

The correlation between CNX Resources Corp and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CNX Resources 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 CNX Resources 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 board of governors.

Moving together with CNX Stock

0.8	AR	Antero Resources Corp Potential Growth	Pair Corr
0.61	EP	Empire Petroleum Corp	Pair Corr
0.77	PR	Permian Resources	Pair Corr
0.93	DMLP	Dorchester Minerals	Pair Corr
0.8	EPSN	Epsilon Energy	Pair Corr
0.81	BSM	Black Stone Minerals	Pair Corr
0.85	CRC	California Resources Corp	Pair Corr
0.93	CRK	Comstock Resources	Pair Corr
0.72	DEC	Diversified Energy	Pair Corr
0.72	EOG	EOG Resources	Pair Corr
0.73	EPM	Evolution Petroleum	Pair Corr
0.92	EQT	EQT Corporation	Pair Corr
0.98	EXE	Expand Energy Symbol Change	Pair Corr
0.89	HES	Hess	Pair Corr
0.84	KRP	Kimbell Royalty Partners	Pair Corr
0.88	MGY	Magnolia Oil Gas	Pair Corr

Moving against CNX Stock

0.84	BRN	Barnwell Industries	Pair Corr
0.78	BRY	Berry Petroleum Corp	Pair Corr
0.59	APA	APA Corporation	Pair Corr
0.48	BTE	Baytex Energy Corp	Pair Corr
0.45	EONR	EON Resources Symbol Change	Pair Corr
0.42	CKX	CKX Lands	Pair Corr
0.41	SD	SandRidge Energy	Pair Corr
0.52	DVN	Devon Energy	Pair Corr
0.39	EGY	Vaalco Energy	Pair Corr
0.6	REI	Ring Energy	Pair Corr
0.55	MUR	Murphy Oil Fiscal Year End 23rd of January 2025	Pair Corr
0.47	MNR	Mach Natural Resources	Pair Corr
0.44	KOS	Kosmos Energy	Pair Corr
0.41	OXY	Occidental Petroleum	Pair Corr
0.37	OBE	Obsidian Energy	Pair Corr

Related Correlations Analysis

	EPSN	GPOR	DEN	GPRK	MVO	SJT	VOC	CRK	MTDR	MUR
EPSN		0.37	-0.25	0.34	0.59	0.81	0.82	0.64	0.32	-0.38	EPSN
GPOR	0.37		-0.51	0.45	0.03	0.47	0.24	0.89	0.77	-0.15	GPOR
DEN	-0.25	-0.51		0.03	0.29	-0.43	-0.31	-0.64	-0.4	0.66	DEN
GPRK	0.34	0.45	0.03		0.19	0.21	0.37	0.5	0.69	0.3	GPRK
MVO	0.59	0.03	0.29	0.19		0.37	0.48	0.12	-0.03	0.18	MVO
SJT	0.81	0.47	-0.43	0.21	0.37		0.74	0.69	0.27	-0.56	SJT
VOC	0.82	0.24	-0.31	0.37	0.48	0.74		0.54	0.26	-0.39	VOC
CRK	0.64	0.89	-0.64	0.5	0.12	0.69	0.54		0.78	-0.4	CRK
MTDR	0.32	0.77	-0.4	0.69	-0.03	0.27	0.26	0.78		0.07	MTDR
MUR	-0.38	-0.15	0.66	0.3	0.18	-0.56	-0.39	-0.4	0.07		MUR
	EPSN	GPOR	DEN	GPRK	MVO	SJT	VOC	CRK	MTDR	MUR

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

CRK	+ 0.89	GPOR
VOC	+ 0.82	EPSN
SJT	+ 0.81	EPSN
MTDR	+ 0.78	CRK
MTDR	+ 0.77	GPOR
VOC	+ 0.74	SJT

High negative correlations

CRK	- 0.64	DEN
MUR	- 0.56	SJT
DEN	- 0.51	GPOR
SJT	- 0.43	DEN
MUR	- 0.4	CRK
MTDR	- 0.4	DEN

Risk-Adjusted Indicators

There is a big difference between CNX Stock performing well and CNX Resources 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 CNX Resources' 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
EPSN	1.90	0.14	0.01	2.98	2.30	(2.05)	4.46	(3.74)	11.32
GPOR	1.37	0.17	0.18	0.22	1.01	(1.74)	4.38	(1.96)	11.52
DEN	1.32	(0.10)	0.00	0.69	0.00	0.00	2.47	(3.21)	9.48
GPRK	2.08	(0.06)	(0.04)	0.02	2.51	(2.04)	5.08	(3.58)	12.81
MVO	1.09	(0.03)	0.00	0.87	0.00	0.00	2.69	(2.56)	7.24
SJT	2.23	0.35	0.16	0.53	1.72	(3.09)	5.88	(2.75)	10.70
VOC	1.54	0.01	(0.03)	0.14	2.29	(1.46)	2.78	(4.11)	11.00
CRK	2.38	0.36	0.15	0.34	2.38	(2.60)	6.81	(3.97)	13.81
MTDR	1.77	(0.03)	(0.01)	0.09	2.44	(1.72)	3.24	(3.39)	10.94
MUR	1.49	(0.32)	0.00	(0.22)	0.00	0.00	2.83	(3.67)	9.23

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