Chevron Corp Correlations

CVX Stock

USD 162.11 0.42 0.26%

The current 90-days correlation between Chevron Corp and BP PLC ADR is 0.7 (i.e., Poor diversification). The correlation of Chevron Corp 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.

Chevron Corp Correlation With Market

Very weak diversification

The correlation between Chevron Corp and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chevron 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 Chevron 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 real.

For more information on how to buy Chevron Stock please use our How to Invest in Chevron Corp guide.

Moving together with Chevron Stock

0.72	SU	Suncor Energy	Pair Corr
0.64	NFG	National Fuel Gas	Pair Corr
0.81	TGS	Transportadora de Gas	Pair Corr
0.74	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.84	YPF	YPF Sociedad Anonima	Pair Corr
0.7	CGBSW	Crown LNG Holdings	Pair Corr
0.73	SLNG	Stabilis Solutions	Pair Corr
0.88	AE	Adams Resources Energy	Pair Corr
0.79	AM	Antero Midstream Partners	Pair Corr
0.83	AR	Antero Resources Corp Potential Growth	Pair Corr
0.95	EE	Excelerate Energy	Pair Corr
0.69	EP	Empire Petroleum Corp	Pair Corr
0.87	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.75	HP	Helmerich and Payne	Pair Corr
0.91	LB	LandBridge Company	Pair Corr
0.88	PR	Permian Resources	Pair Corr
0.64	SM	SM Energy	Pair Corr
0.94	TS	Tenaris SA ADR	Pair Corr
0.84	DLNG	Dynagas LNG Partners Earnings Call Tomorrow	Pair Corr
0.92	DMLP	Dorchester Minerals	Pair Corr
0.77	DNOW	Now Inc	Pair Corr

Moving against Chevron Stock

0.71	TTE	TotalEnergies SE ADR	Pair Corr
0.62	EC	Ecopetrol SA ADR	Pair Corr
0.58	BP	BP PLC ADR	Pair Corr
0.53	DINO	HF Sinclair Corp	Pair Corr
0.48	E	Eni SpA ADR	Pair Corr
0.35	CVE	Cenovus Energy	Pair Corr
0.34	PBR	Petroleo Brasileiro	Pair Corr
0.31	EQNR	Equinor ASA ADR	Pair Corr
0.62	BPT	BP Prudhoe Bay	Pair Corr
0.56	BROGW	Brooge Energy Limited	Pair Corr
0.44	APA	APA Corporation	Pair Corr
0.37	WFRD	Weatherford International	Pair Corr
0.36	ENSV	Enservco	Pair Corr
0.35	TK	Teekay	Pair Corr

Related Correlations Analysis

	BP	SHEL	PBR	SU	TTE	XOM	EQNR	CVE	IMO	PBR-A
BP		0.8	0.78	0.01	0.89	-0.16	0.81	0.88	-0.01	0.76	BP
SHEL	0.8		0.58	0.31	0.67	0.03	0.62	0.82	0.16	0.61	SHEL
PBR	0.78	0.58		0.2	0.6	-0.07	0.82	0.69	0.06	0.99	PBR
SU	0.01	0.31	0.2		-0.21	0.78	0.25	0.31	0.83	0.27	SU
TTE	0.89	0.67	0.6	-0.21		-0.2	0.68	0.82	-0.08	0.56	TTE
XOM	-0.16	0.03	-0.07	0.78	-0.2		0.03	0.18	0.88	-0.02	XOM
EQNR	0.81	0.62	0.82	0.25	0.68	0.03		0.81	0.21	0.82	EQNR
CVE	0.88	0.82	0.69	0.31	0.82	0.18	0.81		0.37	0.7	CVE
IMO	-0.01	0.16	0.06	0.83	-0.08	0.88	0.21	0.37		0.09	IMO
PBR-A	0.76	0.61	0.99	0.27	0.56	-0.02	0.82	0.7	0.09		PBR-A
	BP	SHEL	PBR	SU	TTE	XOM	EQNR	CVE	IMO	PBR-A

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

PBR-A	+ 0.99	PBR
TTE	+ 0.89	BP
CVE	+ 0.88	BP
IMO	+ 0.88	XOM
IMO	+ 0.83	SU
CVE	+ 0.82	SHEL

High negative correlations

TTE	- 0.21	SU
XOM	- 0.2	TTE
XOM	- 0.16	BP
IMO	- 0.08	TTE
XOM	- 0.07	PBR
PBR-A	- 0.02	XOM

Risk-Adjusted Indicators

There is a big difference between Chevron Stock performing well and Chevron Corp 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 Chevron Corp'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
BP	1.17	(0.29)	0.00	(0.53)	0.00	0.00	1.68	(3.34)	7.70
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
TTE	1.01	(0.30)	0.00	(2.32)	0.00	0.00	1.62	(2.57)	7.40
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
CVE	1.45	(0.35)	0.00	(0.94)	0.00	0.00	2.57	(3.60)	7.99
IMO	1.39	(0.11)	0.00	(0.13)	0.00	0.00	2.68	(2.70)	9.51
PBR-A	1.16	(0.14)	0.00	(0.33)	0.00	0.00	2.27	(2.81)	5.66

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