Drilling Tools Correlations

DTI Stock

2.76 0.06 2.22%

The current 90-days correlation between Drilling Tools Inter and Cheniere Energy Partners is 0.22 (i.e., Modest diversification). The correlation of Drilling Tools 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.

Drilling Tools Correlation With Market

Very weak diversification

The correlation between Drilling Tools International 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 Drilling Tools International and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Drilling Tools International. 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 Drilling Stock

0.71	VTOL	Bristow Group	Pair Corr
0.81	EFXT	Enerflex	Pair Corr
0.86	WFRD	Weatherford International	Pair Corr
0.88	WTTR	Select Energy Services	Pair Corr
0.77	CLB	Core Laboratories	Pair Corr
0.61	GRO	Brazil Potash Corp	Pair Corr
0.84	HAL	Halliburton Aggressive Push	Pair Corr
0.62	KGS	Kodiak Gas Services,	Pair Corr
0.64	MRC	MRC Global	Pair Corr
0.81	NGS	Natural Gas Services Earnings Call This Week	Pair Corr
0.81	NOA	North American Const	Pair Corr
0.77	OII	Oceaneering International	Pair Corr
0.78	XPRO	Expro Group Holdings	Pair Corr
0.77	RES	RPC Inc	Pair Corr
0.71	SEI	Solaris Energy Infra Symbol Change	Pair Corr
0.78	TDW	Tidewater	Pair Corr
0.64	TTI	Tetra Technologies	Pair Corr
0.84	WHD	Cactus Inc	Pair Corr
0.79	GEOS	Geospace Technologies	Pair Corr
0.74	KLXE	KLX Energy Services	Pair Corr
0.9	LBRT	Liberty Oilfield Services	Pair Corr

Moving against Drilling Stock

0.31	FET	Forum Energy Technologies	Pair Corr
0.64	AM	Antero Midstream Partners Sell-off Trend	Pair Corr
0.61	E	Eni SpA ADR	Pair Corr
0.57	EC	Ecopetrol SA ADR	Pair Corr
0.48	BP	BP PLC ADR	Pair Corr
0.41	INVX	Innovex International, Symbol Change	Pair Corr
0.37	USAC	USA Compression Partners	Pair Corr
0.36	NCSM	NCS Multistage Holdings	Pair Corr

Related Correlations Analysis

	CQP	MO	SWX	NRG	CMS-PB	WES	COCO
CQP		0.54	0.78	0.49	0.55	0.71	-0.03	CQP
MO	0.54		0.41	-0.27	0.73	0.27	-0.35	MO
SWX	0.78	0.41		0.53	0.35	0.66	0.43	SWX
NRG	0.49	-0.27	0.53		-0.03	0.63	0.42	NRG
CMS-PB	0.55	0.73	0.35	-0.03		0.31	-0.34	CMS-PB
WES	0.71	0.27	0.66	0.63	0.31		0.33	WES
COCO	-0.03	-0.35	0.43	0.42	-0.34	0.33		COCO
	CQP	MO	SWX	NRG	CMS-PB	WES	COCO

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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

SWX	+ 0.78	CQP
CMS-PB	+ 0.73	MO
WES	+ 0.71	CQP
WES	+ 0.66	SWX
WES	+ 0.63	NRG
CMS-PB	+ 0.55	CQP

High negative correlations

COCO	- 0.35	MO
COCO	- 0.34	CMS-PB
NRG	- 0.27	MO
CMS-PB	- 0.03	NRG
COCO	- 0.03	CQP

Risk-Adjusted Indicators

There is a big difference between Drilling Stock performing well and Drilling Tools 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 Drilling Tools' 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
CQP	1.80	0.33	0.15	0.47	1.91	(1.98)	4.43	(3.63)	10.52
MO	0.94	0.12	0.11	(0.63)	0.93	(0.98)	2.08	(1.78)	4.81
SWX	1.09	0.10	0.08	0.16	1.25	(1.16)	2.38	(2.36)	6.62
NRG	2.49	0.20	0.05	0.15	3.68	(2.49)	4.92	(5.17)	19.98
CMS-PB	0.98	0.03	0.02	9.88	1.23	(1.15)	2.22	(2.78)	8.23
WES	1.28	0.16	0.10	0.22	1.39	(1.40)	2.77	(2.12)	7.33
COCO	1.82	(0.15)	0.00	(0.18)	0.00	0.00	4.21	(4.80)	19.52

Drilling Tools Corporate Management

Veda Ragsdill	Vice Resources	Profile
Aldo Rodriguez	Vice Sales	Profile
Jameson Parker	Vice Development	Profile
David Johnson	Chief Officer	Profile

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