Devon Energy Correlations

DVN Stock

USD 36.05 0.68 1.92%

The current 90-days correlation between Devon Energy and Coterra Energy is 0.69 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Devon Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Devon Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Devon Energy Correlation With Market

Very good diversification

The correlation between Devon Energy and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Devon Energy 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 Devon Energy. 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.

To learn how to invest in Devon Stock, please use our How to Invest in Devon Energy guide.

Moving together with Devon Stock

0.73	AR	Antero Resources Corp	Pair Corr
0.62	LB	LandBridge Company Buyout Trend	Pair Corr
0.75	SD	SandRidge Energy	Pair Corr
0.82	BSM	Black Stone Minerals	Pair Corr
0.83	CRK	Comstock Resources	Pair Corr
0.84	EOG	EOG Resources	Pair Corr
0.67	EQT	EQT Corporation	Pair Corr
0.68	EXE	Expand Energy Symbol Change	Pair Corr
0.82	HES	Hess	Pair Corr

Moving against Devon Stock

0.55	CNX	CNX Resources Corp	Pair Corr
0.43	CKX	CKX Lands Earnings Call This Week	Pair Corr

Related Correlations Analysis

	CTRA	FANG	EOG	COP	PXD	EQT	MRO	PR
CTRA		0.48	0.78	0.7	0.0	0.91	0.0	0.56	CTRA
FANG	0.48		0.6	0.87	0.0	0.31	0.0	0.97	FANG
EOG	0.78	0.6		0.67	0.0	0.65	0.0	0.69	EOG
COP	0.7	0.87	0.67		0.0	0.49	0.0	0.9	COP
PXD	0.0	0.0	0.0	0.0		0.0	0.0	0.0	PXD
EQT	0.91	0.31	0.65	0.49	0.0		0.0	0.42	EQT
MRO	0.0	0.0	0.0	0.0	0.0	0.0		0.0	MRO
PR	0.56	0.97	0.69	0.9	0.0	0.42	0.0		PR
	CTRA	FANG	EOG	COP	PXD	EQT	MRO	PR

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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

PR	+ 0.97	FANG
EQT	+ 0.91	CTRA
PR	+ 0.9	COP
COP	+ 0.87	FANG
EOG	+ 0.78	CTRA
COP	+ 0.7	CTRA

High negative correlations

PR	- 0.0	MRO
MRO	- 0.0	EQT
PR	- 0.0	PXD
MRO	- 0.0	PXD
EQT	- 0.0	PXD
MRO	- 0.0	COP

Risk-Adjusted Indicators

There is a big difference between Devon Stock performing well and Devon 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 Devon 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
CTRA	1.42	0.34	0.22	(0.99)	1.44	(1.49)	3.01	(2.58)	7.66
FANG	1.38	0.00	0.05	(0.08)	2.23	(1.24)	2.24	(3.55)	9.40
EOG	1.13	0.05	0.10	(0.16)	1.59	(1.19)	2.35	(2.61)	8.25
COP	1.34	0.08	0.09	(0.23)	2.00	(1.28)	2.45	(2.59)	9.02
PXD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EQT	1.81	0.37	0.13	(0.96)	2.93	(1.86)	3.46	(4.41)	14.83
MRO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PR	1.68	0.02	0.06	(0.09)	2.40	(1.68)	3.91	(3.05)	12.33

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