Ecopetrol Correlations

EC Stock

USD 10.16 0.05 0.49%

The current 90-days correlation between Ecopetrol SA ADR and Eni SpA ADR is 0.51 (i.e., Very weak diversification). The correlation of Ecopetrol 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.

Ecopetrol Correlation With Market

Weak diversification

The correlation between Ecopetrol SA ADR 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 Ecopetrol SA ADR 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 Ecopetrol SA ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Ecopetrol Stock

0.84	E	Eni SpA ADR	Pair Corr
0.92	BP	BP PLC ADR	Pair Corr
0.74	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.66	IMO	Imperial Oil	Pair Corr
0.89	NFG	National Fuel Gas	Pair Corr
0.67	PBR	Petroleo Brasileiro Aggressive Push	Pair Corr
0.9	TTE	TotalEnergies SE ADR	Pair Corr
0.64	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.86	SHEL	Shell PLC ADR	Pair Corr
0.81	AM	Antero Midstream Partners	Pair Corr
0.85	DNOW	Now Inc	Pair Corr

Moving against Ecopetrol Stock

0.81	VIVK	Vivakor	Pair Corr
0.76	YPF	YPF Sociedad Anonima	Pair Corr
0.69	HP	Helmerich and Payne	Pair Corr
0.58	TGS	Transportadora de Gas	Pair Corr
0.58	SKYQ	Sky Quarry	Pair Corr
0.53	EE	Excelerate Energy	Pair Corr
0.42	EP	Empire Petroleum Corp Earnings Call This Week	Pair Corr
0.33	CGBS	Crown LNG Holdings	Pair Corr
0.7	DLNG	Dynagas LNG Partners	Pair Corr
0.59	EFXT	Enerflex	Pair Corr
0.58	VIST	Vista Oil Gas	Pair Corr
0.5	NE	Noble plc	Pair Corr
0.49	WFRD	Weatherford International	Pair Corr
0.47	SM	SM Energy	Pair Corr
0.46	DMLP	Dorchester Minerals	Pair Corr
0.38	FANG	Diamondback Energy	Pair Corr
0.37	VNOM	Viper Energy Ut	Pair Corr
0.37	EONR	EON Resources Symbol Change	Pair Corr

Related Correlations Analysis

	PBR	EQNR	E	CVE	PBR-A	YPF	BP	SHEL	TTE	NFG
PBR		0.3	0.53	0.35	0.88	-0.16	0.67	0.58	0.56	0.52	PBR
EQNR	0.3		0.5	0.22	0.01	0.15	0.34	0.49	0.35	0.2	EQNR
E	0.53	0.5		-0.3	0.41	-0.66	0.89	0.97	0.93	0.86	E
CVE	0.35	0.22	-0.3		0.33	0.72	-0.14	-0.3	-0.36	-0.5	CVE
PBR-A	0.88	0.01	0.41	0.33		-0.17	0.57	0.44	0.42	0.4	PBR-A
YPF	-0.16	0.15	-0.66	0.72	-0.17		-0.67	-0.66	-0.77	-0.85	YPF
BP	0.67	0.34	0.89	-0.14	0.57	-0.67		0.91	0.92	0.86	BP
SHEL	0.58	0.49	0.97	-0.3	0.44	-0.66	0.91		0.95	0.91	SHEL
TTE	0.56	0.35	0.93	-0.36	0.42	-0.77	0.92	0.95		0.96	TTE
NFG	0.52	0.2	0.86	-0.5	0.4	-0.85	0.86	0.91	0.96		NFG
	PBR	EQNR	E	CVE	PBR-A	YPF	BP	SHEL	TTE	NFG

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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

SHEL	+ 0.97	E
NFG	+ 0.96	TTE
TTE	+ 0.95	SHEL
TTE	+ 0.93	E
TTE	+ 0.92	BP
SHEL	+ 0.91	BP

High negative correlations

NFG	- 0.85	YPF
TTE	- 0.77	YPF
BP	- 0.67	YPF
SHEL	- 0.66	YPF
YPF	- 0.66	E
NFG	- 0.5	CVE

Risk-Adjusted Indicators

There is a big difference between Ecopetrol Stock performing well and Ecopetrol 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 Ecopetrol'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
PBR	1.22	0.12	0.09	0.21	1.66	(1.25)	3.07	(2.21)	10.11
EQNR	1.56	0.18	0.11	0.81	2.03	(1.60)	3.68	(3.54)	9.90
E	0.86	0.21	0.21	0.44	0.99	(0.86)	1.77	(1.52)	4.52
CVE	1.59	0.00	0.00	(0.08)	0.00	0.00	2.66	(2.91)	14.33
PBR-A	1.32	(0.01)	0.00	(0.10)	0.00	0.00	2.51	(3.99)	8.79
YPF	2.10	(0.24)	0.00	(0.41)	0.00	0.00	4.92	(5.00)	12.88
BP	1.08	0.26	0.20	0.65	1.27	(1.17)	2.50	(2.18)	10.62
SHEL	0.83	0.22	0.22	0.46	0.90	(0.86)	1.93	(1.91)	5.34
TTE	0.76	0.24	0.30	0.77	0.68	(0.85)	1.87	(1.44)	4.36
NFG	0.88	0.44	0.47	0.85	0.57	(1.07)	2.32	(1.57)	4.36

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