EOG Resources Correlations

EOG Stock

USD 124.30 0.64 0.51%

The correlation of EOG 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.

EOG Resources Correlation With Market

Modest diversification

The correlation between EOG Resources and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EOG Resources 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 EOG Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

For more detail on how to invest in EOG Stock please use our How to Invest in EOG Resources guide.

Moving together with EOG Stock

0.74	AR	Antero Resources Corp Sell-off Trend	Pair Corr
0.62	LB	LandBridge Company	Pair Corr
0.68	PR	Permian Resources	Pair Corr
0.88	SD	SandRidge Energy	Pair Corr
0.71	APA	APA Corporation	Pair Corr
0.77	BRY	Berry Petroleum Corp	Pair Corr
0.66	BSM	Black Stone Minerals	Pair Corr
0.68	COP	ConocoPhillips	Pair Corr
0.77	CRK	Comstock Resources	Pair Corr
0.88	DVN	Devon Energy	Pair Corr
0.66	EPM	Evolution Petroleum	Pair Corr
0.71	EQT	EQT Corporation	Pair Corr
0.72	EXE	Expand Energy Symbol Change	Pair Corr
0.69	HES	Hess	Pair Corr
0.7	MGY	Magnolia Oil Gas	Pair Corr

Moving against EOG Stock

0.54	CNX	CNX Resources Corp	Pair Corr
0.49	CKX	CKX Lands Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PXD	PR	DVN	CTRA	MRO	FANG	COP	HES	APA	RRC
PXD		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PXD
PR	0.0		0.46	0.52	0.0	0.96	0.91	0.16	0.91	0.49	PR
DVN	0.0	0.46		0.85	0.0	0.41	0.58	0.86	0.44	0.83	DVN
CTRA	0.0	0.52	0.85		0.0	0.46	0.61	0.84	0.45	0.95	CTRA
MRO	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MRO
FANG	0.0	0.96	0.41	0.46	0.0		0.88	0.07	0.87	0.42	FANG
COP	0.0	0.91	0.58	0.61	0.0	0.88		0.35	0.8	0.57	COP
HES	0.0	0.16	0.86	0.84	0.0	0.07	0.35		0.12	0.81	HES
APA	0.0	0.91	0.44	0.45	0.0	0.87	0.8	0.12		0.43	APA
RRC	0.0	0.49	0.83	0.95	0.0	0.42	0.57	0.81	0.43		RRC
	PXD	PR	DVN	CTRA	MRO	FANG	COP	HES	APA	RRC

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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

FANG	+ 0.96	PR
RRC	+ 0.95	CTRA
COP	+ 0.91	PR
APA	+ 0.91	PR
COP	+ 0.88	FANG
APA	+ 0.87	FANG

High negative correlations

RRC	- 0.0	MRO
APA	- 0.0	MRO
HES	- 0.0	MRO
COP	- 0.0	MRO
FANG	- 0.0	MRO
MRO	- 0.0	CTRA

Risk-Adjusted Indicators

There is a big difference between EOG Stock performing well and EOG 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 EOG 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
PXD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PR	1.70	0.01	0.00	(0.06)	0.00	0.00	3.91	(3.65)	12.33
DVN	1.71	0.13	0.08	0.15	2.07	(1.81)	2.98	(3.32)	12.69
CTRA	1.44	0.26	0.16	0.65	1.64	(1.45)	3.01	(2.61)	7.66
MRO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FANG	1.44	(0.01)	0.00	(0.09)	0.00	0.00	2.24	(3.55)	9.40
COP	1.34	0.05	0.04	0.01	2.02	(1.25)	2.45	(2.59)	9.02
HES	1.22	0.20	0.13	0.28	1.60	(1.22)	2.33	(2.75)	6.66
APA	1.88	0.01	0.00	(0.06)	0.00	0.00	3.02	(4.05)	14.84
RRC	1.73	0.23	0.11	0.61	2.28	(1.84)	3.19	(3.61)	12.31

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