Energy Services Correlations

ESOA Stock

USD 9.42 0.22 2.28%

The current 90-days correlation between Energy Services and NV5 Global is -0.06 (i.e., Good diversification). The correlation of Energy Services 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.

Energy Services Correlation With Market

Modest diversification

The correlation between Energy Services and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy Services 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 Energy Services. 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 information on how to trade Energy Stock refer to our How to Trade Energy Stock guide.

Moving together with Energy Stock

0.68	J	Jacobs Solutions	Pair Corr
0.66	ACA	Arcosa Inc	Pair Corr
0.77	ACM	Aecom Technology	Pair Corr
0.72	ECG	Everus Construction	Pair Corr
0.73	EME	EMCOR Group	Pair Corr
0.76	FGL	Founder Group Limited	Pair Corr
0.69	FIX	Comfort Systems USA	Pair Corr
0.79	FLR	Fluor Sell-off Trend	Pair Corr
0.75	GVA	Granite Construction Sell-off Trend	Pair Corr
0.78	PWR	Quanta Services	Pair Corr
0.72	GLDD	Great Lakes Dredge	Pair Corr
0.87	MYRG	MYR Group	Pair Corr
0.8	NVEE	NV5 Global	Pair Corr
0.76	PGHL	Primega Group Holdings	Pair Corr
0.73	PRIM	Primoris Services	Pair Corr
0.76	RITR	Reitar Logtech Holdings	Pair Corr
0.83	ROAD	Construction Partners	Pair Corr
0.66	AMRC	Ameresco Trending	Pair Corr
0.7	SHIM	Shimmick Common	Pair Corr
0.84	STRL	Sterling Construction	Pair Corr
0.73	BWMN	Bowman Consulting	Pair Corr
0.74	CDLR	Cadeler AS Earnings Call This Week	Pair Corr

Moving against Energy Stock

0.48	VATE	Innovate Corp	Pair Corr
0.45	WLGS	Wang Lee Group, Trending	Pair Corr
0.74	G	Genpact Limited	Pair Corr

Related Correlations Analysis

	BOUYF	NVEE	MTRX	MYRG	FIX	DRTT	ORN	ENG	COLDF	RIII
BOUYF		-0.05	-0.29	-0.44	-0.58	0.0	-0.6	0.0	0.21	0.0	BOUYF
NVEE	-0.05		-0.18	0.72	0.51	0.0	0.37	0.0	0.19	0.0	NVEE
MTRX	-0.29	-0.18		0.23	0.45	0.0	0.54	0.0	-0.12	0.0	MTRX
MYRG	-0.44	0.72	0.23		0.88	0.0	0.75	0.0	0.17	0.0	MYRG
FIX	-0.58	0.51	0.45	0.88		0.0	0.7	0.0	-0.01	0.0	FIX
DRTT	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	DRTT
ORN	-0.6	0.37	0.54	0.75	0.7	0.0		0.0	0.14	0.0	ORN
ENG	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	ENG
COLDF	0.21	0.19	-0.12	0.17	-0.01	0.0	0.14	0.0		0.0	COLDF
RIII	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		RIII
	BOUYF	NVEE	MTRX	MYRG	FIX	DRTT	ORN	ENG	COLDF	RIII

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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

FIX	+ 0.88	MYRG
ORN	+ 0.75	MYRG
MYRG	+ 0.72	NVEE
ORN	+ 0.7	FIX
ORN	+ 0.54	MTRX
FIX	+ 0.51	NVEE

High negative correlations

ORN	- 0.6	BOUYF
FIX	- 0.58	BOUYF
MYRG	- 0.44	BOUYF
MTRX	- 0.29	BOUYF
MTRX	- 0.18	NVEE
COLDF	- 0.12	MTRX

Risk-Adjusted Indicators

There is a big difference between Energy Stock performing well and Energy Services 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 Energy Services' 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
BOUYF	1.70	0.24	0.05	(1.09)	2.39	(4.28)	6.12	(5.42)	18.06
NVEE	1.41	(0.14)	0.00	0.73	0.00	0.00	3.17	(3.11)	8.95
MTRX	2.33	0.15	0.04	0.05	2.92	(2.55)	4.67	(5.17)	14.29
MYRG	2.39	(0.32)	0.00	(0.37)	0.00	0.00	4.57	(5.73)	16.92
FIX	2.75	(0.21)	0.00	(0.21)	0.00	0.00	5.37	(5.90)	31.92
DRTT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ORN	3.52	(0.43)	0.00	(1.73)	0.00	0.00	5.76	(8.42)	25.83
ENG	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
COLDF	6.97	0.86	0.06	(0.79)	6.89	(39.31)	26.09	(17.65)	115.00
RIII	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Energy Services Corporate Executives

Elected by the shareholders, the Energy Services' board of directors comprises two types of representatives: Energy Services inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Energy. The board's role is to monitor Energy Services' management team and ensure that shareholders' interests are well served. Energy Services' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Energy Services' outside directors are responsible for providing unbiased perspectives on the board's policies.

Charles Crimmel

CFO, Treasurer and Secretary

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