Halliburton Correlations

HAL Stock

USD 26.16 0.12 0.46%

The current 90-days correlation between Halliburton and Baker Hughes Co is 0.62 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Halliburton moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Halliburton moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Halliburton Correlation With Market

Weak diversification

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

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Halliburton. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more information on how to buy Halliburton Stock please use our How to buy in Halliburton Stock guide.

Moving together with Halliburton Stock

0.81	VTOL	Bristow Group	Pair Corr
0.89	WFRD	Weatherford International	Pair Corr
0.87	WTTR	Select Energy Services Earnings Call Tomorrow	Pair Corr
0.69	CHX	ChampionX	Pair Corr
0.91	CLB	Core Laboratories	Pair Corr
0.81	DTI	Drilling Tools Inter	Pair Corr
0.9	HLX	Helix Energy Solutions Earnings Call This Week	Pair Corr
0.65	NOV	NOV Inc	Pair Corr
0.92	OII	Oceaneering International Earnings Call This Week	Pair Corr
0.61	OIS	Oil States International Earnings Call Tomorrow	Pair Corr
0.7	SLB	Schlumberger NV Aggressive Push	Pair Corr
0.91	WHD	Cactus Inc	Pair Corr
0.71	GEOS	Geospace Technologies	Pair Corr
0.65	KLXE	KLX Energy Services	Pair Corr
0.72	NESRW	National Energy Services	Pair Corr

Moving against Halliburton Stock

0.34	EFXT	Enerflex	Pair Corr
0.34	FET	Forum Energy Technologies	Pair Corr
0.46	KGS	Kodiak Gas Services,	Pair Corr
0.45	SEI	Solaris Energy Infra Earnings Call This Week	Pair Corr
0.58	NCSM	NCS Multistage Holdings	Pair Corr
0.45	USAC	USA Compression Partners	Pair Corr
0.33	AROC	Archrock Earnings Call Tomorrow	Pair Corr
0.31	NESR	National Energy Services	Pair Corr

Related Correlations Analysis

	BKR	NOV	TS	WFRD	SLB	CHX	FTI	DNOW	OII	WFTUF
BKR		0.39	0.43	-0.22	0.47	0.49	0.52	0.37	-0.04	0.0	BKR
NOV	0.39		-0.12	0.71	0.83	0.81	0.01	0.51	0.64	0.0	NOV
TS	0.43	-0.12		-0.41	-0.04	-0.05	0.83	0.03	-0.13	0.0	TS
WFRD	-0.22	0.71	-0.41		0.65	0.64	-0.2	0.32	0.85	0.0	WFRD
SLB	0.47	0.83	-0.04	0.65		0.99	0.14	0.69	0.65	0.0	SLB
CHX	0.49	0.81	-0.05	0.64	0.99		0.14	0.65	0.64	0.0	CHX
FTI	0.52	0.01	0.83	-0.2	0.14	0.14		-0.01	0.16	0.0	FTI
DNOW	0.37	0.51	0.03	0.32	0.69	0.65	-0.01		0.27	0.0	DNOW
OII	-0.04	0.64	-0.13	0.85	0.65	0.64	0.16	0.27		0.0	OII
WFTUF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		WFTUF
	BKR	NOV	TS	WFRD	SLB	CHX	FTI	DNOW	OII	WFTUF

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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

CHX	+ 0.99	SLB
OII	+ 0.85	WFRD
SLB	+ 0.83	NOV
FTI	+ 0.83	TS
CHX	+ 0.81	NOV
WFRD	+ 0.71	NOV

High negative correlations

WFRD	- 0.41	TS
WFRD	- 0.22	BKR
FTI	- 0.2	WFRD
OII	- 0.13	TS
TS	- 0.12	NOV
CHX	- 0.05	TS

Risk-Adjusted Indicators

There is a big difference between Halliburton Stock performing well and Halliburton 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 Halliburton'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
BKR	1.26	0.13	0.08	0.33	1.52	(1.43)	3.38	(2.81)	8.01
NOV	1.40	(0.05)	0.00	(0.05)	0.00	0.00	2.32	(2.54)	18.47
TS	0.99	0.09	0.06	0.27	1.28	(1.00)	1.70	(2.32)	6.28
WFRD	1.93	(0.30)	0.00	(0.35)	0.00	0.00	3.51	(3.88)	9.72
SLB	1.22	(0.03)	0.00	(0.03)	0.00	0.00	2.61	(2.52)	10.89
CHX	1.34	(0.06)	0.00	(0.06)	0.00	0.00	2.85	(2.87)	12.12
FTI	1.31	0.09	0.05	0.11	1.63	(1.41)	3.22	(2.93)	8.95
DNOW	1.67	0.32	0.17	0.26	1.47	(1.88)	2.70	(2.72)	12.65
OII	1.71	(0.13)	0.00	(0.14)	0.00	0.00	3.00	(3.43)	9.79
WFTUF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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