Hess Correlations

HES Stock

USD 156.58 0.79 0.50%

The current 90-days correlation between Hess and Diamondback Energy is 0.11 (i.e., Average diversification). The correlation of Hess 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Hess Correlation With Market

Average diversification

The correlation between Hess Corp. and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hess Corp. 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 Hess Corporation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Hess Stock

0.72	AR	Antero Resources Corp	Pair Corr
0.92	BSM	Black Stone Minerals	Pair Corr
0.62	CRK	Comstock Resources	Pair Corr
0.86	DVN	Devon Energy	Pair Corr
0.62	EOG	EOG Resources	Pair Corr
0.76	EQT	EQT Corporation	Pair Corr
0.74	EXE	Expand Energy Symbol Change	Pair Corr

Moving against Hess Stock

0.34	EP	Empire Petroleum Corp Earnings Call This Week	Pair Corr
0.65	CNX	CNX Resources Corp	Pair Corr
0.63	CKX	CKX Lands Earnings Call This Week	Pair Corr
0.4	GTE	Gran Tierra Energy	Pair Corr
0.32	CRC	California Resources Corp	Pair Corr
0.31	GFR	Greenfire Resources	Pair Corr
0.33	HPK	Highpeak Energy Acqu	Pair Corr

Related Correlations Analysis

	FANG	COP	PXD	APA	MRO	EOG	DVN	SWN	AR	CHK
FANG		0.83	0.0	0.84	0.0	0.6	0.34	0.0	0.4	0.0	FANG
COP	0.83		0.0	0.8	0.0	0.61	0.58	0.0	0.51	0.0	COP
PXD	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	PXD
APA	0.84	0.8	0.0		0.0	0.72	0.44	0.0	0.4	0.0	APA
MRO	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MRO
EOG	0.6	0.61	0.0	0.72	0.0		0.81	0.0	0.72	0.0	EOG
DVN	0.34	0.58	0.0	0.44	0.0	0.81		0.0	0.68	0.0	DVN
SWN	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	SWN
AR	0.4	0.51	0.0	0.4	0.0	0.72	0.68	0.0		0.0	AR
CHK	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CHK
	FANG	COP	PXD	APA	MRO	EOG	DVN	SWN	AR	CHK

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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

APA	+ 0.84	FANG
COP	+ 0.83	FANG
DVN	+ 0.81	EOG
APA	+ 0.8	COP
EOG	+ 0.72	APA
AR	+ 0.72	EOG

High negative correlations

CHK	- 0.0	AR
CHK	- 0.0	SWN
AR	- 0.0	SWN
CHK	- 0.0	DVN
SWN	- 0.0	DVN
CHK	- 0.0	EOG

Risk-Adjusted Indicators

There is a big difference between Hess Stock performing well and Hess 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 Hess' 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
FANG	1.43	0.02	0.00	(0.04)	0.00	0.00	2.24	(3.55)	9.40
COP	1.34	0.00	0.04	(0.05)	2.02	(1.25)	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
APA	1.88	(0.06)	0.00	(0.79)	0.00	0.00	3.02	(4.05)	14.84
MRO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EOG	1.15	0.02	0.00	(0.03)	0.00	0.00	2.35	(2.81)	8.25
DVN	1.71	0.09	0.08	(34.29)	2.07	(1.81)	2.98	(3.32)	12.69
SWN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AR	2.03	0.39	0.15	0.70	2.55	(2.26)	4.25	(3.44)	16.13
CHK	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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