Kimbell Royalty Correlations

KRP Stock

USD 14.14 0.07 0.49%

The current 90-days correlation between Kimbell Royalty Partners and Dorchester Minerals LP is 0.34 (i.e., Weak diversification). The correlation of Kimbell Royalty 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.

Kimbell Royalty Correlation With Market

Weak diversification

The correlation between Kimbell Royalty Partners and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kimbell Royalty Partners and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kimbell Royalty Partners. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Kimbell Stock

0.78	PR	Permian Resources	Pair Corr
0.87	SM	SM Energy	Pair Corr
0.85	DMLP	Dorchester Minerals	Pair Corr
0.86	VIST	Vista Oil Gas	Pair Corr
0.86	VTLE	Vital Energy	Pair Corr
0.64	EONR	EON Resources Symbol Change	Pair Corr
0.74	FANG	Diamondback Energy	Pair Corr
0.87	APA	APA Corporation	Pair Corr
0.85	BKV	BKV Corporation	Pair Corr
0.78	BRY	Berry Petroleum Corp	Pair Corr
0.87	BTE	Baytex Energy Corp Buyout Trend	Pair Corr
0.66	CNQ	Canadian Natural Res	Pair Corr
0.84	CRC	California Resources Corp	Pair Corr
0.86	DEC	Diversified Energy	Pair Corr
0.76	EGY	Vaalco Energy	Pair Corr
0.92	GFR	Greenfire Resources	Pair Corr
0.76	GTE	Gran Tierra Energy	Pair Corr
0.91	HPK	Highpeak Energy Acqu	Pair Corr
0.87	KOS	Kosmos Energy	Pair Corr
0.76	MNR	Mach Natural Resources	Pair Corr

Moving against Kimbell Stock

0.56	EPSN	Epsilon Energy Potential Growth	Pair Corr
0.45	TXO	MorningStar Partners,	Pair Corr
0.37	VRN	Veren Inc Symbol Change	Pair Corr
0.31	HES	Hess	Pair Corr

Related Correlations Analysis

	DMLP	STR	CTRA	SJT	CRT	BSM	VOC	SBR	PRT	NRT
DMLP		0.24	-0.05	-0.56	-0.57	-0.3	0.85	-0.12	-0.37	0.1	DMLP
STR	0.24		0.76	0.13	0.29	0.47	0.23	0.23	0.29	0.63	STR
CTRA	-0.05	0.76		0.44	0.68	0.81	-0.24	0.69	0.69	0.83	CTRA
SJT	-0.56	0.13	0.44		0.71	0.8	-0.71	0.43	0.51	0.31	SJT
CRT	-0.57	0.29	0.68	0.71		0.78	-0.75	0.68	0.81	0.53	CRT
BSM	-0.3	0.47	0.81	0.8	0.78		-0.56	0.67	0.7	0.68	BSM
VOC	0.85	0.23	-0.24	-0.71	-0.75	-0.56		-0.46	-0.62	-0.15	VOC
SBR	-0.12	0.23	0.69	0.43	0.68	0.67	-0.46		0.77	0.72	SBR
PRT	-0.37	0.29	0.69	0.51	0.81	0.7	-0.62	0.77		0.64	PRT
NRT	0.1	0.63	0.83	0.31	0.53	0.68	-0.15	0.72	0.64		NRT
	DMLP	STR	CTRA	SJT	CRT	BSM	VOC	SBR	PRT	NRT

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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

VOC	+ 0.85	DMLP
NRT	+ 0.83	CTRA
BSM	+ 0.81	CTRA
PRT	+ 0.81	CRT
BSM	+ 0.8	SJT
BSM	+ 0.78	CRT

High negative correlations

VOC	- 0.75	CRT
VOC	- 0.71	SJT
PRT	- 0.62	VOC
CRT	- 0.57	DMLP
VOC	- 0.56	BSM
SJT	- 0.56	DMLP

Risk-Adjusted Indicators

There is a big difference between Kimbell Stock performing well and Kimbell Royalty 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 Kimbell Royalty'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
DMLP	0.90	(0.08)	0.00	(0.44)	0.00	0.00	1.86	(2.12)	8.10
STR	1.40	0.05	0.03	0.03	1.80	(1.48)	2.75	(3.01)	7.27
CTRA	1.43	0.29	0.16	0.76	1.52	(1.47)	3.01	(2.61)	7.66
SJT	2.93	0.44	0.14	0.57	2.79	(3.65)	8.62	(4.39)	19.05
CRT	1.47	0.30	0.19	0.59	1.43	(1.81)	3.17	(2.89)	9.53
BSM	0.92	0.16	0.16	0.55	0.95	(1.02)	2.32	(1.88)	5.27
VOC	2.13	(0.48)	0.00	(1.29)	0.00	0.00	2.96	(4.33)	18.49
SBR	1.03	0.14	0.11	0.21	1.28	(1.02)	1.73	(2.10)	8.93
PRT	1.70	0.34	0.14	0.35	2.09	(1.87)	3.65	(3.93)	11.42
NRT	2.38	0.36	0.14	4.27	2.24	(2.97)	7.36	(4.08)	17.43

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