Mesa Royalty Correlations

MTR Stock

USD 6.28 0.14 2.18%

The current 90-days correlation between Mesa Royalty Trust and PermRock Royalty Trust is 0.05 (i.e., Significant diversification). The correlation of Mesa 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.

Mesa Royalty Correlation With Market

Significant diversification

The correlation between Mesa Royalty Trust and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mesa Royalty Trust 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 Mesa Royalty Trust. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Mesa Stock

0.65

CAT

Caterpillar

Pair Corr

Moving against Mesa Stock

0.46	MCD	McDonalds	Pair Corr
0.45	LION	Lionsgate Studios Corp	Pair Corr

Related Correlations Analysis

	CRT	SJT	MVO	PRT	SBR	VOC	NRT	PVL
CRT		0.67	-0.66	0.72	0.53	-0.74	-0.01	0.46	CRT
SJT	0.67		-0.43	0.42	0.33	-0.69	0.02	0.55	SJT
MVO	-0.66	-0.43		-0.72	-0.53	0.87	0.0	-0.15	MVO
PRT	0.72	0.42	-0.72		0.64	-0.58	0.41	0.31	PRT
SBR	0.53	0.33	-0.53	0.64		-0.36	0.47	0.12	SBR
VOC	-0.74	-0.69	0.87	-0.58	-0.36		0.14	-0.34	VOC
NRT	-0.01	0.02	0.0	0.41	0.47	0.14		0.33	NRT
PVL	0.46	0.55	-0.15	0.31	0.12	-0.34	0.33		PVL
	CRT	SJT	MVO	PRT	SBR	VOC	NRT	PVL

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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	+ 0.87	MVO
PRT	+ 0.72	CRT
SJT	+ 0.67	CRT
SBR	+ 0.64	PRT
PVL	+ 0.55	SJT
SBR	+ 0.53	CRT

High negative correlations

VOC	- 0.74	CRT
PRT	- 0.72	MVO
VOC	- 0.69	SJT
MVO	- 0.66	CRT
VOC	- 0.58	PRT
SBR	- 0.53	MVO

Risk-Adjusted Indicators

There is a big difference between Mesa Stock performing well and Mesa 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 Mesa 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
CRT	1.43	0.37	0.27	(22.27)	1.28	(1.81)	3.17	(2.76)	9.53
SJT	2.87	0.47	0.19	(1.23)	2.52	(3.73)	8.62	(4.32)	19.05
MVO	2.97	(0.46)	0.00	(3.34)	0.00	0.00	5.25	(8.10)	22.34
PRT	1.48	0.28	0.17	(3.24)	1.68	(1.70)	3.03	(2.70)	11.42
SBR	0.97	0.02	0.07	(0.18)	1.38	(0.89)	1.70	(2.10)	4.81
VOC	2.19	(0.55)	0.00	0.87	0.00	0.00	2.96	(4.33)	18.49
NRT	2.38	0.37	0.15	2.46	2.24	(2.97)	7.36	(4.08)	17.43
PVL	1.53	0.10	0.08	0.68	1.76	(1.97)	3.33	(3.29)	10.66

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