Nabors Industries Correlations

NBR Stock

USD 43.51 0.27 0.62%

The current 90-days correlation between Nabors Industries and Helmerich and Payne is 0.69 (i.e., Poor diversification). The correlation of Nabors Industries 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.

Nabors Industries Correlation With Market

Weak diversification

The correlation between Nabors Industries 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 Nabors Industries 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 Nabors Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

To learn how to invest in Nabors Stock, please use our How to Invest in Nabors Industries guide.

Moving together with Nabors Stock

0.95	HP	Helmerich and Payne	Pair Corr
0.95	NE	Noble plc	Pair Corr
0.94	PDS	Precision Drilling	Pair Corr
0.95	RIG	Transocean Aggressive Push	Pair Corr
0.62	PTEN	Patterson UTI Energy	Pair Corr
0.77	SDRL	Seadrill Limited	Pair Corr
0.7	BORR	Borr Drilling	Pair Corr
0.8	DK	Delek Energy	Pair Corr
0.71	EE	Excelerate Energy	Pair Corr
0.83	PR	Permian Resources	Pair Corr
0.91	SM	SM Energy	Pair Corr
0.84	DLNG	Dynagas LNG Partners	Pair Corr
0.74	DMLP	Dorchester Minerals	Pair Corr
0.71	VIST	Vista Oil Gas	Pair Corr
0.65	VIVK	Vivakor	Pair Corr
0.64	VNOM	Viper Energy Ut	Pair Corr
0.81	VTLE	Vital Energy	Pair Corr
0.9	EFXT	Enerflex	Pair Corr
0.83	EONR	EON Resources Symbol Change	Pair Corr
0.78	WFRD	Weatherford International	Pair Corr

Moving against Nabors Stock

0.63	EC	Ecopetrol SA ADR	Pair Corr
0.57	AM	Antero Midstream Partners	Pair Corr
0.52	BP	BP PLC ADR	Pair Corr
0.51	E	Eni SpA ADR	Pair Corr
0.31	SOC	Sable Offshore Corp	Pair Corr
0.52	CQP	Cheniere Energy Partners	Pair Corr
0.4	EPSN	Epsilon Energy Potential Growth	Pair Corr
0.33	BSM	Black Stone Minerals	Pair Corr

Related Correlations Analysis

	HP	PDS	DO	SDRL	BORR	PTEN	NE	RIG
HP		0.91	0.0	0.76	0.69	0.5	0.88	0.86	HP
PDS	0.91		0.0	0.86	0.83	0.63	0.96	0.93	PDS
DO	0.0	0.0		0.0	0.0	0.0	0.0	0.0	DO
SDRL	0.76	0.86	0.0		0.97	0.52	0.88	0.84	SDRL
BORR	0.69	0.83	0.0	0.97		0.47	0.83	0.8	BORR
PTEN	0.5	0.63	0.0	0.52	0.47		0.66	0.69	PTEN
NE	0.88	0.96	0.0	0.88	0.83	0.66		0.98	NE
RIG	0.86	0.93	0.0	0.84	0.8	0.69	0.98		RIG
	HP	PDS	DO	SDRL	BORR	PTEN	NE	RIG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

RIG	+ 0.98	NE
BORR	+ 0.97	SDRL
NE	+ 0.96	PDS
RIG	+ 0.93	PDS
PDS	+ 0.91	HP
NE	+ 0.88	HP

High negative correlations

RIG	- 0.0	DO
NE	- 0.0	DO
PTEN	- 0.0	DO
BORR	- 0.0	DO
SDRL	- 0.0	DO
DO	- 0.0	PDS

Risk-Adjusted Indicators

There is a big difference between Nabors Stock performing well and Nabors Industries 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 Nabors Industries' 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
HP	1.99	(0.37)	0.00	(0.83)	0.00	0.00	4.46	(3.46)	20.97
PDS	1.67	(0.38)	0.00	(0.63)	0.00	0.00	3.02	(3.24)	12.42
DO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SDRL	2.02	(0.50)	0.00	(0.63)	0.00	0.00	3.06	(5.41)	13.22
BORR	2.81	(0.67)	0.00	(0.83)	0.00	0.00	4.84	(5.98)	13.75
PTEN	2.28	0.29	0.10	0.24	2.75	(2.60)	4.29	(4.04)	13.28
NE	1.86	(0.24)	0.00	(0.27)	0.00	0.00	3.30	(4.19)	13.82
RIG	2.54	(0.18)	0.00	(0.26)	0.00	0.00	5.16	(4.36)	14.82

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC