Noble Plc Correlations

NE Stock

USD 24.56 0.38 1.57%

The current 90-days correlation between Noble plc and Seadrill Limited is 0.74 (i.e., Poor diversification). The correlation of Noble Plc 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.

Noble Plc Correlation With Market

Very weak diversification

The correlation between Noble plc and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Noble plc 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 Noble plc. 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.

For information on how to trade Noble Stock refer to our How to Trade Noble Stock guide.

Moving together with Noble Stock

0.87	HP	Helmerich and Payne	Pair Corr
0.93	NBR	Nabors Industries	Pair Corr
0.96	PDS	Precision Drilling	Pair Corr
0.98	RIG	Transocean Aggressive Push	Pair Corr
0.93	SDRL	Seadrill Limited	Pair Corr
0.88	BORR	Borr Drilling	Pair Corr
0.68	DINO	HF Sinclair Corp	Pair Corr
0.9	DK	Delek Energy	Pair Corr
0.73	EE	Excelerate Energy	Pair Corr
0.62	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.91	EU	enCore Energy Corp	Pair Corr
0.9	PR	Permian Resources	Pair Corr
0.95	SM	SM Energy	Pair Corr
0.65	TS	Tenaris SA ADR	Pair Corr
0.82	DLNG	Dynagas LNG Partners	Pair Corr
0.79	DMLP	Dorchester Minerals	Pair Corr
0.85	VIST	Vista Oil Gas	Pair Corr
0.62	VIVK	Vivakor	Pair Corr
0.81	VNOM	Viper Energy Ut	Pair Corr
0.9	VTLE	Vital Energy	Pair Corr
0.94	EFXT	Enerflex	Pair Corr
0.84	EONR	EON Resources Symbol Change	Pair Corr

Moving against Noble Stock

0.49	AM	Antero Midstream Partners	Pair Corr
0.48	EC	Ecopetrol SA ADR	Pair Corr
0.43	NC	NACCO Industries	Pair Corr
0.4	E	Eni SpA ADR	Pair Corr
0.36	BP	BP PLC ADR	Pair Corr
0.43	EPSN	Epsilon Energy	Pair Corr
0.43	CQP	Cheniere Energy Partners	Pair Corr

Related Correlations Analysis

	SDRL	BORR	PTEN	RIG	DO	NBR	HP	PDS	ICD
SDRL		0.96	0.3	0.93	0.0	0.93	0.89	0.94	0.0	SDRL
BORR	0.96		0.26	0.89	0.0	0.86	0.82	0.91	0.0	BORR
PTEN	0.3	0.26		0.52	0.0	0.37	0.33	0.53	0.0	PTEN
RIG	0.93	0.89	0.52		0.0	0.94	0.86	0.94	0.0	RIG
DO	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	DO
NBR	0.93	0.86	0.37	0.94	0.0		0.94	0.92	0.0	NBR
HP	0.89	0.82	0.33	0.86	0.0	0.94		0.91	0.0	HP
PDS	0.94	0.91	0.53	0.94	0.0	0.92	0.91		0.0	PDS
ICD	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		ICD
	SDRL	BORR	PTEN	RIG	DO	NBR	HP	PDS	ICD

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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

BORR	+ 0.96	SDRL
PDS	+ 0.94	SDRL
NBR	+ 0.94	RIG
PDS	+ 0.94	RIG
HP	+ 0.94	NBR
RIG	+ 0.93	SDRL

High negative correlations

ICD	- 0.0	PDS
ICD	- 0.0	HP
ICD	- 0.0	NBR
ICD	- 0.0	DO
PDS	- 0.0	DO
HP	- 0.0	DO

Risk-Adjusted Indicators

There is a big difference between Noble Stock performing well and Noble Plc 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 Noble Plc'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
SDRL	1.95	(0.59)	0.00	(0.77)	0.00	0.00	3.10	(5.41)	13.22
BORR	2.75	(0.60)	0.00	(1.01)	0.00	0.00	4.84	(5.98)	13.75
PTEN	2.26	0.17	0.06	0.08	2.74	(2.49)	4.29	(4.04)	14.39
RIG	2.56	(0.23)	0.00	(0.32)	0.00	0.00	5.16	(4.36)	14.82
DO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NBR	3.08	(0.47)	0.00	(0.46)	0.00	0.00	6.00	(6.51)	14.71
HP	2.00	(0.35)	0.00	(0.82)	0.00	0.00	4.46	(3.46)	20.97
PDS	1.66	(0.37)	0.00	(0.70)	0.00	0.00	3.02	(3.24)	12.42
ICD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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