National Energy Correlations

NESRW Stock

USD 0.31 0.04 11.43%

The current 90-days correlation between National Energy Services and PAVmed Series Z is -0.13 (i.e., Good diversification). The correlation of National Energy 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.

National Energy Correlation With Market

Significant diversification

The correlation between National Energy Services and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding National Energy Services 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 National Energy Services. 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 National Stock

0.64	CLB	Core Laboratories	Pair Corr
0.64	FTI	TechnipFMC PLC	Pair Corr
0.77	KGS	Kodiak Gas Services,	Pair Corr
0.75	MRC	MRC Global	Pair Corr
0.66	NGS	Natural Gas Services Earnings Call This Week	Pair Corr
0.67	XPRO	Expro Group Holdings	Pair Corr
0.74	RES	RPC Inc	Pair Corr
0.62	TDW	Tidewater	Pair Corr
0.77	TTI	Tetra Technologies	Pair Corr
0.72	VAL	Valaris	Pair Corr
0.68	WHD	Cactus Inc	Pair Corr
0.67	KLXE	KLX Energy Services	Pair Corr
0.76	NESR	National Energy Services	Pair Corr

Related Correlations Analysis

	PAVMZ	OXBRW	MDGSW	ADILW	CREXW
PAVMZ		-0.27	0.0	0.0	0.0	PAVMZ
OXBRW	-0.27		0.0	0.0	0.0	OXBRW
MDGSW	0.0	0.0		0.0	0.0	MDGSW
ADILW	0.0	0.0	0.0		0.0	ADILW
CREXW	0.0	0.0	0.0	0.0		CREXW
	PAVMZ	OXBRW	MDGSW	ADILW	CREXW

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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

MDGSW	+ 0.0	PAVMZ
ADILW	+ 0.0	PAVMZ
CREXW	+ 0.0	PAVMZ
MDGSW	+ 0.0	OXBRW
ADILW	+ 0.0	OXBRW
CREXW	+ 0.0	OXBRW

High negative correlations

OXBRW	- 0.27	PAVMZ
CREXW	- 0.0	ADILW
CREXW	- 0.0	MDGSW
ADILW	- 0.0	MDGSW
CREXW	- 0.0	OXBRW
ADILW	- 0.0	OXBRW

Risk-Adjusted Indicators

There is a big difference between National Stock performing well and National Energy 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 National Energy'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
PAVMZ	18.34	2.38	0.09	0.52	19.00	(26.36)	59.57	(32.67)	188.38
OXBRW	7.76	1.16	0.10	(3.49)	8.28	(11.84)	21.31	(12.94)	82.06
MDGSW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ADILW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CREXW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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