North American Correlations

NOA Stock

USD 16.87 0.51 3.12%

The current 90-days correlation between North American Const and Enerflex is 0.5 (i.e., Very weak diversification). The correlation of North American 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.

North American Correlation With Market

Very weak diversification

The correlation between North American Construction and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding North American Construction 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 North American Construction. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with North Stock

0.93	EFXT	Enerflex	Pair Corr
0.9	WFRD	Weatherford International	Pair Corr
0.87	WTTR	Select Energy Services	Pair Corr
0.83	CLB	Core Laboratories	Pair Corr
0.81	DTI	Drilling Tools Inter	Pair Corr
0.63	FTI	TechnipFMC PLC	Pair Corr
0.87	GRO	Brazil Potash Corp Downward Rally	Pair Corr
0.78	HAL	Halliburton Aggressive Push	Pair Corr
0.77	HLX	Helix Energy Solutions	Pair Corr
0.62	MRC	MRC Global	Pair Corr
0.76	NGS	Natural Gas Services Earnings Call This Week	Pair Corr
0.91	OII	Oceaneering International	Pair Corr
0.67	XPRO	Expro Group Holdings	Pair Corr
0.67	RES	RPC Inc	Pair Corr
0.84	TDW	Tidewater	Pair Corr
0.65	VAL	Valaris	Pair Corr
0.82	WHD	Cactus Inc	Pair Corr
0.96	GEOS	Geospace Technologies	Pair Corr
0.65	KLXE	KLX Energy Services	Pair Corr
0.87	LBRT	Liberty Oilfield Services	Pair Corr

Moving against North Stock

0.5	FET	Forum Energy Technologies	Pair Corr
0.45	SLB	Schlumberger NV Aggressive Push	Pair Corr
0.43	CHX	ChampionX	Pair Corr
0.8	AM	Antero Midstream Partners	Pair Corr
0.76	EC	Ecopetrol SA ADR	Pair Corr
0.74	E	Eni SpA ADR	Pair Corr
0.72	INVX	Innovex International, Symbol Change	Pair Corr
0.67	BP	BP PLC ADR	Pair Corr
0.56	USAC	USA Compression Partners	Pair Corr
0.31	NCSM	NCS Multistage Holdings	Pair Corr

Related Correlations Analysis

	EFXT	DNOW	HLX	RES	GEOS	OIS	MRC
EFXT		-0.53	0.64	0.84	0.93	0.3	0.79	EFXT
DNOW	-0.53		-0.64	-0.24	-0.61	0.26	-0.21	DNOW
HLX	0.64	-0.64		0.37	0.73	0.13	0.29	HLX
RES	0.84	-0.24	0.37		0.68	0.63	0.88	RES
GEOS	0.93	-0.61	0.73	0.68		0.08	0.64	GEOS
OIS	0.3	0.26	0.13	0.63	0.08		0.52	OIS
MRC	0.79	-0.21	0.29	0.88	0.64	0.52		MRC
	EFXT	DNOW	HLX	RES	GEOS	OIS	MRC

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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

GEOS	+ 0.93	EFXT
MRC	+ 0.88	RES
RES	+ 0.84	EFXT
MRC	+ 0.79	EFXT
GEOS	+ 0.73	HLX
GEOS	+ 0.68	RES

High negative correlations

HLX	- 0.64	DNOW
GEOS	- 0.61	DNOW
DNOW	- 0.53	EFXT
RES	- 0.24	DNOW
MRC	- 0.21	DNOW

Risk-Adjusted Indicators

There is a big difference between North Stock performing well and North American 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 North American'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
EFXT	1.87	(0.27)	0.00	(0.27)	0.00	0.00	3.64	(4.67)	11.43
DNOW	2.00	0.35	0.16	0.27	1.93	(2.28)	3.81	(3.44)	25.53
HLX	1.79	(0.07)	0.00	(0.31)	0.00	0.00	4.32	(3.49)	17.09
RES	1.70	(0.07)	0.00	(0.12)	0.00	0.00	3.22	(3.92)	9.81
GEOS	1.91	(0.44)	0.00	(0.35)	0.00	0.00	2.04	(4.08)	19.90
OIS	2.15	0.15	0.04	25.98	3.08	(2.24)	4.32	(3.24)	17.27
MRC	1.96	(0.11)	0.00	(0.07)	0.00	0.00	3.22	(4.41)	12.66

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