Northern Oil Correlations

NOG Stock

USD 30.11 0.69 2.24%

The correlation of Northern Oil 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.

Northern Oil Correlation With Market

Significant diversification

The correlation between Northern Oil Gas and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Oil Gas 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 Northern Oil Gas. 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 Northern Stock

0.85	PR	Permian Resources	Pair Corr
0.95	SM	SM Energy	Pair Corr
0.84	DMLP	Dorchester Minerals	Pair Corr
0.94	VIST	Vista Oil Gas	Pair Corr
0.9	VTLE	Vital Energy	Pair Corr
0.81	EONR	EON Resources Symbol Change	Pair Corr
0.87	FANG	Diamondback Energy	Pair Corr
0.86	APA	APA Corporation	Pair Corr
0.84	BKV	BKV Corporation	Pair Corr
0.86	BRY	Berry Petroleum Corp	Pair Corr
0.88	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.79	CNQ	Canadian Natural Res	Pair Corr
0.75	COP	ConocoPhillips	Pair Corr
0.96	CRC	California Resources Corp	Pair Corr
0.88	DEC	Diversified Energy	Pair Corr
0.81	EGY	Vaalco Energy	Pair Corr
0.78	EPM	Evolution Petroleum	Pair Corr
0.91	GFR	Greenfire Resources	Pair Corr
0.88	GTE	Gran Tierra Energy	Pair Corr
0.9	HPK	Highpeak Energy Acqu	Pair Corr
0.91	KOS	Kosmos Energy	Pair Corr
0.86	KRP	Kimbell Royalty Partners	Pair Corr
0.63	MGY	Magnolia Oil Gas	Pair Corr
0.75	MNR	Mach Natural Resources	Pair Corr

Moving against Northern Stock

0.52

EPSN

Epsilon Energy Potential Growth

Pair Corr

Related Correlations Analysis

	ESTE	VTLE	CRK	MGY	OBE	MTDR	MUR	CIVI	SBOW	CHRD
ESTE		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	ESTE
VTLE	0.0		0.36	0.53	0.44	0.94	0.76	0.97	0.0	0.77	VTLE
CRK	0.0	0.36		0.69	0.56	0.46	0.42	0.4	0.0	0.48	CRK
MGY	0.0	0.53	0.69		0.53	0.66	0.73	0.58	0.0	0.77	MGY
OBE	0.0	0.44	0.56	0.53		0.46	0.61	0.47	0.0	0.59	OBE
MTDR	0.0	0.94	0.46	0.66	0.46		0.81	0.94	0.0	0.87	MTDR
MUR	0.0	0.76	0.42	0.73	0.61	0.81		0.73	0.0	0.95	MUR
CIVI	0.0	0.97	0.4	0.58	0.47	0.94	0.73		0.0	0.76	CIVI
SBOW	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	SBOW
CHRD	0.0	0.77	0.48	0.77	0.59	0.87	0.95	0.76	0.0		CHRD
	ESTE	VTLE	CRK	MGY	OBE	MTDR	MUR	CIVI	SBOW	CHRD

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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

CIVI	+ 0.97	VTLE
CHRD	+ 0.95	MUR
MTDR	+ 0.94	VTLE
CIVI	+ 0.94	MTDR
CHRD	+ 0.87	MTDR
MUR	+ 0.81	MTDR

High negative correlations

CHRD	- 0.0	SBOW
SBOW	- 0.0	CIVI
SBOW	- 0.0	MUR
SBOW	- 0.0	MTDR
SBOW	- 0.0	OBE
SBOW	- 0.0	MGY

Risk-Adjusted Indicators

There is a big difference between Northern Stock performing well and Northern Oil 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 Northern Oil'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
ESTE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VTLE	2.55	(0.35)	0.00	(0.30)	0.00	0.00	4.42	(6.93)	18.53
CRK	2.91	0.28	0.08	0.45	3.69	(2.91)	6.33	(5.45)	21.33
MGY	1.53	0.04	0.03	(0.01)	2.03	(1.54)	2.88	(3.30)	9.02
OBE	2.38	0.18	0.07	0.51	3.07	(2.69)	5.08	(3.50)	23.14
MTDR	1.71	(0.09)	0.00	(0.52)	0.00	0.00	3.60	(4.08)	13.35
MUR	1.82	(0.15)	0.00	(1.92)	0.00	0.00	3.83	(3.63)	12.15
CIVI	2.43	(0.31)	0.00	(0.43)	0.00	0.00	4.64	(5.49)	23.71
SBOW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CHRD	1.50	(0.08)	0.00	(1.23)	0.00	0.00	2.69	(3.08)	11.59

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