NOV Correlations

NOV Stock

USD 15.99 0.01 0.06%

The current 90-days correlation between NOV Inc and Oceaneering International is 0.86 (i.e., Very poor diversification). The correlation of NOV 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.

NOV Correlation With Market

Very weak diversification

The correlation between NOV Inc and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NOV Inc 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 NOV Inc. 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 NOV Stock

0.84	NR	Newpark Resources	Pair Corr
0.81	VTOL	Bristow Group	Pair Corr
0.86	WFRD	Weatherford International	Pair Corr
0.75	DTI	Drilling Tools Inter	Pair Corr
0.9	FET	Forum Energy Technologies	Pair Corr
0.7	HAL	Halliburton Fiscal Year End 28th of January 2025	Pair Corr
0.69	HLX	Helix Energy Solutions	Pair Corr
0.62	OIS	Oil States International	Pair Corr
0.61	XPRO	Expro Group Holdings	Pair Corr
0.64	TDW	Tidewater	Pair Corr
0.72	VAL	Valaris	Pair Corr
0.91	KLXE	KLX Energy Services	Pair Corr
0.65	LBRT	Liberty Oilfield Services Fiscal Year End 22nd of January 2025	Pair Corr

Moving against NOV Stock

0.45

DWSN

Dawson Geophysical

Pair Corr

Related Correlations Analysis

	DRQ	MRC	SOI	RNGR	VTOL	RES	OII	WHD	HAL
DRQ		-0.31	-0.63	-0.5	0.19	0.33	-0.26	-0.3	0.18	DRQ
MRC	-0.31		0.33	0.83	0.71	0.16	0.94	0.88	0.72	MRC
SOI	-0.63	0.33		0.34	-0.26	0.26	0.28	0.51	0.07	SOI
RNGR	-0.5	0.83	0.34		0.49	-0.22	0.81	0.8	0.47	RNGR
VTOL	0.19	0.71	-0.26	0.49		0.09	0.75	0.48	0.74	VTOL
RES	0.33	0.16	0.26	-0.22	0.09		0.2	0.32	0.53	RES
OII	-0.26	0.94	0.28	0.81	0.75	0.2		0.89	0.81	OII
WHD	-0.3	0.88	0.51	0.8	0.48	0.32	0.89		0.67	WHD
HAL	0.18	0.72	0.07	0.47	0.74	0.53	0.81	0.67		HAL
	DRQ	MRC	SOI	RNGR	VTOL	RES	OII	WHD	HAL

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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

OII	+ 0.94	MRC
WHD	+ 0.89	OII
WHD	+ 0.88	MRC
RNGR	+ 0.83	MRC
OII	+ 0.81	RNGR
HAL	+ 0.81	OII

High negative correlations

SOI	- 0.63	DRQ
RNGR	- 0.5	DRQ
MRC	- 0.31	DRQ
WHD	- 0.3	DRQ
VTOL	- 0.26	SOI
OII	- 0.26	DRQ

Risk-Adjusted Indicators

There is a big difference between NOV Stock performing well and NOV 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 NOV'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
DRQ	1.89	(0.08)	0.00	0.72	0.00	0.00	3.57	(4.30)	12.98
MRC	1.45	(0.12)	0.00	0.06	1.57	(1.72)	3.28	(2.94)	18.83
SOI	2.52	0.62	0.18	(1.63)	2.11	(3.13)	4.44	(4.19)	43.08
RNGR	1.39	0.40	0.21	0.75	1.29	(1.56)	3.56	(2.21)	6.77
VTOL	1.54	(0.16)	0.00	(0.01)	0.00	0.00	2.89	(2.86)	12.05
RES	2.09	(0.19)	(0.04)	0.01	2.42	(2.40)	4.55	(4.55)	14.14
OII	2.12	(0.11)	0.01	0.07	2.48	(2.27)	4.23	(4.07)	15.31
WHD	1.92	(0.04)	0.03	0.10	2.19	(2.17)	3.85	(4.46)	16.21
HAL	1.42	(0.14)	(0.06)	0.00	1.86	(1.48)	3.03	(3.67)	10.02

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