Obsidian Energy Correlations

OBE Stock

USD 5.83 0.18 3.19%

The current 90-days correlation between Obsidian Energy and Vital Energy is 0.4 (i.e., Very weak diversification). The correlation of Obsidian 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.

Obsidian Energy Correlation With Market

Significant diversification

The correlation between Obsidian Energy 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 Obsidian Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Obsidian Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

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

Moving together with Obsidian Stock

0.63	PR	Permian Resources	Pair Corr
0.65	SD	SandRidge Energy	Pair Corr
0.63	DMLP	Dorchester Minerals	Pair Corr
0.62	FANG	Diamondback Energy	Pair Corr
0.7	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.66	CNQ	Canadian Natural Res	Pair Corr

Moving against Obsidian Stock

0.36

ANNAW

AleAnna, Warrant

Pair Corr

Related Correlations Analysis

	BTE	VET	CNQ	OVV	CPG	VTLE	AR	CPE	SD	SBOW
BTE		0.97	0.87	0.68	0.0	0.93	0.32	0.0	0.67	0.0	BTE
VET	0.97		0.86	0.66	0.0	0.94	0.29	0.0	0.64	0.0	VET
CNQ	0.87	0.86		0.53	0.0	0.75	0.28	0.0	0.55	0.0	CNQ
OVV	0.68	0.66	0.53		0.0	0.7	0.82	0.0	0.94	0.0	OVV
CPG	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	CPG
VTLE	0.93	0.94	0.75	0.7	0.0		0.32	0.0	0.64	0.0	VTLE
AR	0.32	0.29	0.28	0.82	0.0	0.32		0.0	0.83	0.0	AR
CPE	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CPE
SD	0.67	0.64	0.55	0.94	0.0	0.64	0.83	0.0		0.0	SD
SBOW	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		SBOW
	BTE	VET	CNQ	OVV	CPG	VTLE	AR	CPE	SD	SBOW

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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

VET	+ 0.97	BTE
VTLE	+ 0.94	VET
SD	+ 0.94	OVV
VTLE	+ 0.93	BTE
CNQ	+ 0.87	BTE
CNQ	+ 0.86	VET

High negative correlations

SBOW	- 0.0	SD
SBOW	- 0.0	CPE
SD	- 0.0	CPE
SBOW	- 0.0	AR
CPE	- 0.0	AR
SBOW	- 0.0	VTLE

Risk-Adjusted Indicators

There is a big difference between Obsidian Stock performing well and Obsidian 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 Obsidian 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
BTE	2.22	(0.11)	0.00	(0.21)	0.00	0.00	4.96	(5.24)	13.19
VET	1.91	(0.11)	0.00	(0.20)	0.00	0.00	4.79	(4.03)	14.06
CNQ	1.29	0.02	0.00	(0.03)	0.00	0.00	2.38	(2.88)	8.71
OVV	1.81	0.15	0.05	0.07	2.64	(1.79)	3.95	(3.77)	13.37
CPG	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
AR	2.03	0.39	0.15	0.70	2.55	(2.26)	4.25	(3.44)	16.13
CPE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SD	1.50	0.08	0.07	0.18	1.92	(1.67)	2.56	(2.76)	14.40
SBOW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Obsidian Energy Corporate Management

Jay McGilvary	Senior Development	Profile
William Swadling	Vice Operations	Profile
Gary Sykes	Senior Development	Profile
Mark Hawkins	General Legal	Profile

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