Ovintiv Correlations

OVV Stock  USD 41.09  0.56  1.38%   
The correlation of Ovintiv 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.

Ovintiv Correlation With Market

Weak diversification

The correlation between Ovintiv and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ovintiv 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 Ovintiv. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.
For more information on how to buy Ovintiv Stock please use our How to Invest in Ovintiv guide.

Moving together with Ovintiv Stock

  0.81AR Antero Resources CorpPairCorr
  0.8PR Permian ResourcesPairCorr
  0.93SD SandRidge EnergyPairCorr
  0.75VTLE Vital EnergyPairCorr
  0.66EONR EON Resources Symbol ChangePairCorr
  0.7FANG Diamondback EnergyPairCorr
  0.8APA APA CorporationPairCorr
  0.73BKV BKV CorporationPairCorr
  0.66BRN Barnwell IndustriesPairCorr
  0.86BRY Berry Petroleum CorpPairCorr
  0.62BSM Black Stone MineralsPairCorr
  0.68BTE Baytex Energy Corp Aggressive PushPairCorr
  0.75COP ConocoPhillipsPairCorr
  0.72CRK Comstock ResourcesPairCorr
  0.79DVN Devon EnergyPairCorr
  0.92EOG EOG Resources Sell-off TrendPairCorr
  0.7EPM Evolution PetroleumPairCorr
  0.77EQT EQT CorporationPairCorr
  0.84EXE Expand Energy Symbol ChangePairCorr
  0.67HES HessPairCorr
  0.62MGY Magnolia Oil GasPairCorr
  0.67MNR Mach Natural ResourcesPairCorr
  0.69MXC Mexco EnergyPairCorr

Moving against Ovintiv Stock

  0.5CNX CNX Resources CorpPairCorr

Related Correlations Analysis

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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   
VETBTE
VTLEVET
VTLEBTE
CNQBTE
VETCNQ
VTLECNQ
  
High negative correlations   
ESTESD
ESTECPE
SDCPE
ESTESBOW
SDSBOW
CPESBOW

Risk-Adjusted Indicators

There is a big difference between Ovintiv Stock performing well and Ovintiv 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 Ovintiv'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
CPG  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
BTE  2.23 (0.16) 0.00 (0.33) 0.00 
 4.88 
 13.07 
OBE  2.38  0.11  0.06  0.40  3.01 
 5.08 
 23.14 
CNQ  1.30 (0.07) 0.00 (0.24) 0.00 
 2.15 
 8.71 
VET  1.91 (0.18) 0.00 (0.33) 0.00 
 4.79 
 14.06 
VTLE  2.58 (0.28) 0.00 (0.31) 0.00 
 5.35 
 18.53 
SBOW  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
CPE  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
SD  1.48  0.10  0.09  0.24  1.90 
 2.56 
 14.40 
ESTE  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 

Ovintiv Corporate Management

Rachel CHRPExecutive ServicesProfile
Brendan McCrackenExecutive Vice President - Corporate Development and External RelationsProfile
Michael McAllisterPresidentProfile
Joanne AlexanderExecutive Vice President General Counsel, Corporate SecretaryProfile
Renee ZemljakExecutive Vice President of Midstream, Marketing and FundamentalsProfile