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

0.81	AR	Antero Resources Corp	Pair Corr
0.8	PR	Permian Resources	Pair Corr
0.93	SD	SandRidge Energy	Pair Corr
0.75	VTLE	Vital Energy	Pair Corr
0.66	EONR	EON Resources Symbol Change	Pair Corr
0.7	FANG	Diamondback Energy	Pair Corr
0.8	APA	APA Corporation	Pair Corr
0.73	BKV	BKV Corporation	Pair Corr
0.66	BRN	Barnwell Industries	Pair Corr
0.86	BRY	Berry Petroleum Corp	Pair Corr
0.62	BSM	Black Stone Minerals	Pair Corr
0.68	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.75	COP	ConocoPhillips	Pair Corr
0.72	CRK	Comstock Resources	Pair Corr
0.79	DVN	Devon Energy	Pair Corr
0.92	EOG	EOG Resources Sell-off Trend	Pair Corr
0.7	EPM	Evolution Petroleum	Pair Corr
0.77	EQT	EQT Corporation	Pair Corr
0.84	EXE	Expand Energy Symbol Change	Pair Corr
0.67	HES	Hess	Pair Corr
0.62	MGY	Magnolia Oil Gas	Pair Corr
0.67	MNR	Mach Natural Resources	Pair Corr
0.69	MXC	Mexco Energy	Pair Corr

Moving against Ovintiv Stock

0.5

CNX

CNX Resources Corp

Pair Corr

Related Correlations Analysis

	CPG	BTE	OBE	CNQ	VET	VTLE	SBOW	CPE	SD	ESTE
CPG		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	CPG
BTE	0.0		0.76	0.9	0.97	0.92	0.0	0.0	0.64	0.0	BTE
OBE	0.0	0.76		0.64	0.69	0.55	0.0	0.0	0.64	0.0	OBE
CNQ	0.0	0.9	0.64		0.9	0.8	0.0	0.0	0.46	0.0	CNQ
VET	0.0	0.97	0.69	0.9		0.93	0.0	0.0	0.62	0.0	VET
VTLE	0.0	0.92	0.55	0.8	0.93		0.0	0.0	0.68	0.0	VTLE
SBOW	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	SBOW
CPE	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CPE
SD	0.0	0.64	0.64	0.46	0.62	0.68	0.0	0.0		0.0	SD
ESTE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		ESTE
	CPG	BTE	OBE	CNQ	VET	VTLE	SBOW	CPE	SD	ESTE

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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	+ 0.93	VET
VTLE	+ 0.92	BTE
CNQ	+ 0.9	BTE
VET	+ 0.9	CNQ
VTLE	+ 0.8	CNQ

High negative correlations

ESTE	- 0.0	SD
ESTE	- 0.0	CPE
SD	- 0.0	CPE
ESTE	- 0.0	SBOW
SD	- 0.0	SBOW
CPE	- 0.0	SBOW

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CPG	0.00	0.00	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	0.00	4.88	(5.20)	13.07
OBE	2.38	0.11	0.06	0.40	3.01	(2.81)	5.08	(3.50)	23.14
CNQ	1.30	(0.07)	0.00	(0.24)	0.00	0.00	2.15	(2.88)	8.71
VET	1.91	(0.18)	0.00	(0.33)	0.00	0.00	4.79	(4.03)	14.06
VTLE	2.58	(0.28)	0.00	(0.31)	0.00	0.00	5.35	(6.93)	18.53
SBOW	0.00	0.00	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	0.00	0.00
SD	1.48	0.10	0.09	0.24	1.90	(1.66)	2.56	(2.76)	14.40
ESTE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Ovintiv Corporate Management

Rachel CHRP	Executive Services	Profile
Brendan McCracken	Executive Vice President - Corporate Development and External Relations	Profile
Michael McAllister	President	Profile
Joanne Alexander	Executive Vice President General Counsel, Corporate Secretary	Profile
Renee Zemljak	Executive Vice President of Midstream, Marketing and Fundamentals	Profile

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