Petroleo Brasileiro Correlations

PBR Stock

USD 14.36 0.31 2.11%

The current 90-days correlation between Petroleo Brasileiro and Equinor ASA ADR is 0.38 (i.e., Weak diversification). The correlation of Petroleo Brasileiro 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.

Petroleo Brasileiro Correlation With Market

Average diversification

The correlation between Petroleo Brasileiro Petrobras and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Petroleo Brasileiro Petrobras 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 Petroleo Brasileiro Petrobras. 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.

Moving together with Petroleo Stock

0.78	BP	BP PLC ADR	Pair Corr
0.87	EC	Ecopetrol SA ADR	Pair Corr
0.82	EQNR	Equinor ASA ADR	Pair Corr
0.69	CVE	Cenovus Energy	Pair Corr
0.86	DINO	HF Sinclair Corp	Pair Corr
0.83	DK	Delek Energy	Pair Corr
0.75	NE	Noble plc	Pair Corr
0.84	SD	SandRidge Energy	Pair Corr

Moving against Petroleo Stock

0.57	LB	LandBridge Company	Pair Corr
0.42	EE	Excelerate Energy	Pair Corr
0.38	TGS	Transportadora de Gas	Pair Corr
0.34	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.34	NFG	National Fuel Gas	Pair Corr
0.33	HP	Helmerich and Payne	Pair Corr
0.31	EP	Empire Petroleum Corp	Pair Corr
0.55	DMLP	Dorchester Minerals	Pair Corr
0.55	ENLC	EnLink Midstream LLC	Pair Corr
0.55	IMPPP	Imperial Petroleum	Pair Corr
0.49	VNOM	Viper Energy Ut	Pair Corr
0.47	TS	Tenaris SA ADR	Pair Corr
0.44	DWSN	Dawson Geophysical	Pair Corr
0.4	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.35	EPSN	Epsilon Energy	Pair Corr

Related Correlations Analysis

	EC	EQNR	E	CVE	PBR-A	YPF	TGS	SHEL	XOM	CVX
EC		0.83	0.71	0.74	0.85	-0.57	-0.61	0.7	-0.37	-0.62	EC
EQNR	0.83		0.69	0.81	0.82	-0.39	-0.45	0.62	0.03	-0.31	EQNR
E	0.71	0.69		0.9	0.53	-0.73	-0.75	0.84	0.01	-0.48	E
CVE	0.74	0.81	0.9		0.7	-0.59	-0.67	0.82	0.18	-0.35	CVE
PBR-A	0.85	0.82	0.53	0.7		-0.25	-0.34	0.61	-0.02	-0.27	PBR-A
YPF	-0.57	-0.39	-0.73	-0.59	-0.25		0.97	-0.42	0.37	0.84	YPF
TGS	-0.61	-0.45	-0.75	-0.67	-0.34	0.97		-0.47	0.31	0.81	TGS
SHEL	0.7	0.62	0.84	0.82	0.61	-0.42	-0.47		0.03	-0.24	SHEL
XOM	-0.37	0.03	0.01	0.18	-0.02	0.37	0.31	0.03		0.74	XOM
CVX	-0.62	-0.31	-0.48	-0.35	-0.27	0.84	0.81	-0.24	0.74		CVX
	EC	EQNR	E	CVE	PBR-A	YPF	TGS	SHEL	XOM	CVX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

TGS	+ 0.97	YPF
CVE	+ 0.9	E
PBR-A	+ 0.85	EC
SHEL	+ 0.84	E
CVX	+ 0.84	YPF
EQNR	+ 0.83	EC

High negative correlations

TGS	- 0.75	E
YPF	- 0.73	E
TGS	- 0.67	CVE
CVX	- 0.62	EC
TGS	- 0.61	EC
YPF	- 0.59	CVE

Risk-Adjusted Indicators

There is a big difference between Petroleo Stock performing well and Petroleo Brasileiro 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 Petroleo Brasileiro'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
EC	1.39	(0.43)	0.00	(1.28)	0.00	0.00	2.46	(3.86)	8.46
EQNR	1.50	(0.14)	0.00	1.31	0.00	0.00	3.30	(4.50)	8.46
E	0.97	(0.19)	0.00	(2.80)	0.00	0.00	1.51	(2.34)	4.90
CVE	1.45	(0.35)	0.00	(0.94)	0.00	0.00	2.57	(3.60)	7.99
PBR-A	1.16	(0.14)	0.00	(0.33)	0.00	0.00	2.27	(2.81)	5.66
YPF	2.10	0.88	0.51	1.17	1.08	(2.76)	5.61	(2.51)	10.08
TGS	2.23	0.68	0.24	3.09	1.94	(2.54)	6.42	(3.08)	12.65
SHEL	0.99	(0.20)	0.00	(0.74)	0.00	0.00	1.42	(2.79)	5.88
XOM	1.02	(0.06)	(0.09)	0.00	1.34	(1.07)	2.10	(2.09)	5.74
CVX	0.90	0.07	0.02	0.22	1.05	(0.93)	2.21	(1.79)	5.13

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC