Precision Drilling Correlations

PDS Stock

USD 44.98 0.48 1.06%

The current 90-days correlation between Precision Drilling and Helmerich and Payne is 0.53 (i.e., Very weak diversification). The correlation of Precision Drilling 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.

Precision Drilling Correlation With Market

Modest diversification

The correlation between Precision Drilling and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Precision Drilling 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 Precision Drilling. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

For more information on how to buy Precision Stock please use our How to Invest in Precision Drilling guide.

Moving together with Precision Stock

0.91	HP	Helmerich and Payne	Pair Corr
0.96	NE	Noble plc	Pair Corr
0.94	NBR	Nabors Industries	Pair Corr
0.93	RIG	Transocean	Pair Corr
0.95	SDRL	Seadrill Limited	Pair Corr
0.92	BORR	Borr Drilling	Pair Corr
0.61	DINO	HF Sinclair Corp	Pair Corr
0.79	DK	Delek Energy	Pair Corr
0.73	EE	Excelerate Energy	Pair Corr
0.95	EU	enCore Energy Corp	Pair Corr
0.84	PR	Permian Resources	Pair Corr
0.96	SM	SM Energy	Pair Corr
0.61	TK	Teekay	Pair Corr
0.89	DLNG	Dynagas LNG Partners	Pair Corr
0.86	DMLP	Dorchester Minerals	Pair Corr
0.92	VIST	Vista Oil Gas	Pair Corr
0.66	VIVK	Vivakor	Pair Corr
0.82	VNOM	Viper Energy Ut	Pair Corr
0.91	VTLE	Vital Energy	Pair Corr
0.61	VTOL	Bristow Group	Pair Corr
0.97	EFXT	Enerflex	Pair Corr
0.83	EONR	EON Resources Symbol Change	Pair Corr

Moving against Precision Stock

0.63	AM	Antero Midstream Partners	Pair Corr
0.6	EC	Ecopetrol SA ADR	Pair Corr
0.58	E	Eni SpA ADR	Pair Corr
0.57	NC	NACCO Industries	Pair Corr
0.5	BP	BP PLC ADR	Pair Corr
0.51	EPSN	Epsilon Energy	Pair Corr
0.34	BSM	Black Stone Minerals	Pair Corr

Related Correlations Analysis

	HP	NBR	DO	SDRL	PTEN	NE	BORR	RIG
HP		0.95	0.0	0.89	0.37	0.88	0.83	0.86	HP
NBR	0.95		0.0	0.93	0.46	0.95	0.87	0.95	NBR
DO	0.0	0.0		0.0	0.0	0.0	0.0	0.0	DO
SDRL	0.89	0.93	0.0		0.34	0.94	0.97	0.92	SDRL
PTEN	0.37	0.46	0.0	0.34		0.57	0.28	0.58	PTEN
NE	0.88	0.95	0.0	0.94	0.57		0.89	0.98	NE
BORR	0.83	0.87	0.0	0.97	0.28	0.89		0.88	BORR
RIG	0.86	0.95	0.0	0.92	0.58	0.98	0.88		RIG
	HP	NBR	DO	SDRL	PTEN	NE	BORR	RIG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

RIG	+ 0.98	NE
BORR	+ 0.97	SDRL
NBR	+ 0.95	HP
NE	+ 0.95	NBR
RIG	+ 0.95	NBR
NE	+ 0.94	SDRL

High negative correlations

RIG	- 0.0	DO
BORR	- 0.0	DO
NE	- 0.0	DO
PTEN	- 0.0	DO
SDRL	- 0.0	DO
DO	- 0.0	NBR

Risk-Adjusted Indicators

There is a big difference between Precision Stock performing well and Precision Drilling 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 Precision Drilling'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
HP	1.99	(0.37)	0.00	(0.83)	0.00	0.00	4.46	(3.46)	20.97
NBR	3.06	(0.46)	0.00	(0.42)	0.00	0.00	6.00	(6.51)	14.71
DO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SDRL	1.92	(0.55)	0.00	(0.69)	0.00	0.00	3.06	(5.41)	13.22
PTEN	2.29	0.24	0.08	0.16	2.69	(2.62)	5.03	(4.04)	14.39
NE	1.86	(0.24)	0.00	(0.27)	0.00	0.00	3.30	(4.19)	13.82
BORR	2.72	(0.62)	0.00	(0.90)	0.00	0.00	4.84	(5.98)	13.75
RIG	2.54	(0.18)	0.00	(0.26)	0.00	0.00	5.16	(4.36)	14.82

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