SandRidge Energy Correlations

Stocks . USA . 
Stock . SandRidge Energy
SD Stock  USD 11.34  0.34  2.91%   
The current 90-days correlation between SandRidge Energy and Range Resources Corp is 0.53 (i.e., Very weak diversification). The correlation of SandRidge 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.

SandRidge Energy Correlation With Market

Average diversification

The correlation between SandRidge Energy and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SandRidge Energy and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SandRidge 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 unemployment.
For information on how to trade SandRidge Stock refer to our How to Trade SandRidge Stock guide.

Moving together with SandRidge Stock

  0.83AR Antero Resources CorpPairCorr
  0.69LB LandBridge CompanyPairCorr
  0.75PR Permian ResourcesPairCorr
  0.64VTLE Vital EnergyPairCorr
  0.61EONR EON Resources Symbol ChangePairCorr
  0.67FANG Diamondback EnergyPairCorr
  0.73APA APA CorporationPairCorr
  0.63BKV BKV CorporationPairCorr
  0.68BRY Berry Petroleum CorpPairCorr
  0.67BTE Baytex Energy Corp Aggressive PushPairCorr
  0.65COP ConocoPhillipsPairCorr
  0.81CRK Comstock ResourcesPairCorr
  0.68DVN Devon EnergyPairCorr
  0.89EOG EOG ResourcesPairCorr
  0.72EPM Evolution PetroleumPairCorr
  0.77EQT EQT CorporationPairCorr
  0.78EXE Expand Energy Symbol ChangePairCorr
  0.62MGY Magnolia Oil GasPairCorr
  0.66MNR Mach Natural ResourcesPairCorr

Moving against SandRidge Stock

  0.54CKX CKX Lands Earnings Call This WeekPairCorr
  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   
NOG
+ 0.95
SM
SM
+ 0.18
RRC
NOG
+ 0.1
RRC
CHK
+ 0.0
RRC
SWN
+ 0.0
RRC
SWN
+ 0.0
CHK
  
High negative correlations   
NOG
- 0.0
SWN
SM
- 0.0
SWN
NOG
- 0.0
CHK
SM
- 0.0
CHK
SWN
- 0.0
CHK
SWN
- 0.0
RRC

Risk-Adjusted Indicators

There is a big difference between SandRidge Stock performing well and SandRidge 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 SandRidge 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.

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