SM Energy Correlations

SM Stock

USD 31.20 0.90 2.97%

The current 90-days correlation between SM Energy and Vital Energy is 0.85 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SM Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SM Energy Co moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SM Energy Correlation With Market

Modest diversification

The correlation between SM Energy Co and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SM Energy Co 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 SM Energy Co. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with SM Energy Stock

0.91	PR	Permian Resources	Pair Corr
0.86	DMLP	Dorchester Minerals	Pair Corr
0.9	VIST	Vista Oil Gas	Pair Corr
0.95	VTLE	Vital Energy	Pair Corr
0.81	EONR	EON Resources Symbol Change	Pair Corr
0.9	FANG	Diamondback Energy	Pair Corr
0.9	APA	APA Corporation	Pair Corr
0.87	BKV	BKV Corporation	Pair Corr
0.88	BRY	Berry Petroleum Corp	Pair Corr
0.96	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.88	CNQ	Canadian Natural Res	Pair Corr
0.76	COP	ConocoPhillips	Pair Corr
0.91	CRC	California Resources Corp	Pair Corr
0.91	DEC	Diversified Energy	Pair Corr
0.73	EGY	Vaalco Energy	Pair Corr
0.82	EPM	Evolution Petroleum	Pair Corr
0.93	GFR	Greenfire Resources	Pair Corr
0.86	GTE	Gran Tierra Energy	Pair Corr
0.92	HPK	Highpeak Energy Acqu	Pair Corr
0.92	KOS	Kosmos Energy	Pair Corr
0.86	KRP	Kimbell Royalty Partners	Pair Corr
0.66	MGY	Magnolia Oil Gas	Pair Corr
0.76	MNR	Mach Natural Resources	Pair Corr
0.87	MUR	Murphy Oil	Pair Corr
0.85	MXC	Mexco Energy	Pair Corr

Moving against SM Energy Stock

0.45

EPSN

Epsilon Energy

Pair Corr

Related Correlations Analysis

	VTLE	PR	MTDR	OBE	MGY	CIVI	RRC	CPE	FANG	AR
VTLE		0.9	0.96	0.51	0.6	0.97	0.34	0.0	0.86	0.39	VTLE
PR	0.9		0.97	0.64	0.78	0.9	0.47	0.0	0.96	0.45	PR
MTDR	0.96	0.97		0.57	0.71	0.95	0.42	0.0	0.96	0.43	MTDR
OBE	0.51	0.64	0.57		0.5	0.53	0.38	0.0	0.64	0.36	OBE
MGY	0.6	0.78	0.71	0.5		0.64	0.46	0.0	0.77	0.3	MGY
CIVI	0.97	0.9	0.95	0.53	0.64		0.37	0.0	0.86	0.41	CIVI
RRC	0.34	0.47	0.42	0.38	0.46	0.37		0.0	0.42	0.96	RRC
CPE	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CPE
FANG	0.86	0.96	0.96	0.64	0.77	0.86	0.42	0.0		0.39	FANG
AR	0.39	0.45	0.43	0.36	0.3	0.41	0.96	0.0	0.39		AR
	VTLE	PR	MTDR	OBE	MGY	CIVI	RRC	CPE	FANG	AR

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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

CIVI	+ 0.97	VTLE
MTDR	+ 0.97	PR
MTDR	+ 0.96	VTLE
FANG	+ 0.96	PR
FANG	+ 0.96	MTDR
AR	+ 0.96	RRC

High negative correlations

AR	- 0.0	CPE
FANG	- 0.0	CPE
CPE	- 0.0	RRC
CPE	- 0.0	CIVI
CPE	- 0.0	MGY
CPE	- 0.0	OBE

Risk-Adjusted Indicators

There is a big difference between SM Energy Stock performing well and SM 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 SM 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VTLE	2.53	(0.33)	0.00	(0.33)	0.00	0.00	4.42	(6.93)	18.53
PR	1.67	(0.01)	0.00	(0.11)	0.00	0.00	3.54	(3.65)	12.33
MTDR	1.69	(0.06)	0.00	(0.18)	0.00	0.00	3.58	(4.08)	13.35
OBE	2.35	0.08	0.05	0.27	3.06	(2.65)	5.08	(3.50)	23.14
MGY	1.51	(0.02)	0.00	(0.14)	0.00	0.00	2.81	(3.30)	9.02
CIVI	2.41	(0.29)	0.00	(0.48)	0.00	0.00	4.64	(5.49)	23.71
RRC	1.79	0.29	0.14	1.03	2.23	(1.94)	3.50	(3.61)	13.10
CPE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FANG	1.42	(0.02)	0.00	(0.14)	0.00	0.00	2.24	(3.55)	9.40
AR	2.07	0.45	0.17	0.99	2.58	(2.30)	4.46	(3.44)	16.13

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