Suncor Energy Correlations

SU Stock

USD 37.59 0.08 0.21%

The current 90-days correlation between Suncor Energy and Imperial Oil is 0.72 (i.e., Poor diversification). The correlation of Suncor 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Suncor Energy Correlation With Market

Weak diversification

The correlation between Suncor Energy and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Suncor 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 Suncor 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 employment.

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

Moving together with Suncor Stock

0.62	BP	BP PLC ADR	Pair Corr
0.67	CVX	Chevron Corp	Pair Corr
0.75	IMO	Imperial Oil	Pair Corr
0.84	PBR	Petroleo Brasileiro Aggressive Push	Pair Corr
0.61	CGBSW	Crown LNG Holdings	Pair Corr
0.72	SLNG	Stabilis Solutions	Pair Corr
0.72	DINO	HF Sinclair Corp	Pair Corr
0.64	AR	Antero Resources Corp	Pair Corr
0.65	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.66	PR	Permian Resources	Pair Corr
0.78	SD	SandRidge Energy	Pair Corr
0.63	TK	Teekay	Pair Corr
0.69	TS	Tenaris SA ADR	Pair Corr

Moving against Suncor Stock

0.4

Empire Petroleum Corp Earnings Call This Week

Pair Corr

Related Correlations Analysis

	IMO	EC	PBR	EQNR	CVE	E	TTE	CVX	BP	SHEL
IMO		0.61	0.71	0.26	0.09	0.65	0.65	0.85	0.67	0.67	IMO
EC	0.61		0.66	0.17	-0.26	0.85	0.9	0.73	0.93	0.87	EC
PBR	0.71	0.66		0.29	0.35	0.53	0.55	0.63	0.66	0.58	PBR
EQNR	0.26	0.17	0.29		0.24	0.46	0.31	0.43	0.31	0.45	EQNR
CVE	0.09	-0.26	0.35	0.24		-0.3	-0.37	-0.16	-0.14	-0.31	CVE
E	0.65	0.85	0.53	0.46	-0.3		0.93	0.87	0.89	0.97	E
TTE	0.65	0.9	0.55	0.31	-0.37	0.93		0.83	0.92	0.95	TTE
CVX	0.85	0.73	0.63	0.43	-0.16	0.87	0.83		0.81	0.87	CVX
BP	0.67	0.93	0.66	0.31	-0.14	0.89	0.92	0.81		0.91	BP
SHEL	0.67	0.87	0.58	0.45	-0.31	0.97	0.95	0.87	0.91		SHEL
	IMO	EC	PBR	EQNR	CVE	E	TTE	CVX	BP	SHEL

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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

SHEL	+ 0.97	E
SHEL	+ 0.95	TTE
BP	+ 0.93	EC
TTE	+ 0.93	E
BP	+ 0.92	TTE
SHEL	+ 0.91	BP

High negative correlations

TTE	- 0.37	CVE
SHEL	- 0.31	CVE
E	- 0.3	CVE
CVE	- 0.26	EC
CVX	- 0.16	CVE
BP	- 0.14	CVE

Risk-Adjusted Indicators

There is a big difference between Suncor Stock performing well and Suncor 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 Suncor 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
IMO	1.49	0.01	0.00	(0.06)	0.00	0.00	2.89	(4.03)	11.00
EC	1.79	0.38	0.17	0.38	1.81	(2.04)	4.99	(3.80)	11.63
PBR	1.26	0.09	0.07	0.13	1.78	(1.25)	3.07	(2.36)	10.11
EQNR	1.60	0.13	0.09	0.57	2.09	(1.63)	3.68	(3.54)	9.90
CVE	1.60	(0.04)	0.00	(0.12)	0.00	0.00	2.66	(2.91)	14.33
E	0.87	0.19	0.20	0.39	1.03	(0.87)	1.77	(1.52)	4.52
TTE	0.77	0.23	0.28	0.71	0.73	(0.85)	1.87	(1.44)	4.36
CVX	1.11	0.12	0.10	0.22	1.57	(1.04)	2.06	(2.72)	6.46
BP	1.09	0.25	0.20	0.60	1.25	(1.20)	2.50	(2.18)	10.62
SHEL	0.84	0.20	0.21	0.41	0.91	(0.87)	1.93	(1.91)	5.34

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