Tidewater Correlations

TDW Stock

USD 51.72 1.45 2.88%

The current 90-days correlation between Tidewater and Weatherford International PLC is 0.66 (i.e., Poor diversification). The correlation of Tidewater 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.

Tidewater Correlation With Market

Very weak diversification

The correlation between Tidewater and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tidewater 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 Tidewater. 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 Tidewater Stock please use our How to Invest in Tidewater guide.

Moving together with Tidewater Stock

0.77	WFRD	Weatherford International	Pair Corr
0.81	DTI	Drilling Tools Inter	Pair Corr
0.75	FET	Forum Energy Technologies	Pair Corr
0.91	XPRO	Expro Group Holdings	Pair Corr
0.96	VAL	Valaris	Pair Corr
0.73	LBRT	Liberty Oilfield Services Fiscal Year End 22nd of January 2025	Pair Corr

Moving against Tidewater Stock

0.85	TS	Tenaris SA ADR	Pair Corr
0.85	KGS	Kodiak Gas Services,	Pair Corr
0.83	EFXT	Enerflex	Pair Corr
0.8	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.8	FTK	Flotek Industries	Pair Corr
0.76	SEI	Solaris Energy Infra Symbol Change	Pair Corr
0.71	SND	Smart Sand	Pair Corr
0.65	NGS	Natural Gas Services	Pair Corr
0.58	FTI	TechnipFMC PLC	Pair Corr
0.49	MRC	MRC Global	Pair Corr
0.48	CLB	Core Laboratories	Pair Corr
0.45	OII	Oceaneering International	Pair Corr
0.31	OIS	Oil States International	Pair Corr
0.82	AE	Adams Resources Energy	Pair Corr
0.76	PFIE	Profire Ene	Pair Corr
0.76	RNGR	Ranger Energy Services	Pair Corr
0.74	TTI	Tetra Technologies	Pair Corr
0.73	AROC	Archrock	Pair Corr
0.69	GEOS	Geospace Technologies	Pair Corr
0.66	AR	Antero Resources Corp Potential Growth	Pair Corr
0.64	USAC	USA Compression Partners	Pair Corr
0.62	AM	Antero Midstream Partners	Pair Corr
0.58	WHD	Cactus Inc	Pair Corr

Related Correlations Analysis

	WFRD	NOV	LBRT	FTI	WFTUF	CHX	VAL	XPRO	NGS
WFRD		0.82	0.8	-0.16	-0.1	0.39	0.79	0.84	-0.18	WFRD
NOV	0.82		0.64	0.22	0.17	0.5	0.62	0.54	0.2	NOV
LBRT	0.8	0.64		-0.13	-0.09	0.43	0.74	0.83	-0.28	LBRT
FTI	-0.16	0.22	-0.13		0.51	0.63	-0.53	-0.49	0.88	FTI
WFTUF	-0.1	0.17	-0.09	0.51		0.11	-0.32	-0.22	0.72	WFTUF
CHX	0.39	0.5	0.43	0.63	0.11		0.06	0.15	0.43	CHX
VAL	0.79	0.62	0.74	-0.53	-0.32	0.06		0.89	-0.58	VAL
XPRO	0.84	0.54	0.83	-0.49	-0.22	0.15	0.89		-0.53	XPRO
NGS	-0.18	0.2	-0.28	0.88	0.72	0.43	-0.58	-0.53		NGS
	WFRD	NOV	LBRT	FTI	WFTUF	CHX	VAL	XPRO	NGS

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

XPRO	+ 0.89	VAL
NGS	+ 0.88	FTI
XPRO	+ 0.84	WFRD
XPRO	+ 0.83	LBRT
NOV	+ 0.82	WFRD
LBRT	+ 0.8	WFRD

High negative correlations

NGS	- 0.58	VAL
NGS	- 0.53	XPRO
VAL	- 0.53	FTI
XPRO	- 0.49	FTI
VAL	- 0.32	WFTUF
NGS	- 0.28	LBRT

Risk-Adjusted Indicators

There is a big difference between Tidewater Stock performing well and Tidewater 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 Tidewater'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
WFRD	2.08	(0.57)	0.00	(0.16)	0.00	0.00	3.51	(4.75)	14.60
NOV	1.25	(0.30)	0.00	(0.13)	0.00	0.00	1.99	(2.72)	11.26
LBRT	2.10	(0.28)	0.00	(0.08)	0.00	0.00	4.44	(4.06)	14.45
FTI	1.61	0.11	0.05	0.23	2.23	(1.58)	3.52	(3.50)	9.70
WFTUF	15.17	3.90	0.15	(0.52)	13.64	(26.87)	47.06	(28.57)	117.33
CHX	1.38	(0.17)	(0.06)	0.01	1.78	(1.50)	2.87	(3.32)	11.10
VAL	1.98	(0.51)	0.00	(0.38)	0.00	0.00	3.56	(4.15)	10.17
XPRO	2.12	(0.84)	0.00	(0.21)	0.00	0.00	4.03	(4.86)	15.49
NGS	2.16	0.20	0.13	0.24	2.15	(2.59)	4.13	(3.04)	14.29

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