Tetra Technologies Correlations

TTI Stock

USD 3.35 0.06 1.76%

The current 90-days correlation between Tetra Technologies and MRC Global is 0.53 (i.e., Very weak diversification). The correlation of Tetra Technologies 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.

Tetra Technologies Correlation With Market

Weak diversification

The correlation between Tetra Technologies and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tetra Technologies 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 Tetra Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

For more detail on how to invest in Tetra Stock please use our How to Invest in Tetra Technologies guide.

Moving together with Tetra Stock

0.78	VTOL	Bristow Group	Pair Corr
0.63	EFXT	Enerflex	Pair Corr
0.69	WTTR	Select Energy Services	Pair Corr
0.77	BKR	Baker Hughes	Pair Corr
0.64	CLB	Core Laboratories	Pair Corr
0.77	FTI	TechnipFMC PLC	Pair Corr
0.66	HAL	Halliburton	Pair Corr
0.91	KGS	Kodiak Gas Services,	Pair Corr
0.76	MRC	MRC Global	Pair Corr
0.82	NGS	Natural Gas Services Earnings Call This Week	Pair Corr
0.62	NOV	NOV Inc	Pair Corr
0.63	OII	Oceaneering International	Pair Corr
0.75	OIS	Oil States International	Pair Corr
0.91	XPRO	Expro Group Holdings	Pair Corr
0.87	RES	RPC Inc	Pair Corr
0.75	TDW	Tidewater	Pair Corr
0.79	VAL	Valaris	Pair Corr
0.77	WHD	Cactus Inc	Pair Corr
0.72	KLXE	KLX Energy Services	Pair Corr
0.64	LBRT	Liberty Oilfield Services	Pair Corr
0.78	NESRW	National Energy Services	Pair Corr
0.86	NESR	National Energy Services	Pair Corr

Related Correlations Analysis

	MRC	OIS	SOI	RNGR	DRQ	OII	NEX	CHX	FTI	HLX
MRC		0.53	0.0	0.61	0.0	0.77	0.0	0.23	0.77	0.27	MRC
OIS	0.53		0.0	0.72	0.0	0.44	0.0	0.66	0.67	0.12	OIS
SOI	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SOI
RNGR	0.61	0.72	0.0		0.0	0.51	0.0	0.57	0.63	-0.12	RNGR
DRQ	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	DRQ
OII	0.77	0.44	0.0	0.51	0.0		0.0	-0.14	0.89	0.65	OII
NEX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	NEX
CHX	0.23	0.66	0.0	0.57	0.0	-0.14	0.0		0.18	-0.49	CHX
FTI	0.77	0.67	0.0	0.63	0.0	0.89	0.0	0.18		0.44	FTI
HLX	0.27	0.12	0.0	-0.12	0.0	0.65	0.0	-0.49	0.44		HLX
	MRC	OIS	SOI	RNGR	DRQ	OII	NEX	CHX	FTI	HLX

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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

FTI	+ 0.89	OII
OII	+ 0.77	MRC
FTI	+ 0.77	MRC
RNGR	+ 0.72	OIS
FTI	+ 0.67	OIS
CHX	+ 0.66	OIS

High negative correlations

HLX	- 0.49	CHX
CHX	- 0.14	OII
HLX	- 0.12	RNGR
HLX	- 0.0	NEX
FTI	- 0.0	NEX
CHX	- 0.0	NEX

Risk-Adjusted Indicators

There is a big difference between Tetra Stock performing well and Tetra Technologies 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 Tetra Technologies' 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
MRC	1.95	(0.04)	0.00	(0.09)	0.00	0.00	3.22	(4.41)	12.66
OIS	2.15	0.17	0.05	0.07	3.06	(2.25)	4.32	(3.24)	17.27
SOI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RNGR	1.79	(0.04)	0.00	(0.11)	0.00	0.00	3.34	(3.47)	11.28
DRQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OII	1.87	(0.19)	0.00	(0.25)	0.00	0.00	2.97	(4.06)	10.81
NEX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CHX	1.46	0.14	0.07	0.07	1.96	(1.50)	3.06	(3.09)	12.12
FTI	1.63	0.01	0.00	(0.06)	0.00	0.00	3.30	(4.22)	11.10
HLX	1.79	(0.01)	0.00	(0.07)	0.00	0.00	4.32	(3.49)	17.09

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