Select Energy Correlations

WTTR Stock

USD 10.98 0.31 2.91%

The current 90-days correlation between Select Energy Services and Orion Engineered Carbons is 0.31 (i.e., Weak diversification). The correlation of Select 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.

Select Energy Correlation With Market

Weak diversification

The correlation between Select Energy Services and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Select Energy Services and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Select Energy Services. 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.

Moving together with Select Stock

0.75	VTOL	Bristow Group	Pair Corr
0.94	EFXT	Enerflex	Pair Corr
0.93	WFRD	Weatherford International	Pair Corr
0.86	CLB	Core Laboratories	Pair Corr
0.86	DTI	Drilling Tools Inter	Pair Corr
0.83	FTI	TechnipFMC PLC	Pair Corr
0.65	GRO	Brazil Potash Corp Trending	Pair Corr
0.84	HAL	Halliburton Aggressive Push	Pair Corr
0.76	KGS	Kodiak Gas Services,	Pair Corr
0.76	MRC	MRC Global	Pair Corr
0.91	NGS	Natural Gas Services Earnings Call This Week	Pair Corr
0.87	NOA	North American Const	Pair Corr
0.94	OII	Oceaneering International	Pair Corr
0.84	XPRO	Expro Group Holdings	Pair Corr
0.84	RES	RPC Inc	Pair Corr
0.64	SEI	Solaris Energy Infra Symbol Change	Pair Corr
0.93	TDW	Tidewater	Pair Corr
0.66	TTI	Tetra Technologies	Pair Corr
0.78	VAL	Valaris	Pair Corr
0.96	WHD	Cactus Inc	Pair Corr
0.88	GEOS	Geospace Technologies	Pair Corr
0.69	KLXE	KLX Energy Services	Pair Corr
0.9	LBRT	Liberty Oilfield Services	Pair Corr
0.61	NESRW	National Energy Services	Pair Corr
0.75	NESR	National Energy Services	Pair Corr

Moving against Select Stock

0.62	AM	Antero Midstream Partners	Pair Corr
0.6	E	Eni SpA ADR	Pair Corr
0.51	INVX	Innovex International, Symbol Change	Pair Corr
0.51	EC	Ecopetrol SA ADR	Pair Corr
0.45	BP	BP PLC ADR	Pair Corr

Related Correlations Analysis

	OEC	ESI	KRO	FF	PRM	ECVT	KWR	MTX	IOSP	FUL
OEC		0.3	0.72	0.64	0.7	0.47	0.53	0.73	0.57	0.87	OEC
ESI	0.3		0.08	-0.05	-0.04	0.31	0.38	0.01	-0.01	0.04	ESI
KRO	0.72	0.08		0.89	0.92	0.66	0.59	0.95	0.92	0.87	KRO
FF	0.64	-0.05	0.89		0.94	0.61	0.41	0.93	0.91	0.79	FF
PRM	0.7	-0.04	0.92	0.94		0.6	0.38	0.94	0.92	0.84	PRM
ECVT	0.47	0.31	0.66	0.61	0.6		0.59	0.59	0.66	0.44	ECVT
KWR	0.53	0.38	0.59	0.41	0.38	0.59		0.5	0.5	0.54	KWR
MTX	0.73	0.01	0.95	0.93	0.94	0.59	0.5		0.95	0.89	MTX
IOSP	0.57	-0.01	0.92	0.91	0.92	0.66	0.5	0.95		0.77	IOSP
FUL	0.87	0.04	0.87	0.79	0.84	0.44	0.54	0.89	0.77		FUL
	OEC	ESI	KRO	FF	PRM	ECVT	KWR	MTX	IOSP	FUL

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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

MTX	+ 0.95	KRO
IOSP	+ 0.95	MTX
PRM	+ 0.94	FF
MTX	+ 0.94	PRM
MTX	+ 0.93	FF
PRM	+ 0.92	KRO

High negative correlations

FF	- 0.05	ESI
PRM	- 0.04	ESI
IOSP	- 0.01	ESI

Risk-Adjusted Indicators

There is a big difference between Select Stock performing well and Select 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 Select 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
OEC	1.81	(0.28)	(0.32)	3.34	(3.55)	10.69
ESI	1.19	(0.12)	0.35	2.54	(3.07)	7.56
KRO	1.59	(0.34)	(0.35)	3.74	(3.20)	13.74
FF	1.47	(0.29)	(0.74)	2.20	(3.28)	12.49
PRM	2.08	(0.44)	(0.36)	3.59	(5.22)	13.42
ECVT	1.71	(0.22)	1.76	2.88	(4.01)	17.46
KWR	1.59	(0.16)	(0.21)	2.99	(4.00)	8.76
MTX	1.11	(0.25)	(0.35)	1.80	(2.93)	5.89
IOSP	1.32	(0.21)	(0.29)	2.36	(3.23)	10.25
FUL	1.29	(0.40)	(0.55)	1.85	(3.00)	8.25

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