BP PLC Correlations

BP Stock

USD 31.99 0.10 0.31%

The current 90-days correlation between BP PLC ADR and TotalEnergies SE ADR is 0.77 (i.e., Poor diversification). The correlation of BP PLC 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.

BP PLC Correlation With Market

Significant diversification

The correlation between BP PLC ADR and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BP PLC ADR and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with BP PLC Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in BP PLC ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with BP PLC Stock

0.93	E	Eni SpA ADR Earnings Call Tomorrow	Pair Corr
0.73	EC	Ecopetrol SA ADR	Pair Corr
0.89	SU	Suncor Energy Earnings Call This Week	Pair Corr
0.87	EQNR	Equinor ASA ADR Earnings Call This Week	Pair Corr
0.91	CVE	Cenovus Energy	Pair Corr
0.73	CVX	Chevron Corp	Pair Corr
0.94	IMO	Imperial Oil	Pair Corr
0.76	NFG	National Fuel Gas	Pair Corr
0.85	PBR	Petroleo Brasileiro	Pair Corr
0.91	TTE	TotalEnergies SE ADR Earnings Call This Week	Pair Corr
0.9	SHEL	Shell PLC ADR Sell-off Trend	Pair Corr
0.91	DINO	HF Sinclair Corp	Pair Corr
0.91	DK	Delek Energy	Pair Corr
0.83	NE	Noble plc	Pair Corr
0.84	PR	Permian Resources	Pair Corr
0.77	SD	SandRidge Energy	Pair Corr
0.89	SM	SM Energy	Pair Corr
0.75	TK	Teekay	Pair Corr
0.88	TS	Tenaris SA ADR	Pair Corr

Moving against BP PLC Stock

0.64	SKYQ	Sky Quarry	Pair Corr
0.61	SLNG	Stabilis Solutions	Pair Corr
0.39	CGBS	Crown LNG Holdings	Pair Corr
0.33	CGBSW	Crown LNG Holdings	Pair Corr
0.64	LB	LandBridge Company	Pair Corr
0.63	NEHC	New Era Helium	Pair Corr
0.52	DNOW	Now Inc	Pair Corr
0.48	HPKEW	HighPeak Energy	Pair Corr
0.44	HP	Helmerich and Payne Earnings Call This Week	Pair Corr
0.37	VNOM	Viper Energy Ut	Pair Corr
0.35	DMLP	Dorchester Minerals	Pair Corr

Related Correlations Analysis

	TTE	CVX	XOM	EQNR	SHEL	PBR	SU	E	GLPEY	PBR-A
TTE		0.78	0.69	0.89	0.95	0.91	0.93	0.95	0.81	0.89	TTE
CVX	0.78		0.9	0.75	0.78	0.81	0.77	0.79	0.93	0.78	CVX
XOM	0.69	0.9		0.62	0.64	0.79	0.68	0.63	0.8	0.76	XOM
EQNR	0.89	0.75	0.62		0.95	0.88	0.96	0.91	0.81	0.86	EQNR
SHEL	0.95	0.78	0.64	0.95		0.92	0.95	0.98	0.85	0.89	SHEL
PBR	0.91	0.81	0.79	0.88	0.92		0.87	0.91	0.82	0.99	PBR
SU	0.93	0.77	0.68	0.96	0.95	0.87		0.92	0.82	0.84	SU
E	0.95	0.79	0.63	0.91	0.98	0.91	0.92		0.82	0.88	E
GLPEY	0.81	0.93	0.8	0.81	0.85	0.82	0.82	0.82		0.78	GLPEY
PBR-A	0.89	0.78	0.76	0.86	0.89	0.99	0.84	0.88	0.78		PBR-A
	TTE	CVX	XOM	EQNR	SHEL	PBR	SU	E	GLPEY	PBR-A

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Risk-Adjusted Indicators

There is a big difference between BP PLC Stock performing well and BP PLC 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 BP PLC'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
TTE	1.04	0.12	0.00	3.46	1.21	(1.16)	2.55	(2.09)	6.78
CVX	1.04	0.12	0.03	0.43	1.08	(1.13)	2.27	(2.25)	6.32
XOM	1.13	0.05	(0.04)	0.41	1.36	(1.15)	2.40	(2.58)	5.84
EQNR	1.36	0.21	0.04	(2.91)	1.62	(1.50)	2.78	(2.66)	10.21
SHEL	0.90	0.15	0.01	(3.14)	0.98	(1.01)	2.06	(1.66)	5.76
PBR	1.23	0.16	0.01	(1.44)	1.37	(1.37)	2.86	(2.36)	6.79
SU	1.14	0.22	0.05	(1.50)	1.19	(1.29)	2.62	(2.41)	7.72
E	0.94	0.30	0.19	(52.01)	0.58	(1.19)	2.24	(1.34)	4.83
GLPEY	1.24	0.40	0.18	(15.88)	1.03	(1.40)	3.54	(2.54)	10.64
PBR-A	1.30	0.14	0.00	(2.40)	1.46	(1.42)	2.86	(2.36)	7.34

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