Black Stone Correlations

BSM Stock

USD 12.18 0.20 1.62%

The current 90-days correlation between Black Stone Minerals and Kimbell Royalty Partners is 0.59 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Black Stone moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Black Stone Minerals moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Black Stone Correlation With Market

Average diversification

The correlation between Black Stone Minerals and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Black Stone Minerals and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Black Stone Minerals. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Black Stock

0.63

DMLP

Dorchester Minerals

Pair Corr

Moving against Black Stock

0.76	CNX	CNX Resources Corp Earnings Call This Week	Pair Corr
0.73	EQT	EQT Corporation Earnings Call Today	Pair Corr
0.69	CRC	California Resources Corp Buyout Trend	Pair Corr
0.65	DEC	Diversified Energy	Pair Corr
0.58	CRK	Comstock Resources Earnings Call This Week	Pair Corr
0.57	BKV	BKV Corporation	Pair Corr
0.52	EPM	Evolution Petroleum	Pair Corr
0.5	BRY	Berry Petroleum Corp	Pair Corr
0.5	EOG	EOG Resources	Pair Corr
0.46	PR	Permian Resources	Pair Corr
0.44	CNQ	Canadian Natural Res	Pair Corr
0.43	SD	SandRidge Energy	Pair Corr
0.43	APA	APA Corporation Sell-off Trend	Pair Corr
0.41	SM	SM Energy	Pair Corr
0.41	EGY	Vaalco Energy	Pair Corr
0.4	BTE	Baytex Energy Corp Earnings Call This Week	Pair Corr
0.35	EP	Empire Petroleum Corp	Pair Corr
0.35	CKX	CKX Lands	Pair Corr
0.65	KRP	Kimbell Royalty Partners	Pair Corr
0.65	WDS	Woodside Energy Group	Pair Corr
0.63	HES	Hess	Pair Corr
0.63	MNR	Mach Natural Resources	Pair Corr
0.56	VET	Vermilion Energy	Pair Corr
0.54	OBE	Obsidian Energy	Pair Corr
0.53	OVV	Ovintiv Earnings Call This Week	Pair Corr
0.53	PHX	PHX Minerals	Pair Corr
0.52	WTI	WT Offshore	Pair Corr
0.48	MUR	Murphy Oil	Pair Corr

Related Correlations Analysis

	KRP	DMLP	STR	CTRA	SJT	VNOM	HESM	GLP
KRP		-0.44	0.57	0.56	0.09	-0.19	0.75	0.57	KRP
DMLP	-0.44		-0.3	0.01	-0.13	0.39	-0.14	-0.33	DMLP
STR	0.57	-0.3		0.62	0.23	0.08	0.52	0.71	STR
CTRA	0.56	0.01	0.62		-0.06	0.2	0.46	0.76	CTRA
SJT	0.09	-0.13	0.23	-0.06		0.43	0.26	0.16	SJT
VNOM	-0.19	0.39	0.08	0.2	0.43		0.22	0.04	VNOM
HESM	0.75	-0.14	0.52	0.46	0.26	0.22		0.44	HESM
GLP	0.57	-0.33	0.71	0.76	0.16	0.04	0.44		GLP
	KRP	DMLP	STR	CTRA	SJT	VNOM	HESM	GLP

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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

GLP	+ 0.76	CTRA
HESM	+ 0.75	KRP
GLP	+ 0.71	STR
CTRA	+ 0.62	STR
STR	+ 0.57	KRP
GLP	+ 0.57	KRP

High negative correlations

DMLP	- 0.44	KRP
GLP	- 0.33	DMLP
STR	- 0.3	DMLP
VNOM	- 0.19	KRP
HESM	- 0.14	DMLP
SJT	- 0.13	DMLP

Risk-Adjusted Indicators

There is a big difference between Black Stock performing well and Black Stone 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 Black Stone'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
KRP	1.29	0.32	0.14	1.40	1.23	(1.42)	2.83	(2.38)	9.78
DMLP	0.99	(0.10)	0.00	(0.64)	0.00	0.00	2.16	(2.41)	6.42
STR	1.79	0.25	0.07	16.16	1.66	(2.35)	3.97	(3.10)	20.09
CTRA	1.35	(0.01)	(0.06)	(0.27)	2.18	(1.37)	3.02	(2.76)	12.38
SJT	2.17	0.16	(0.01)	(0.29)	2.85	(2.19)	4.52	(3.98)	13.65
VNOM	1.81	0.04	(0.02)	0.23	2.03	(2.09)	3.91	(3.48)	10.87
HESM	1.20	0.14	0.06	0.41	1.23	(1.34)	2.86	(2.28)	6.82
GLP	1.42	0.07	(0.02)	0.70	1.62	(1.52)	3.81	(2.37)	8.46

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