Baytex Energy Correlations

BTE Stock  USD 2.09  0.10  5.03%   
The current 90-days correlation between Baytex Energy Corp and Vermilion Energy is 0.82 (i.e., Very poor diversification). The correlation of Baytex 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.

Baytex Energy Correlation With Market

Significant diversification

The correlation between Baytex Energy Corp and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baytex Energy Corp and DJI in the same portfolio, assuming nothing else is changed.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Baytex Energy Corp. 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 Baytex Stock

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Moving against Baytex Stock

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Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Baytex Stock performing well and Baytex 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 Baytex 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.