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.
Moving together with Baytex Stock
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0.85 | PR | Permian Resources | PairCorr |
0.84 | SD | SandRidge Energy | PairCorr |
0.93 | SM | SM Energy Earnings Call This Week | PairCorr |
0.89 | VTLE | Vital Energy | PairCorr |
0.87 | FANG | Diamondback Energy | PairCorr |
0.91 | APA | APA Corporation | PairCorr |
0.62 | BKV | BKV Corporation | PairCorr |
0.86 | BRY | Berry Petroleum Corp | PairCorr |
0.86 | CNQ | Canadian Natural Res Earnings Call This Week | PairCorr |
0.67 | CNX | CNX Resources Corp Earnings Call Today | PairCorr |
0.77 | COP | ConocoPhillips | PairCorr |
0.78 | CRC | California Resources Corp | PairCorr |
0.72 | DEC | Diversified Energy | PairCorr |
0.84 | DVN | Devon Energy | PairCorr |
0.89 | EGY | Vaalco Energy | PairCorr |
0.88 | EOG | EOG Resources | PairCorr |
0.9 | EPM | Evolution Petroleum | PairCorr |
0.67 | GTE | Gran Tierra Energy | PairCorr |
0.69 | HES | Hess Earnings Call This Week | PairCorr |
0.95 | KOS | Kosmos Energy Aggressive Push | PairCorr |
0.86 | KRP | Kimbell Royalty Partners | PairCorr |
0.88 | MGY | Magnolia Oil Gas Earnings Call This Week | PairCorr |
0.84 | MNR | Mach Natural Resources | PairCorr |
Moving against Baytex Stock
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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.Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
---|---|---|---|---|---|---|---|---|---|---|
VET | 2.22 | 0.37 | 0.08 | 3.07 | 2.17 | 4.43 | 10.23 | |||
CNQ | 1.28 | 0.13 | (0.03) | 1.33 | 1.40 | 2.58 | 8.21 | |||
PDS | 1.90 | 0.20 | 0.05 | 0.56 | 1.85 | 4.29 | 11.40 | |||
PBT | 1.22 | 0.37 | 0.11 | 1.75 | 1.51 | 2.82 | 9.14 | |||
BPT | 4.07 | (0.31) | 0.00 | 0.39 | 0.00 | 10.00 | 40.87 |