Baytex Energy Correlations

BTE Stock

USD 1.96 0.02 1.03%

The current 90-days correlation between Baytex Energy Corp and Vermilion Energy is 0.83 (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

Good diversification

The correlation between Baytex Energy Corp and DJI is -0.07 (i.e., Good 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.

Build AI portfolio with Baytex Stock

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

0.62	EP	Empire Petroleum Corp	Pair Corr
0.86	PR	Permian Resources	Pair Corr
0.88	SD	SandRidge Energy	Pair Corr
0.93	SM	SM Energy	Pair Corr
0.91	VTLE	Vital Energy	Pair Corr
0.64	EPSN	Epsilon Energy	Pair Corr
0.87	FANG	Diamondback Energy	Pair Corr
0.91	APA	APA Corporation	Pair Corr
0.7	BKV	BKV Corporation	Pair Corr
0.77	BRY	Berry Petroleum Corp	Pair Corr
0.87	CNQ	Canadian Natural Res	Pair Corr
0.67	CNX	CNX Resources Corp Earnings Call This Week	Pair Corr
0.77	COP	ConocoPhillips	Pair Corr
0.77	CRC	California Resources Corp Downward Rally	Pair Corr
0.71	DEC	Diversified Energy	Pair Corr
0.84	DVN	Devon Energy	Pair Corr
0.9	EGY	Vaalco Energy	Pair Corr
0.89	EOG	EOG Resources	Pair Corr
0.9	EPM	Evolution Petroleum Potential Growth	Pair Corr
0.74	GTE	Gran Tierra Energy	Pair Corr
0.77	HES	Hess	Pair Corr
0.65	HPK	Highpeak Energy Acqu	Pair Corr
0.96	KOS	Kosmos Energy	Pair Corr
0.86	KRP	Kimbell Royalty Partners	Pair Corr
0.88	MGY	Magnolia Oil Gas Earnings Call This Week	Pair Corr
0.84	MNR	Mach Natural Resources	Pair Corr

Moving against Baytex Stock

0.52	ANNAW	AleAnna, Warrant	Pair Corr
0.42	BSM	Black Stone Minerals	Pair Corr
0.7	TPL	Texas Pacific Land	Pair Corr
0.35	TXO	MorningStar Partners,	Pair Corr

Related Correlations Analysis

	VET	CNQ	PDS	PBT	BPT
VET		0.88	0.96	0.85	0.25	VET
CNQ	0.88		0.82	0.78	0.43	CNQ
PDS	0.96	0.82		0.84	0.25	PDS
PBT	0.85	0.78	0.84		0.25	PBT
BPT	0.25	0.43	0.25	0.25		BPT
	VET	CNQ	PDS	PBT	BPT

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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	2.23	0.42	0.12	(3.98)	2.16	(2.65)	4.43	(4.29)	10.23
CNQ	1.32	0.20	0.03	(3.14)	1.37	(1.40)	2.99	(2.18)	8.21
PDS	1.84	0.21	0.06	0.69	1.84	(2.04)	4.29	(3.60)	11.40
PBT	1.23	0.44	0.16	3.53	1.50	(1.39)	2.82	(1.77)	9.14
BPT	4.07	(0.73)	0.00	(1.22)	0.00	0.00	10.00	(5.66)	40.87

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