Forum Energy Correlations
| FET Stock | USD 19.47 0.64 3.18% |
The current 90-days correlation between Forum Energy Technologies and Natural Gas Services is 0.74 (i.e., Poor diversification). The correlation of Forum 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. If the correlation is 0, the equities are not correlated; they are entirely random.
Forum Energy Correlation With Market
Modest diversification
The correlation between Forum Energy Technologies and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Forum Energy Technologies and DJI in the same portfolio, assuming nothing else is changed.
Moving together with Forum Stock
| 0.9 | TS | Tenaris SA ADR | PairCorr |
| 0.63 | DWSN | Dawson Geophysical | PairCorr |
| 0.84 | VTOL | Bristow Group | PairCorr |
| 0.89 | EFXT | Enerflex | PairCorr |
| 0.81 | WFRD | Weatherford International | PairCorr |
| 0.65 | WTTR | Select Energy Services | PairCorr |
| 0.69 | BKR | Baker Hughes | PairCorr |
| 0.71 | DTI | Drilling Tools Inter | PairCorr |
| 0.77 | FTI | TechnipFMC PLC | PairCorr |
| 0.66 | HAL | Halliburton | PairCorr |
| 0.67 | NGS | Natural Gas Services | PairCorr |
| 0.88 | NOV | NOV Inc | PairCorr |
| 0.84 | OII | Oceaneering International | PairCorr |
| 0.81 | OIS | Oil States International | PairCorr |
| 0.77 | XPRO | Expro Group Holdings | PairCorr |
| 0.77 | TDW | Tidewater | PairCorr |
| 0.76 | VAL | Valaris | PairCorr |
| 0.74 | WHD | Cactus Inc | PairCorr |
| 0.68 | GEOS | Geospace Technologies | PairCorr |
| 0.66 | INVX | Innovex International, Symbol Change | PairCorr |
| 0.61 | KLXE | KLX Energy Services | PairCorr |
| 0.65 | LBRT | Liberty Oilfield Services | PairCorr |
| 0.67 | NEXT | Nextdecade Corp | PairCorr |
Related Correlations Analysis
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Forum Stock performing well and Forum 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 Forum 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| NGS | 2.55 | 0.38 | 0.07 | 1.57 | 3.87 | 4.41 | 24.06 | |||
| EFXT | 2.08 | 0.02 | 0.00 | 0.15 | 3.69 | 3.69 | 19.55 | |||
| DRQ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| CCLP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| DNOW | 1.91 | (0.13) | 0.00 | (0.06) | 0.00 | 3.23 | 18.98 | |||
| NR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| VTOL | 2.09 | 0.02 | 0.01 | 0.06 | 3.36 | 3.46 | 17.34 | |||
| HLX | 2.59 | (0.43) | 0.00 | (1.03) | 0.00 | 4.91 | 23.19 | |||
| OII | 2.35 | (0.06) | 0.00 | (0.09) | 0.00 | 4.20 | 23.09 | |||
| RES | 2.45 | (0.19) | 0.00 | (0.80) | 0.00 | 3.99 | 20.89 |