Murphy Oil Correlations

MUR Stock  USD 24.33  0.15  0.61%   
The current 90-days correlation between Murphy Oil and Magnolia Oil Gas is 0.86 (i.e., Very poor diversification). The correlation of Murphy Oil 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.

Murphy Oil Correlation With Market

Good diversification

The correlation between Murphy Oil and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Murphy Oil and DJI in the same portfolio, assuming nothing else is changed.
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Murphy Oil. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in employment.
To learn how to invest in Murphy Stock, please use our How to Invest in Murphy Oil guide.

Moving together with Murphy Stock

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Moving against Murphy Stock

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Risk-Adjusted Indicators

There is a big difference between Murphy Stock performing well and Murphy Oil 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 Murphy Oil'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.