Noble Plc Correlations
NE Stock | USD 30.80 0.65 2.16% |
The current 90-days correlation between Noble plc and Seadrill Limited is -0.47 (i.e., Very good diversification). The correlation of Noble Plc 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.
Noble Plc Correlation With Market
Very good diversification
The correlation between Noble plc and DJI is -0.37 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Noble plc and DJI in the same portfolio, assuming nothing else is changed.
Moving together with Noble Stock
0.88 | PDS | Precision Drilling | PairCorr |
0.88 | RIG | Transocean Aggressive Push | PairCorr |
0.64 | PTEN | Patterson UTI Energy Sell-off Trend | PairCorr |
0.96 | SDRL | Seadrill Limited | PairCorr |
0.95 | E | Eni SpA ADR | PairCorr |
0.94 | DINO | HF Sinclair Corp | PairCorr |
0.63 | AM | Antero Midstream Partners | PairCorr |
0.67 | AR | Antero Resources Corp | PairCorr |
0.9 | BP | BP PLC ADR Aggressive Push | PairCorr |
0.93 | DK | Delek Energy | PairCorr |
0.77 | EC | Ecopetrol SA ADR | PairCorr |
0.77 | EE | Excelerate Energy | PairCorr |
0.77 | ET | Energy Transfer LP | PairCorr |
0.94 | PR | Permian Resources Sell-off Trend | PairCorr |
0.9 | SD | SandRidge Energy | PairCorr |
0.87 | SM | SM Energy | PairCorr |
0.91 | SU | Suncor Energy | PairCorr |
0.91 | TK | Teekay | PairCorr |
0.92 | TS | Tenaris SA ADR | PairCorr |
0.7 | DLNG | Dynagas LNG Partners | PairCorr |
0.64 | VIST | Vista Oil Gas | PairCorr |
0.81 | VTLE | Vital Energy | PairCorr |
0.9 | VTOL | Bristow Group | PairCorr |
0.93 | EFXT | Enerflex | PairCorr |
0.8 | EPSN | Epsilon Energy | PairCorr |
0.89 | EQNR | Equinor ASA ADR | PairCorr |
Moving against Noble Stock
0.59 | HP | Helmerich and Payne | PairCorr |
0.51 | ANNAW | AleAnna, Warrant | PairCorr |
0.49 | DNOW | Now Inc | PairCorr |
0.49 | FLOC | Flowco Holdings | PairCorr |
0.42 | DMLP | Dorchester Minerals | PairCorr |
0.39 | BSM | Black Stone Minerals | PairCorr |
Related Correlations Analysis
0.66 | 0.6 | 0.64 | 0.89 | 0.83 | 0.98 | SDRL | ||
0.66 | 0.89 | 0.7 | 0.73 | 0.66 | 0.62 | NBR | ||
0.6 | 0.89 | 0.6 | 0.7 | 0.59 | 0.56 | BORR | ||
0.64 | 0.7 | 0.6 | 0.59 | 0.88 | 0.6 | PTEN | ||
0.89 | 0.73 | 0.7 | 0.59 | 0.78 | 0.87 | RIG | ||
0.83 | 0.66 | 0.59 | 0.88 | 0.78 | 0.8 | NOV | ||
0.98 | 0.62 | 0.56 | 0.6 | 0.87 | 0.8 | TDW | ||
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Risk-Adjusted Indicators
There is a big difference between Noble Stock performing well and Noble Plc 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 Noble Plc'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 | ||
---|---|---|---|---|---|---|---|---|---|---|
SDRL | 2.53 | 0.41 | 0.14 | 0.59 | 2.69 | 7.43 | 23.57 | |||
NBR | 4.11 | (0.14) | 0.02 | 0.17 | 5.29 | 7.86 | 34.43 | |||
BORR | 3.53 | (0.13) | 0.01 | 0.16 | 3.68 | 7.30 | 30.47 | |||
PTEN | 2.69 | 0.54 | 0.02 | (0.34) | 3.65 | 4.92 | 34.78 | |||
RIG | 3.40 | 0.07 | 0.03 | 0.30 | 3.48 | 8.12 | 20.00 | |||
NOV | 2.11 | 0.53 | 0.02 | (0.27) | 2.43 | 3.99 | 24.80 | |||
TDW | 2.51 | 0.35 | 0.13 | 0.51 | 2.43 | 6.14 | 19.79 |