New Era Correlations
| NEHC Stock | 0.50 0.04 7.41% |
The current 90-days correlation between New Era Helium and Expand Energy is 0.09 (i.e., Significant diversification). The correlation of New Era 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.
New Era Correlation With Market
Average diversification
The correlation between New Era Helium and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Era Helium and DJI in the same portfolio, assuming nothing else is changed.
Moving together with New Stock
| 0.65 | DMLP | Dorchester Minerals | PairCorr |
| 0.69 | ANNAW | AleAnna, Warrant | PairCorr |
| 0.68 | BSM | Black Stone Minerals | PairCorr |
Moving against New Stock
| 0.94 | CRC | California Resources Corp Buyout Trend | PairCorr |
| 0.88 | DEC | Diversified Energy | PairCorr |
| 0.87 | BKV | BKV Corporation | PairCorr |
| 0.85 | EPM | Evolution Petroleum | PairCorr |
| 0.83 | CNQ | Canadian Natural Res | PairCorr |
| 0.81 | PR | Permian Resources | PairCorr |
| 0.81 | APA | APA Corporation Sell-off Trend | PairCorr |
| 0.8 | SD | SandRidge Energy | PairCorr |
| 0.8 | EQT | EQT Corporation Earnings Call This Week | PairCorr |
| 0.78 | CNX | CNX Resources Corp Earnings Call This Week | PairCorr |
| 0.75 | SM | SM Energy | PairCorr |
| 0.75 | CRK | Comstock Resources | PairCorr |
| 0.7 | EOG | EOG Resources | PairCorr |
| 0.69 | BRY | Berry Petroleum Corp | PairCorr |
| 0.69 | BTE | Baytex Energy Corp Earnings Call This Week | PairCorr |
| 0.66 | EGY | Vaalco Energy | PairCorr |
| 0.63 | DVN | Devon Energy | PairCorr |
| 0.61 | FANG | Diamondback Energy | PairCorr |
| 0.59 | VTLE | Vital Energy | PairCorr |
| 0.57 | AR | Antero Resources Corp | PairCorr |
| 0.54 | EPSN | Epsilon Energy | PairCorr |
| 0.5 | VIST | Vista Oil Gas | PairCorr |
| 0.49 | EP | Empire Petroleum Corp | PairCorr |
| 0.41 | COP | ConocoPhillips | PairCorr |
| 0.92 | KRP | Kimbell Royalty Partners | PairCorr |
| 0.89 | WDS | Woodside Energy Group | PairCorr |
| 0.85 | NOG | Northern Oil Gas | PairCorr |
| 0.85 | OBE | Obsidian Energy | PairCorr |
| 0.82 | OVV | Ovintiv Earnings Call This Week | PairCorr |
| 0.82 | WTI | WT Offshore | PairCorr |
| 0.81 | MGY | Magnolia Oil Gas | PairCorr |
| 0.8 | VET | Vermilion Energy | PairCorr |
| 0.79 | MNR | Mach Natural Resources | PairCorr |
| 0.77 | VTS | Vitesse Energy | PairCorr |
Related Correlations Analysis
| 0.81 | 0.42 | 0.0 | 0.0 | 0.0 | 0.0 | EXE | ||
| 0.81 | 0.64 | 0.0 | 0.0 | 0.0 | 0.0 | EQT | ||
| 0.42 | 0.64 | 0.0 | 0.0 | 0.0 | 0.0 | OXY | ||
| 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | HYBE | ||
| 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | FNRC | ||
| 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | ARTR | ||
| 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | FOYJ | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
|
Risk-Adjusted Indicators
There is a big difference between New Stock performing well and New Era 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 New Era'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| EXE | 1.28 | 0.12 | (0.03) | (0.24) | 1.75 | 2.43 | 8.20 | |||
| EQT | 1.49 | 0.32 | 0.07 | (0.67) | 1.81 | 3.14 | 8.62 | |||
| OXY | 1.66 | 0.20 | 0.05 | 1.03 | 1.81 | 3.78 | 11.52 | |||
| HYBE | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| FNRC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| ARTR | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| FOYJ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |