Nabors Energy Correlations

NETDW Stock

0.25 0.05 16.67%

The current 90-days correlation between Nabors Energy Transition and JD Sports Fashion is -0.18 (i.e., Good diversification). The correlation of Nabors 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.

Nabors Energy Correlation With Market

Significant diversification

The correlation between Nabors Energy Transition and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nabors Energy Transition and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Nabors Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nabors Energy Transition. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving against Nabors Stock

0.35	BX	Blackstone Group	Pair Corr
0.32	BUR	Burford Capital	Pair Corr
0.31	PNNT	PennantPark Investment	Pair Corr
0.5	VBTX	Veritex Holdings	Pair Corr
0.44	RM	Regional Management Corp Earnings Call This Week	Pair Corr
0.36	WD	Walker Dunlop	Pair Corr
0.32	LC	LendingClub Corp Earnings Call This Week	Pair Corr
0.32	WT	WisdomTree	Pair Corr

Related Correlations Analysis

	JDSPY	IMTE	RBC	MYPS	BXP	ZH	LECO	PRKS
JDSPY		-0.03	0.5	-0.06	0.2	0.55	0.57	0.77	JDSPY
IMTE	-0.03		-0.36	-0.1	-0.39	0.17	-0.27	0.17	IMTE
RBC	0.5	-0.36		0.09	0.74	0.48	0.88	0.39	RBC
MYPS	-0.06	-0.1	0.09		0.07	-0.47	-0.25	-0.18	MYPS
BXP	0.2	-0.39	0.74	0.07		0.33	0.73	-0.06	BXP
ZH	0.55	0.17	0.48	-0.47	0.33		0.73	0.61	ZH
LECO	0.57	-0.27	0.88	-0.25	0.73	0.73		0.5	LECO
PRKS	0.77	0.17	0.39	-0.18	-0.06	0.61	0.5		PRKS
	JDSPY	IMTE	RBC	MYPS	BXP	ZH	LECO	PRKS

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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

LECO	+ 0.88	RBC
PRKS	+ 0.77	JDSPY
BXP	+ 0.74	RBC
LECO	+ 0.73	BXP
LECO	+ 0.73	ZH
PRKS	+ 0.61	ZH

High negative correlations

ZH	- 0.47	MYPS
BXP	- 0.39	IMTE
RBC	- 0.36	IMTE
LECO	- 0.27	IMTE
LECO	- 0.25	MYPS
PRKS	- 0.18	MYPS

Risk-Adjusted Indicators

There is a big difference between Nabors Stock performing well and Nabors 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 Nabors 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
JDSPY	3.06	0.50	0.03	(0.46)	3.48	(3.51)	6.86	(6.09)	17.47
IMTE	2.79	0.14	(0.04)	(0.18)	2.91	(3.62)	5.93	(4.17)	24.17
RBC	1.12	0.09	0.08	0.31	0.75	(1.31)	2.44	(1.74)	6.26
MYPS	2.66	(0.24)	(0.04)	0.04	2.86	(3.45)	5.88	(5.41)	21.71
BXP	1.25	(0.04)	(0.01)	0.17	1.59	(1.25)	3.22	(2.18)	9.39
ZH	2.08	0.25	0.11	0.46	1.94	(2.40)	6.13	(3.50)	11.38
LECO	1.29	0.10	0.11	0.28	1.24	(1.44)	2.95	(2.05)	8.18
PRKS	1.68	0.28	0.03	(19.59)	1.95	(1.91)	3.80	(3.65)	11.04

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