Obsidian Energy Correlations

OBE Stock

USD 5.85 0.10 1.68%

The current 90-days correlation between Obsidian Energy and Village Super Market is 0.12 (i.e., Average diversification). The correlation of Obsidian 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.

Obsidian Energy Correlation With Market

Very weak diversification

The correlation between Obsidian Energy and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Obsidian Energy and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Obsidian Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Obsidian Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

For information on how to trade Obsidian Stock refer to our How to Trade Obsidian Stock guide.

Moving together with Obsidian Stock

0.71	AR	Antero Resources Corp	Pair Corr
0.81	PR	Permian Resources	Pair Corr
0.93	SD	SandRidge Energy	Pair Corr
0.89	SM	SM Energy	Pair Corr
0.85	VTLE	Vital Energy	Pair Corr
0.74	EPSN	Epsilon Energy	Pair Corr
0.79	FANG	Diamondback Energy	Pair Corr
0.89	APA	APA Corporation	Pair Corr
0.76	BKV	BKV Corporation	Pair Corr
0.79	BRY	Berry Petroleum Corp	Pair Corr
0.9	BTE	Baytex Energy Corp	Pair Corr
0.81	CNQ	Canadian Natural Res	Pair Corr
0.69	CNX	CNX Resources Corp	Pair Corr
0.65	COP	ConocoPhillips	Pair Corr
0.83	CRC	California Resources Corp	Pair Corr
0.66	CRK	Comstock Resources	Pair Corr
0.75	DVN	Devon Energy	Pair Corr
0.87	EGY	Vaalco Energy	Pair Corr
0.88	EOG	EOG Resources	Pair Corr
0.94	EPM	Evolution Petroleum	Pair Corr
0.63	EQT	EQT Corporation	Pair Corr
0.64	EXE	Expand Energy Symbol Change	Pair Corr
0.79	GTE	Gran Tierra Energy	Pair Corr
0.82	HES	Hess	Pair Corr
0.88	HPK	Highpeak Energy Acqu	Pair Corr
0.71	INR	Infinity Natural Res	Pair Corr
0.85	KOS	Kosmos Energy Aggressive Push	Pair Corr
0.89	KRP	Kimbell Royalty Partners	Pair Corr
0.88	MGY	Magnolia Oil Gas	Pair Corr
0.88	MNR	Mach Natural Resources	Pair Corr
0.85	MUR	Murphy Oil	Pair Corr
0.7	MXC	Mexco Energy	Pair Corr

Moving against Obsidian Stock

0.46	ANNAW	AleAnna, Warrant	Pair Corr
0.54	TPL	Texas Pacific Land	Pair Corr

Related Correlations Analysis

	VLGEA	ASO	HKBV	BOF	BYND	CELH	TNYBF	JBS
VLGEA		0.64	0.0	0.51	0.72	0.61	0.07	-0.09	VLGEA
ASO	0.64		0.0	0.65	0.63	0.69	0.13	0.0	ASO
HKBV	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HKBV
BOF	0.51	0.65	0.0		0.45	0.57	-0.06	0.05	BOF
BYND	0.72	0.63	0.0	0.45		0.8	0.04	-0.12	BYND
CELH	0.61	0.69	0.0	0.57	0.8		0.0	-0.07	CELH
TNYBF	0.07	0.13	0.0	-0.06	0.04	0.0		0.0	TNYBF
JBS	-0.09	0.0	0.0	0.05	-0.12	-0.07	0.0		JBS
	VLGEA	ASO	HKBV	BOF	BYND	CELH	TNYBF	JBS

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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

CELH	+ 0.8	BYND
BYND	+ 0.72	VLGEA
CELH	+ 0.69	ASO
BOF	+ 0.65	ASO
ASO	+ 0.64	VLGEA
BYND	+ 0.63	ASO

High negative correlations

JBS	- 0.12	BYND
JBS	- 0.09	VLGEA
JBS	- 0.07	CELH
TNYBF	- 0.06	BOF
JBS	- 0.0	TNYBF
TNYBF	- 0.0	CELH

Risk-Adjusted Indicators

There is a big difference between Obsidian Stock performing well and Obsidian 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 Obsidian 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
VLGEA	1.10	0.03	(0.03)	0.19	1.25	(1.21)	2.65	(2.02)	7.00
ASO	2.65	(0.06)	0.01	0.07	3.93	(2.80)	5.73	(5.13)	23.42
HKBV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BOF	3.73	0.18	0.04	0.24	4.98	(3.83)	8.61	(8.76)	24.92
BYND	2.91	0.22	0.06	0.34	3.27	(3.42)	8.66	(7.12)	18.61
CELH	2.02	0.35	0.15	0.51	1.91	(2.38)	4.85	(3.94)	15.61
TNYBF	1.15	0.02	0.00	0.07	0.00	0.00	0.00	0.00	31.18
JBS	2.31	0.08	(0.01)	1.00	2.29	(3.18)	6.42	(3.95)	9.15

Obsidian Energy Corporate Management

Jay McGilvary	Senior Development	Profile
William Swadling	Vice Operations	Profile
Gary Sykes	Senior Development	Profile
Mark Hawkins	General Legal	Profile

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