Obsidian Energy Correlations

OBE Stock

USD 6.83 0.07 1.04%

The current 90-days correlation between Obsidian Energy and Obsidian Energy is 0.54 (i.e., Very weak 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

Good diversification

The correlation between Obsidian Energy and DJI is -0.02 (i.e., Good 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

0.66	BSM	Black Stone Minerals	Pair Corr
0.7	NRT	North European Oil	Pair Corr
0.8	WTI	WT Offshore	Pair Corr
0.84	HME	Hemisphere Energy	Pair Corr
0.78	PCI	Perpetual Credit Income	Pair Corr
0.75	PBR-A	Petrleo Brasileiro	Pair Corr
0.69	AEFC	Aegon Funding	Pair Corr
0.79	ARGD	Argo Group 65	Pair Corr
0.61	SHEL	Shell PLC ADR	Pair Corr
0.67	BORR	Borr Drilling	Pair Corr
0.69	NDEKY	Nitto Denko Corp	Pair Corr
0.79	DAIUF	Daifuku Co	Pair Corr
0.7	FUWAF	Furukawa Electric	Pair Corr
0.82	TTMI	TTM Technologies	Pair Corr
0.66	CRBJY	China Resources Land	Pair Corr
0.7	ARGX	argenx NV ADR	Pair Corr
0.74	PC	Premium Catering	Pair Corr
0.66	CPA	Copa Holdings SA	Pair Corr

Moving against Obsidian Stock

0.76	CRT	Cross Timbers Royalty	Pair Corr
0.54	SOC	Sable Offshore Corp	Pair Corr
0.45	MTR	Mesa Royalty Trust	Pair Corr
0.52	SELAN	Selan Exploration	Pair Corr

Related Correlations Analysis

	OBE	OVV	VET	VTLE
OBE		0.49	0.48	0.22	OBE
OVV	0.49		0.34	0.59	OVV
VET	0.48	0.34		0.7	VET
VTLE	0.22	0.59	0.7		VTLE
	OBE	OVV	VET	VTLE

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
OBE	1.82	0.28	0.09	1.19	2.10	(2.18)	3.62	(3.35)	11.56
OVV	1.67	(0.01)	(0.01)	0.05	2.12	(1.72)	3.60	(3.39)	10.55
VET	1.91	0.22	0.08	0.55	1.93	(2.43)	4.17	(3.32)	9.69
VTLE	3.66	0.06	0.02	0.12	3.99	(4.62)	7.24	(7.14)	22.18

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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