Woodside Energy Correlations

WDS Stock

USD 15.75 0.14 0.88%

The current 90-days correlation between Woodside Energy Group and EOG Resources is 0.61 (i.e., Poor diversification). The correlation of Woodside 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.

Woodside Energy Correlation With Market

Good diversification

The correlation between Woodside Energy Group and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Woodside Energy Group and DJI in the same portfolio, assuming nothing else is changed.

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Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Woodside Energy Group. 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 together with Woodside Stock

0.62	AR	Antero Resources Corp	Pair Corr
0.92	PR	Permian Resources	Pair Corr
0.93	SD	SandRidge Energy	Pair Corr
0.9	SM	SM Energy	Pair Corr
0.81	VTLE	Vital Energy	Pair Corr
0.74	EPSN	Epsilon Energy	Pair Corr
0.79	FANG	Diamondback Energy	Pair Corr
0.94	APA	APA Corporation Sell-off Trend	Pair Corr
0.89	BKV	BKV Corporation	Pair Corr
0.84	BRY	Berry Petroleum Corp	Pair Corr
0.87	BTE	Baytex Energy Corp Earnings Call This Week	Pair Corr
0.93	CNQ	Canadian Natural Res	Pair Corr
0.82	CNX	CNX Resources Corp Earnings Call This Week	Pair Corr
0.64	COP	ConocoPhillips	Pair Corr
0.93	CRC	California Resources Corp Buyout Trend	Pair Corr
0.79	CRK	Comstock Resources	Pair Corr
0.92	DEC	Diversified Energy	Pair Corr
0.79	DVN	Devon Energy	Pair Corr
0.84	EGY	Vaalco Energy	Pair Corr
0.89	EOG	EOG Resources	Pair Corr
0.95	EPM	Evolution Petroleum	Pair Corr
0.81	EQT	EQT Corporation Earnings Call Tomorrow	Pair Corr
0.71	GTE	Gran Tierra Energy	Pair Corr
0.86	HES	Hess	Pair Corr
0.66	HPK	Highpeak Energy Acqu	Pair Corr
0.83	KOS	Kosmos Energy	Pair Corr
0.97	KRP	Kimbell Royalty Partners	Pair Corr
0.92	MGY	Magnolia Oil Gas	Pair Corr
0.93	MNR	Mach Natural Resources	Pair Corr

Moving against Woodside Stock

0.65	BSM	Black Stone Minerals	Pair Corr
0.62	ANNAW	AleAnna, Warrant	Pair Corr
0.53	DMLP	Dorchester Minerals	Pair Corr
0.82	TPL	Texas Pacific Land	Pair Corr
0.6	TXO	MorningStar Partners,	Pair Corr
0.5	REI	Ring Energy	Pair Corr

Related Correlations Analysis

	EOG	APA	RRC	FANG	MUR	CHRD	MTDR	MGY	ESTE	PDCE
EOG		0.91	0.67	0.8	0.92	0.94	0.92	0.89	0.0	0.0	EOG
APA	0.91		0.74	0.9	0.94	0.91	0.95	0.96	0.0	0.0	APA
RRC	0.67	0.74		0.75	0.6	0.54	0.73	0.84	0.0	0.0	RRC
FANG	0.8	0.9	0.75		0.79	0.77	0.79	0.91	0.0	0.0	FANG
MUR	0.92	0.94	0.6	0.79		0.98	0.96	0.9	0.0	0.0	MUR
CHRD	0.94	0.91	0.54	0.77	0.98		0.94	0.87	0.0	0.0	CHRD
MTDR	0.92	0.95	0.73	0.79	0.96	0.94		0.94	0.0	0.0	MTDR
MGY	0.89	0.96	0.84	0.91	0.9	0.87	0.94		0.0	0.0	MGY
ESTE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	ESTE
PDCE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		PDCE
	EOG	APA	RRC	FANG	MUR	CHRD	MTDR	MGY	ESTE	PDCE

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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

CHRD	+ 0.98	MUR
MGY	+ 0.96	APA
MTDR	+ 0.96	MUR
MTDR	+ 0.95	APA
CHRD	+ 0.94	EOG
MUR	+ 0.94	APA

High negative correlations

PDCE	- 0.0	ESTE
PDCE	- 0.0	MGY
ESTE	- 0.0	MGY
PDCE	- 0.0	MTDR
ESTE	- 0.0	MTDR
PDCE	- 0.0	CHRD

Risk-Adjusted Indicators

There is a big difference between Woodside Stock performing well and Woodside 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 Woodside 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
EOG	1.26	0.14	0.02	1.10	1.23	(1.47)	2.72	(2.30)	6.76
APA	2.44	0.31	0.09	0.71	2.52	(2.82)	5.31	(4.21)	13.83
RRC	1.49	0.17	0.04	0.67	1.97	(1.55)	2.99	(3.39)	8.44
FANG	1.79	0.14	0.02	0.62	1.86	(2.03)	3.74	(2.87)	10.87
MUR	2.19	0.26	0.08	0.72	2.20	(2.50)	4.46	(3.75)	12.45
CHRD	1.84	0.27	0.10	0.86	1.70	(2.22)	4.12	(3.22)	9.04
MTDR	1.92	0.40	0.16	1.52	1.67	(2.41)	4.54	(3.47)	11.06
MGY	1.64	0.14	0.05	0.35	1.59	(2.03)	3.19	(3.56)	8.87
ESTE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PDCE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Woodside Energy Corporate Management

Tom BSc	VP Climate	Profile
BCom GradDipCSP	Group Secretary	Profile
Marcela Louzada	Vice Relations	Profile
Fiona BE	Ex Australia	Profile
BA LLB	VP Counsel	Profile
Tony BA	Policy Sustainability	Profile
Andy BE	Executive Development	Profile

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