WOODSIDE ENE Correlations

Stocks . Germany . 
Stock . WOODSIDE ENE SPADR
WOP Stock  EUR 13.50  0.50  3.85%   
The current 90-days correlation between WOODSIDE ENE SPADR and EOG Resources is 0.1 (i.e., Average diversification). The correlation of WOODSIDE ENE 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.

WOODSIDE ENE Correlation With Market

Very good diversification

The correlation between WOODSIDE ENE SPADR and DJI is -0.46 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WOODSIDE ENE SPADR and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to WOODSIDE ENE could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WOODSIDE ENE when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back WOODSIDE ENE - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling WOODSIDE ENE SPADR to buy it.

Moving together with WOODSIDE Stock

  0.81EO5 EOG ResourcesPairCorr
  0.87CRC Canadian Natural ResPairCorr
  0.78OPC Occidental PetroleumPairCorr
  0.74OPC Occidental PetroleumPairCorr
  0.8PNK Pioneer Natural ResourcesPairCorr
  0.98WOP0 Woodside Energy GroupPairCorr
  0.64SEBC Skandinaviska EnskildaPairCorr
  0.65KOM1 KomatsuPairCorr
  0.79AG8 AGILENT TECHPairCorr
  0.691W3 WSP GlobalPairCorr
  0.75FA2 FORWARD AIR PPairCorr
  0.83F1YN Lundin GoldPairCorr
  0.66E908 Lyxor 1PairCorr

Moving against WOODSIDE Stock

  0.432RR Alibaba Group HoldingPairCorr
  0.398VY SCANDION ONC DKPairCorr
  0.36ODQ ODYSSEY GOLD LTD Earnings Call This WeekPairCorr
  0.6DBPD Xtrackers ShortDAXPairCorr
  0.31ALV Allianz SEPairCorr

Related Correlations Analysis

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   
OPC
+ 0.98
OPC
OPC
+ 0.87
EO5
OPC
+ 0.87
CRC
OPC
+ 0.86
CRC
OPC
+ 0.83
EO5
CRC
+ 0.79
EO5
  
High negative correlations   
PNK
- 0.62
2RR
EO5
- 0.31
2RR
CRC
- 0.18
2RR
OPC
- 0.14
2RR
OPC
- 0.08
2RR

Risk-Adjusted Indicators

There is a big difference between WOODSIDE Stock performing well and WOODSIDE ENE 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 ENE'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in WOODSIDE ENE without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Portfolio File Import Now

   

Portfolio File Import

Quickly import all of your third-party portfolios from your local drive in csv format
All  Next Launch Module
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2025 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY