ProFrac Holding Correlations

ACDC Stock  USD 8.19  0.17  2.12%   
The current 90-days correlation between ProFrac Holding Corp and ProPetro Holding Corp is 0.53 (i.e., Very weak diversification). The correlation of ProFrac Holding 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.

ProFrac Holding Correlation With Market

Significant diversification

The correlation between ProFrac Holding Corp and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProFrac Holding Corp and DJI in the same portfolio, assuming nothing else is changed.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ProFrac Holding Corp. 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 ProFrac Stock

  0.73TS Tenaris SA ADR Earnings Call This WeekPairCorr
  0.65VTOL Bristow Group Earnings Call This WeekPairCorr
  0.84EFXT EnerflexPairCorr
  0.64WFRD Weatherford InternationalPairCorr
  0.78DTI Drilling Tools InterPairCorr
  0.71FET Forum Energy Technologies Earnings Call This WeekPairCorr
  0.81FTI TechnipFMC PLC Upward RallyPairCorr
  0.77FTK Flotek Industries Potential GrowthPairCorr
  0.63MRC MRC GlobalPairCorr
  0.87NGS Natural Gas ServicesPairCorr
  0.66NOA North American ConstPairCorr
  0.73NOV NOV IncPairCorr
  0.78OII Oceaneering International Buyout TrendPairCorr
  0.75OIS Oil States International Earnings Call This WeekPairCorr
  0.72XPRO Expro Group Holdings Earnings Call This WeekPairCorr
  0.79SEI Solaris Energy Infra Symbol ChangePairCorr
  0.73TDW TidewaterPairCorr
  0.7TTI Tetra Technologies Earnings Call This WeekPairCorr
  0.76VAL Valaris Earnings Call This WeekPairCorr
  0.83WHD Cactus Inc Earnings Call This WeekPairCorr
  0.68NESRW National Energy ServicesPairCorr

Moving against ProFrac Stock

  0.78FLOC Flowco HoldingsPairCorr
  0.55STAK STAK Ordinary SharesPairCorr
  0.32NESR National Energy ServicesPairCorr

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   
WFRDPUMP
CRGYPUMP
KLXELBRT
PUMPFTK
LBRTPUMP
CRGYFTK
  
High negative correlations   
CHXLBRT
CHXKLXE
CRGYCHX

Risk-Adjusted Indicators

There is a big difference between ProFrac Stock performing well and ProFrac Holding 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 ProFrac Holding'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.

ProFrac Holding Corporate Management