BP PLC Correlations

BP Stock

USD 28.60 0.19 0.67%

The current 90-days correlation between BP PLC ADR and Shell PLC ADR is 0.82 (i.e., Very poor diversification). The correlation of BP PLC 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.

BP PLC Correlation With Market

Average diversification

The correlation between BP PLC ADR and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BP PLC ADR 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 BP PLC ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with BP PLC Stock

0.76	E	Eni SpA ADR	Pair Corr
0.88	EC	Ecopetrol SA ADR	Pair Corr
0.71	EQNR	Equinor ASA ADR	Pair Corr
0.83	CVE	Cenovus Energy	Pair Corr
0.68	PBR	Petroleo Brasileiro	Pair Corr
0.8	TTE	TotalEnergies SE ADR	Pair Corr
0.69	SHEL	Shell PLC ADR	Pair Corr
0.76	DINO	HF Sinclair Corp	Pair Corr
0.64	EU	enCore Energy Corp	Pair Corr
0.61	NE	Noble plc Sell-off Trend	Pair Corr
0.68	SD	SandRidge Energy	Pair Corr
0.79	TK	Teekay	Pair Corr

Moving against BP PLC Stock

0.69	TGS	Transportadora de Gas	Pair Corr
0.68	EE	Excelerate Energy	Pair Corr
0.65	CGBSW	Crown LNG Holdings	Pair Corr
0.65	AE	Adams Resources Energy	Pair Corr
0.64	YPF	YPF Sociedad Anonima	Pair Corr
0.54	CRGY	Crescent Energy	Pair Corr
0.47	CGBS	Crown LNG Holdings	Pair Corr
0.45	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.42	SLNG	Stabilis Solutions Downward Rally	Pair Corr
0.4	AR	Antero Resources Corp	Pair Corr
0.77	NC	NACCO Industries	Pair Corr
0.72	DMLP	Dorchester Minerals	Pair Corr
0.71	TS	Tenaris SA ADR	Pair Corr
0.63	EFXT	Enerflex	Pair Corr
0.61	ET	Energy Transfer LP	Pair Corr
0.56	EP	Empire Petroleum Corp Upward Rally	Pair Corr
0.52	DLNG	Dynagas LNG Partners	Pair Corr
0.51	VNOM	Viper Energy Ut	Pair Corr
0.45	ENLC	EnLink Midstream LLC	Pair Corr
0.44	VIST	Vista Oil Gas	Pair Corr
0.31	PR	Permian Resources	Pair Corr

Related Correlations Analysis

	SHEL	SU	TTE	EQNR	CVE	PBR-A
SHEL		0.52	0.85	0.5	0.84	0.48	SHEL
SU	0.52		0.24	0.42	0.38	0.49	SU
TTE	0.85	0.24		0.58	0.95	0.43	TTE
EQNR	0.5	0.42	0.58		0.71	0.77	EQNR
CVE	0.84	0.38	0.95	0.71		0.55	CVE
PBR-A	0.48	0.49	0.43	0.77	0.55		PBR-A
	SHEL	SU	TTE	EQNR	CVE	PBR-A

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Risk-Adjusted Indicators

There is a big difference between BP PLC Stock performing well and BP PLC 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 BP PLC'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
SHEL	0.94	(0.19)	46.30	1.46	(2.25)	5.88
SU	1.23	(0.13)	(0.31)	2.17	(2.76)	8.66
TTE	1.04	(0.35)	5.14	1.45	(2.60)	7.40
EQNR	1.68	(0.11)	0.65	3.30	(3.69)	8.46
CVE	1.38	(0.25)	(3.53)	2.43	(3.73)	7.99
PBR-A	1.33	(0.15)	(0.37)	2.26	(2.93)	9.33

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