Canadian Natural Correlations

CNQ Stock

USD 29.58 0.07 0.24%

The current 90-days correlation between Canadian Natural Res and EOG Resources is 0.55 (i.e., Very weak diversification). The correlation of Canadian Natural 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.

Canadian Natural Correlation With Market

Average diversification

The correlation between Canadian Natural Resources and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Natural Resources 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 Canadian Natural Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Canadian Stock

0.62	SD	SandRidge Energy	Pair Corr
0.7	SM	SM Energy	Pair Corr
0.81	EONR	EON Resources Symbol Change	Pair Corr
0.92	FANG	Diamondback Energy	Pair Corr
0.8	APA	APA Corporation	Pair Corr
0.69	BRN	Barnwell Industries	Pair Corr
0.73	BRY	Berry Petroleum Corp	Pair Corr
0.84	BTE	Baytex Energy Corp	Pair Corr
0.92	DVN	Devon Energy	Pair Corr
0.87	EGY	Vaalco Energy	Pair Corr
0.8	GFR	Greenfire Resources	Pair Corr
0.84	KOS	Kosmos Energy	Pair Corr
0.76	MUR	Murphy Oil Fiscal Year End 23rd of January 2025	Pair Corr
0.66	MXC	Mexco Energy	Pair Corr

Moving against Canadian Stock

0.7	BKV	BKV Corporation	Pair Corr
0.62	CRK	Comstock Resources	Pair Corr
0.6	DEC	Diversified Energy	Pair Corr
0.58	EP	Empire Petroleum Corp Upward Rally	Pair Corr
0.54	VIST	Vista Oil Gas	Pair Corr
0.43	AR	Antero Resources Corp	Pair Corr
0.6	MRO	Marathon Oil	Pair Corr
0.53	EQT	EQT Corporation	Pair Corr
0.5	PHX	PHX Minerals	Pair Corr
0.47	RRC	Range Resources Corp	Pair Corr
0.45	EXE	Expand Energy Symbol Change	Pair Corr

Related Correlations Analysis

	BTE	VET	OBE	OVV	CPG	ROCC	ERF	EOG	DVN	PXD
BTE		0.66	0.91	0.3	0.49	0.38	-0.65	0.36	0.95	-0.17	BTE
VET	0.66		0.68	0.79	-0.05	0.22	-0.64	0.73	0.59	-0.37	VET
OBE	0.91	0.68		0.32	0.53	0.55	-0.6	0.32	0.88	-0.27	OBE
OVV	0.3	0.79	0.32		-0.5	-0.07	-0.45	0.94	0.24	-0.45	OVV
CPG	0.49	-0.05	0.53	-0.5		0.6	-0.1	-0.43	0.55	0.21	CPG
ROCC	0.38	0.22	0.55	-0.07	0.6		-0.36	-0.04	0.53	-0.41	ROCC
ERF	-0.65	-0.64	-0.6	-0.45	-0.1	-0.36		-0.46	-0.7	0.61	ERF
EOG	0.36	0.73	0.32	0.94	-0.43	-0.04	-0.46		0.32	-0.43	EOG
DVN	0.95	0.59	0.88	0.24	0.55	0.53	-0.7	0.32		-0.23	DVN
PXD	-0.17	-0.37	-0.27	-0.45	0.21	-0.41	0.61	-0.43	-0.23		PXD
	BTE	VET	OBE	OVV	CPG	ROCC	ERF	EOG	DVN	PXD

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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

DVN	+ 0.95	BTE
EOG	+ 0.94	OVV
OBE	+ 0.91	BTE
DVN	+ 0.88	OBE
OVV	+ 0.79	VET
EOG	+ 0.73	VET

High negative correlations

DVN	- 0.7	ERF
ERF	- 0.65	BTE
ERF	- 0.64	VET
ERF	- 0.6	OBE
CPG	- 0.5	OVV
EOG	- 0.46	ERF

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Natural 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 Canadian Natural'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
BTE	2.06	(0.44)	0.00	(3.84)	0.00	0.00	3.50	(5.02)	11.46
VET	1.83	(0.10)	0.00	(0.22)	0.00	0.00	3.43	(3.61)	11.30
OBE	2.17	(0.19)	0.00	(0.81)	0.00	0.00	3.76	(4.26)	14.69
OVV	1.73	(0.09)	0.00	(0.11)	0.00	0.00	4.10	(3.78)	9.92
CPG	1.55	(0.12)	0.00	0.72	0.00	0.00	2.84	(3.94)	8.83
ROCC	1.54	0.06	0.02	0.12	1.79	(1.72)	3.36	(2.72)	10.33
ERF	1.63	0.17	0.07	2.08	1.87	(1.76)	4.61	(3.05)	8.71
EOG	1.16	(0.08)	0.00	(0.11)	0.00	0.00	1.92	(2.88)	9.26
DVN	1.43	(0.43)	0.00	(0.75)	0.00	0.00	2.13	(3.43)	7.08
PXD	1.23	(0.03)	0.00	0.16	0.00	0.00	2.43	(2.71)	6.32

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