California Resources Correlations

CRC Stock

USD 36.47 4.07 12.56%

The current 90-days correlation between California Resources Corp and Magnolia Oil Gas is 0.82 (i.e., Very poor diversification). The correlation of California Resources 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.

California Resources Correlation With Market

Poor diversification

The correlation between California Resources Corp and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Resources 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 California Resources 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 metropolitan statistical area.

Moving together with California Stock

0.9	PR	Permian Resources	Pair Corr
0.86	SD	SandRidge Energy	Pair Corr
0.95	SM	SM Energy	Pair Corr
0.9	DMLP	Dorchester Minerals	Pair Corr
0.95	VIST	Vista Oil Gas	Pair Corr
0.9	VTLE	Vital Energy	Pair Corr
0.83	EONR	EON Resources Symbol Change	Pair Corr
0.95	FANG	Diamondback Energy	Pair Corr
0.95	APA	APA Corporation	Pair Corr
0.9	BKV	BKV Corporation	Pair Corr
0.87	BRY	Berry Petroleum Corp	Pair Corr
0.96	BTE	Baytex Energy Corp	Pair Corr
0.73	CNQ	Canadian Natural Res	Pair Corr
0.75	COP	ConocoPhillips	Pair Corr
0.81	DEC	Diversified Energy	Pair Corr
0.89	EGY	Vaalco Energy	Pair Corr
0.81	EOG	EOG Resources	Pair Corr
0.92	EPM	Evolution Petroleum	Pair Corr
0.87	GFR	Greenfire Resources	Pair Corr
0.9	GTE	Gran Tierra Energy	Pair Corr
0.92	HPK	Highpeak Energy Acqu	Pair Corr
0.92	KOS	Kosmos Energy Buyout Trend	Pair Corr
0.9	KRP	Kimbell Royalty Partners	Pair Corr
0.7	MGY	Magnolia Oil Gas	Pair Corr
0.86	MNR	Mach Natural Resources	Pair Corr
0.9	MUR	Murphy Oil	Pair Corr
0.77	MXC	Mexco Energy	Pair Corr

Moving against California Stock

0.39	ANNAW	AleAnna, Warrant	Pair Corr
0.33	EPSN	Epsilon Energy	Pair Corr

Related Correlations Analysis

	BRY	MGY	CRK	GPOR	EPM	GPRK	GRNT	PHX	EPSN	CNX
BRY		0.46	0.28	0.57	0.76	0.86	0.75	0.38	-0.6	-0.25	BRY
MGY	0.46		0.84	0.71	0.81	0.56	0.76	0.58	0.27	0.28	MGY
CRK	0.28	0.84		0.69	0.62	0.43	0.64	0.41	0.33	0.26	CRK
GPOR	0.57	0.71	0.69		0.75	0.65	0.87	0.56	-0.12	0.18	GPOR
EPM	0.76	0.81	0.62	0.75		0.79	0.85	0.49	-0.15	0.06	EPM
GPRK	0.86	0.56	0.43	0.65	0.79		0.88	0.32	-0.43	0.01	GPRK
GRNT	0.75	0.76	0.64	0.87	0.85	0.88		0.55	-0.16	0.21	GRNT
PHX	0.38	0.58	0.41	0.56	0.49	0.32	0.55		0.11	0.33	PHX
EPSN	-0.6	0.27	0.33	-0.12	-0.15	-0.43	-0.16	0.11		0.44	EPSN
CNX	-0.25	0.28	0.26	0.18	0.06	0.01	0.21	0.33	0.44		CNX
	BRY	MGY	CRK	GPOR	EPM	GPRK	GRNT	PHX	EPSN	CNX

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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

GRNT	+ 0.88	GPRK
GRNT	+ 0.87	GPOR
GPRK	+ 0.86	BRY
GRNT	+ 0.85	EPM
CRK	+ 0.84	MGY
EPM	+ 0.81	MGY

High negative correlations

EPSN	- 0.6	BRY
EPSN	- 0.43	GPRK
CNX	- 0.25	BRY
EPSN	- 0.16	GRNT
EPSN	- 0.15	EPM
EPSN	- 0.12	GPOR

Risk-Adjusted Indicators

There is a big difference between California Stock performing well and California Resources 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 California Resources' 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
BRY	2.56	(0.63)	0.00	(1.32)	0.00	0.00	3.80	(9.74)	19.76
MGY	1.80	0.00	0.00	(0.19)	0.00	0.00	2.88	(4.67)	14.36
CRK	2.91	0.25	0.00	(0.02)	0.00	0.00	6.21	(5.82)	26.52
GPOR	1.81	(0.06)	0.00	(0.32)	0.00	0.00	3.21	(4.71)	13.97
EPM	1.29	(0.10)	0.00	(0.30)	0.00	0.00	1.81	(3.66)	10.91
GPRK	2.58	(0.42)	0.00	(1.08)	0.00	0.00	5.57	(5.49)	20.07
GRNT	1.69	(0.27)	0.00	(0.69)	0.00	0.00	2.95	(4.32)	16.50
PHX	1.65	(0.04)	0.00	(0.23)	0.00	0.00	3.27	(3.85)	10.31
EPSN	1.72	0.26	0.10	0.10	2.63	(1.64)	5.04	(3.98)	14.20
CNX	1.86	(0.31)	0.00	(0.76)	0.00	0.00	3.48	(4.57)	11.25

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