Devon Energy Correlations

DVN Stock

USD 30.41 0.89 2.84%

The current 90-days correlation between Devon Energy and Coterra Energy is 0.01 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Devon Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Devon Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Devon Energy Correlation With Market

Poor diversification

The correlation between Devon Energy and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Devon Energy and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Devon Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Devon Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

To learn how to invest in Devon Stock, please use our How to Invest in Devon Energy guide.

Moving together with Devon Stock

0.82	AR	Antero Resources Corp	Pair Corr
0.61	EP	Empire Petroleum Corp	Pair Corr
0.83	PR	Permian Resources Earnings Call Shortly	Pair Corr
0.84	SD	SandRidge Energy Earnings Call Shortly	Pair Corr
0.66	SM	SM Energy	Pair Corr
0.7	DMLP	Dorchester Minerals	Pair Corr
0.62	VIST	Vista Oil Gas	Pair Corr
0.85	FANG	Diamondback Energy	Pair Corr
0.83	APA	APA Corporation	Pair Corr
0.65	BRY	Berry Petroleum Corp	Pair Corr
0.73	BSM	Black Stone Minerals Earnings Call Shortly	Pair Corr
0.8	BTE	Baytex Energy Corp Earnings Call Shortly	Pair Corr
0.67	CNQ	Canadian Natural Res	Pair Corr
0.91	COP	ConocoPhillips Earnings Call Shortly	Pair Corr
0.79	CRC	California Resources Corp Earnings Call Shortly	Pair Corr
0.79	EGY	Vaalco Energy Earnings Call Shortly	Pair Corr
0.91	EOG	EOG Resources	Pair Corr
0.81	EPM	Evolution Petroleum Earnings Call Shortly	Pair Corr
0.61	GTE	Gran Tierra Energy	Pair Corr
0.93	HES	Hess	Pair Corr
0.8	HPK	Highpeak Energy Acqu Earnings Call Shortly	Pair Corr
0.62	KOS	Kosmos Energy Earnings Call Shortly	Pair Corr
0.73	KRP	Kimbell Royalty Partners	Pair Corr
0.94	MGY	Magnolia Oil Gas Earnings Call Shortly	Pair Corr
0.61	MNR	Mach Natural Resources	Pair Corr
0.91	MUR	Murphy Oil Earnings Call Shortly	Pair Corr

Moving against Devon Stock

0.45

ANNAW

AleAnna, Warrant

Pair Corr

Related Correlations Analysis

	CTRA	FANG	EOG	COP	PXD	EQT	MRO	PR
CTRA		0.81	0.74	0.86	0.0	0.65	0.0	0.77	CTRA
FANG	0.81		0.9	0.93	0.0	0.59	0.0	0.98	FANG
EOG	0.74	0.9		0.85	0.0	0.45	0.0	0.92	EOG
COP	0.86	0.93	0.85		0.0	0.66	0.0	0.91	COP
PXD	0.0	0.0	0.0	0.0		0.0	0.0	0.0	PXD
EQT	0.65	0.59	0.45	0.66	0.0		0.0	0.59	EQT
MRO	0.0	0.0	0.0	0.0	0.0	0.0		0.0	MRO
PR	0.77	0.98	0.92	0.91	0.0	0.59	0.0		PR
	CTRA	FANG	EOG	COP	PXD	EQT	MRO	PR

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

PR	+ 0.98	FANG
COP	+ 0.93	FANG
PR	+ 0.92	EOG
PR	+ 0.91	COP
EOG	+ 0.9	FANG
COP	+ 0.86	CTRA

High negative correlations

PR	- 0.0	MRO
MRO	- 0.0	EQT
PR	- 0.0	PXD
MRO	- 0.0	PXD
EQT	- 0.0	PXD
MRO	- 0.0	COP

Risk-Adjusted Indicators

There is a big difference between Devon Stock performing well and Devon Energy 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 Devon Energy'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
CTRA	1.66	(0.18)	0.00	2.15	0.00	0.00	2.89	(4.10)	12.16
FANG	2.31	(0.10)	0.00	(0.20)	0.00	0.00	3.17	(6.90)	21.87
EOG	1.74	(0.07)	0.00	(0.21)	0.00	0.00	2.74	(5.04)	16.94
COP	2.02	0.03	0.00	(0.12)	0.00	0.00	2.87	(6.58)	19.69
PXD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EQT	2.02	0.22	0.05	0.06	4.05	(1.63)	3.41	(4.63)	16.15
MRO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PR	2.65	(0.01)	0.00	(0.14)	0.00	0.00	4.55	(8.11)	25.78

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

2024 Macroaxis LLC