Devon Energy Correlations

DVN Stock

USD 34.91 0.35 1.01%

The current 90-days correlation between Devon Energy and Coterra Energy is 0.65 (i.e., Poor 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

Average diversification

The correlation between Devon Energy and DJI is 0.17 (i.e., Average 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 unemployment.

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

Moving together with Devon Stock

0.69	WTI	WT Offshore Buyout Trend	Pair Corr
0.61	HME	Hemisphere Energy	Pair Corr
0.69	AEFC	Aegon Funding	Pair Corr
0.74	SHEL	Shell PLC ADR	Pair Corr
0.79	BORR	Borr Drilling	Pair Corr
0.66	CPA	Copa Holdings SA	Pair Corr

Moving against Devon Stock

0.6	CRT	Cross Timbers Royalty	Pair Corr
0.51	SOC	Sable Offshore Corp	Pair Corr
0.43	DMLP	Dorchester Minerals	Pair Corr
0.41	MTR	Mesa Royalty Trust	Pair Corr
0.36	KRP	Kimbell Royalty Partners	Pair Corr
0.54	SELAN	Selan Exploration	Pair Corr
0.52	NFPDF	Nissin Foods Holdings Downward Rally	Pair Corr

Related Correlations Analysis

	CTRA	OXY	FANG	COP	APA	EOG
CTRA		0.22	0.03	0.17	-0.03	0.59	CTRA
OXY	0.22		0.31	0.65	0.86	0.15	OXY
FANG	0.03	0.31		0.69	0.17	0.19	FANG
COP	0.17	0.65	0.69		0.44	0.45	COP
APA	-0.03	0.86	0.17	0.44		-0.23	APA
EOG	0.59	0.15	0.19	0.45	-0.23		EOG
	CTRA	OXY	FANG	COP	APA	EOG

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

APA	+ 0.86	OXY
COP	+ 0.69	FANG
COP	+ 0.65	OXY
EOG	+ 0.59	CTRA
EOG	+ 0.45	COP
APA	+ 0.44	COP

High negative correlations

EOG	- 0.23	APA
APA	- 0.03	CTRA

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	1.14	(0.09)	0.00	(0.18)	0.00	0.00	1.74	(3.29)	6.80
OXY	1.42	0.05	0.01	0.17	2.12	(1.39)	2.87	(2.67)	12.86
FANG	1.46	0.06	0.03	0.12	1.70	(1.57)	3.26	(2.87)	9.29
COP	1.22	0.00	(0.01)	0.06	1.51	(1.26)	2.31	(2.67)	7.89
APA	2.10	0.41	0.18	1.13	1.95	(2.67)	5.59	(4.22)	12.62
EOG	1.08	(0.18)	0.00	(0.28)	0.00	0.00	2.51	(2.87)	8.00

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