Eni SPA Correlations

E Stock

USD 32.93 0.07 0.21%

The current 90-days correlation between Eni SpA ADR and TotalEnergies SE ADR is 0.83 (i.e., Very poor diversification). The correlation of Eni SPA 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.

Eni SPA Correlation With Market

Significant diversification

The correlation between Eni SpA ADR and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eni SpA ADR and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Eni Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Eni SpA ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Eni Stock

0.94	BP	BP PLC ADR	Pair Corr
0.78	EC	Ecopetrol SA ADR	Pair Corr
0.94	SU	Suncor Energy Earnings Call This Week	Pair Corr
0.9	EQNR	Equinor ASA ADR Earnings Call This Week	Pair Corr
0.91	CVE	Cenovus Energy	Pair Corr
0.94	CVX	Chevron Corp	Pair Corr
0.99	IMO	Imperial Oil	Pair Corr
0.82	NFG	National Fuel Gas	Pair Corr
0.92	PBR	Petroleo Brasileiro	Pair Corr
0.95	TTE	TotalEnergies SE ADR Earnings Call This Week	Pair Corr
0.79	XOM	Exxon Mobil Corp	Pair Corr
0.98	SHEL	Shell PLC ADR Sell-off Trend	Pair Corr
0.97	DINO	HF Sinclair Corp	Pair Corr
0.94	DK	Delek Energy	Pair Corr
0.94	NE	Noble plc	Pair Corr
0.9	PR	Permian Resources	Pair Corr
0.77	SD	SandRidge Energy	Pair Corr
0.9	SM	SM Energy	Pair Corr
0.85	TK	Teekay	Pair Corr
0.97	TS	Tenaris SA ADR	Pair Corr

Moving against Eni Stock

0.6	SLNG	Stabilis Solutions	Pair Corr
0.57	SKYQ	Sky Quarry	Pair Corr
0.31	CGBS	Crown LNG Holdings	Pair Corr
0.67	NEHC	New Era Helium	Pair Corr
0.59	HP	Helmerich and Payne Earnings Call This Week	Pair Corr
0.56	DNOW	Now Inc	Pair Corr
0.52	LB	LandBridge Company	Pair Corr
0.35	DMLP	Dorchester Minerals	Pair Corr
0.32	VNOM	Viper Energy Ut	Pair Corr

Related Correlations Analysis

	TTE	EC	SHEL	PBR	EQNR	BP	GLPEY	PBR-A	YPF	TGS
TTE		0.83	0.95	0.92	0.89	0.92	0.77	0.9	0.04	-0.21	TTE
EC	0.83		0.84	0.8	0.88	0.73	0.67	0.79	0.37	0.04	EC
SHEL	0.95	0.84		0.93	0.93	0.92	0.77	0.91	0.14	-0.1	SHEL
PBR	0.92	0.8	0.93		0.88	0.87	0.72	0.99	0.11	-0.05	PBR
EQNR	0.89	0.88	0.93	0.88		0.86	0.81	0.86	0.18	-0.09	EQNR
BP	0.92	0.73	0.92	0.87	0.86		0.67	0.87	0.15	-0.05	BP
GLPEY	0.77	0.67	0.77	0.72	0.81	0.67		0.66	-0.09	-0.31	GLPEY
PBR-A	0.9	0.79	0.91	0.99	0.86	0.87	0.66		0.19	0.04	PBR-A
YPF	0.04	0.37	0.14	0.11	0.18	0.15	-0.09	0.19		0.88	YPF
TGS	-0.21	0.04	-0.1	-0.05	-0.09	-0.05	-0.31	0.04	0.88		TGS
	TTE	EC	SHEL	PBR	EQNR	BP	GLPEY	PBR-A	YPF	TGS

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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

PBR-A	+ 0.99	PBR
SHEL	+ 0.95	TTE
PBR	+ 0.93	SHEL
EQNR	+ 0.93	SHEL
PBR	+ 0.92	TTE
BP	+ 0.92	TTE

High negative correlations

TGS	- 0.31	GLPEY
TGS	- 0.21	TTE
TGS	- 0.1	SHEL
YPF	- 0.09	GLPEY
TGS	- 0.09	EQNR
TGS	- 0.05	BP

Risk-Adjusted Indicators

There is a big difference between Eni Stock performing well and Eni SPA 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 Eni SPA'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
TTE	1.06	0.15	0.01	(7.31)	1.18	(1.18)	2.55	(2.09)	6.78
EC	1.39	0.10	(0.02)	(0.89)	1.79	(1.40)	3.22	(3.31)	7.94
SHEL	0.92	0.19	0.05	7.33	0.96	(1.03)	2.06	(1.66)	5.76
PBR	1.30	0.11	0.00	0.63	1.43	(1.44)	2.91	(2.37)	7.10
EQNR	1.38	0.19	0.02	(0.94)	1.62	(1.50)	2.78	(2.66)	10.21
BP	1.32	0.30	0.10	(3.76)	1.32	(1.47)	3.37	(2.20)	7.14
GLPEY	1.19	0.29	0.12	1.78	1.13	(1.31)	2.40	(2.54)	10.64
PBR-A	1.35	0.08	(0.01)	0.57	1.54	(1.42)	2.86	(2.89)	7.34
YPF	2.10	(0.15)	0.00	(0.17)	0.00	0.00	6.96	(4.27)	14.29
TGS	2.09	(0.20)	0.00	(0.12)	0.00	0.00	3.81	(5.09)	11.89

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