Nine Energy Correlations

NINE Stock

USD 1.24 0.10 7.46%

The current 90-days correlation between Nine Energy Service and Cactus Inc is 0.54 (i.e., Very weak diversification). The correlation of Nine Energy 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.

Nine Energy Correlation With Market

Weak diversification

The correlation between Nine Energy Service and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nine Energy Service and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nine Energy Service. 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 Nine Stock

0.87	NR	Newpark Resources	Pair Corr
0.65	TS	Tenaris SA ADR	Pair Corr
0.75	VTOL	Bristow Group	Pair Corr
0.65	EFXT	Enerflex	Pair Corr
0.64	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.79	FTI	TechnipFMC PLC	Pair Corr
0.72	FTK	Flotek Industries	Pair Corr
0.78	HAL	Halliburton Sell-off Trend	Pair Corr
0.63	HLX	Helix Energy Solutions	Pair Corr
0.66	KGS	Kodiak Gas Services,	Pair Corr
0.77	MRC	MRC Global	Pair Corr
0.76	NGS	Natural Gas Services	Pair Corr
0.64	NOA	North American Const	Pair Corr
0.81	OII	Oceaneering International	Pair Corr
0.81	OIS	Oil States International	Pair Corr
0.72	SEI	Solaris Energy Infra Symbol Change	Pair Corr
0.61	TTI	Tetra Technologies	Pair Corr
0.75	WHD	Cactus Inc	Pair Corr
0.62	KLXE	KLX Energy Services	Pair Corr
0.61	NCSM	NCS Multistage Holdings	Pair Corr

Moving against Nine Stock

0.55	DWSN	Dawson Geophysical	Pair Corr
0.4	TDW	Tidewater	Pair Corr
0.63	NESRW	National Energy Services	Pair Corr
0.53	E	Eni SpA ADR	Pair Corr
0.4	RCON	Recon Technology	Pair Corr
0.39	BOOM	Dmc Global	Pair Corr
0.38	NESR	National Energy Services	Pair Corr
0.35	VAL	Valaris	Pair Corr

Related Correlations Analysis

	BKR	NOV	WFRD	TS	HAL	CHX	FTI	DNOW	OII	WHD
BKR		0.16	-0.35	0.96	0.68	0.4	0.89	0.89	0.92	0.89	BKR
NOV	0.16		0.72	-0.03	0.59	0.67	0.17	0.28	0.39	0.43	NOV
WFRD	-0.35	0.72		-0.49	0.23	0.51	-0.26	-0.15	-0.12	0.0	WFRD
TS	0.96	-0.03	-0.49		0.6	0.27	0.92	0.88	0.87	0.82	TS
HAL	0.68	0.59	0.23	0.6		0.77	0.76	0.75	0.84	0.84	HAL
CHX	0.4	0.67	0.51	0.27	0.77		0.42	0.42	0.54	0.65	CHX
FTI	0.89	0.17	-0.26	0.92	0.76	0.42		0.9	0.93	0.89	FTI
DNOW	0.89	0.28	-0.15	0.88	0.75	0.42	0.9		0.9	0.87	DNOW
OII	0.92	0.39	-0.12	0.87	0.84	0.54	0.93	0.9		0.94	OII
WHD	0.89	0.43	0.0	0.82	0.84	0.65	0.89	0.87	0.94		WHD
	BKR	NOV	WFRD	TS	HAL	CHX	FTI	DNOW	OII	WHD

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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

TS	+ 0.96	BKR
WHD	+ 0.94	OII
OII	+ 0.93	FTI
OII	+ 0.92	BKR
FTI	+ 0.92	TS
DNOW	+ 0.9	FTI

High negative correlations

TS	- 0.49	WFRD
WFRD	- 0.35	BKR
FTI	- 0.26	WFRD
DNOW	- 0.15	WFRD
OII	- 0.12	WFRD
TS	- 0.03	NOV

Risk-Adjusted Indicators

There is a big difference between Nine Stock performing well and Nine 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 Nine 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
BKR	1.31	0.18	0.15	0.25	1.07	(1.57)	3.36	(2.54)	13.61
NOV	1.25	(0.21)	0.00	(0.08)	0.00	0.00	2.00	(2.74)	12.99
WFRD	2.03	(0.43)	0.00	(0.13)	0.00	0.00	3.51	(4.75)	16.10
TS	1.07	0.34	0.23	0.41	0.88	(1.20)	2.46	(2.38)	11.55
HAL	1.40	(0.08)	(0.04)	0.04	1.91	(1.44)	3.05	(3.66)	11.04
CHX	1.36	(0.14)	(0.05)	0.02	1.72	(1.48)	2.87	(3.01)	12.14
FTI	1.53	0.27	0.12	0.41	1.97	(1.60)	3.52	(3.47)	9.87
DNOW	1.44	0.12	0.16	0.17	1.18	(1.70)	3.55	(2.19)	15.21
OII	2.13	0.02	0.05	0.13	2.31	(2.30)	4.23	(4.07)	18.18
WHD	1.87	0.04	0.06	0.14	2.07	(2.12)	3.86	(3.37)	16.22

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