Newpark Resources Correlations

NR Stock

USD 6.95 0.02 0.29%

The current 90-days correlation between Newpark Resources and Now Inc is 0.65 (i.e., Poor diversification). The correlation of Newpark 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Newpark Resources Correlation With Market

Very weak diversification

The correlation between Newpark Resources and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newpark Resources 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 Newpark Resources. 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.

To learn how to invest in Newpark Stock, please use our How to Invest in Newpark Resources guide.

Moving together with Newpark Stock

0.67	WFRD	Weatherford International	Pair Corr
0.69	CHX	ChampionX	Pair Corr
0.76	FET	Forum Energy Technologies	Pair Corr
0.71	HAL	Halliburton Fiscal Year End 28th of January 2025	Pair Corr
0.62	HLX	Helix Energy Solutions	Pair Corr
0.68	NGS	Natural Gas Services	Pair Corr
0.76	NOV	NOV Inc	Pair Corr
0.72	XPRO	Expro Group Holdings	Pair Corr
0.7	SLB	Schlumberger NV Aggressive Push	Pair Corr
0.76	TDW	Tidewater	Pair Corr
0.67	TTI	Tetra Technologies	Pair Corr
0.61	VAL	Valaris	Pair Corr
0.62	LBRT	Liberty Oilfield Services Fiscal Year End 22nd of January 2025	Pair Corr

Moving against Newpark Stock

0.55	SUBCY	Subsea 7 SA	Pair Corr
0.44	RCON	Recon Technology	Pair Corr

Related Correlations Analysis

	DNOW	EFXT	VTOL	FET	HLX	OII	DRQ	RES	RNGR	PUMP
DNOW		-0.32	0.09	0.65	0.72	0.64	0.62	0.51	-0.11	0.82	DNOW
EFXT	-0.32		0.55	0.03	-0.19	0.26	-0.36	0.21	0.44	-0.08	EFXT
VTOL	0.09	0.55		0.57	0.02	0.67	-0.21	0.4	0.59	0.23	VTOL
FET	0.65	0.03	0.57		0.54	0.74	0.14	0.49	0.3	0.57	FET
HLX	0.72	-0.19	0.02	0.54		0.36	0.66	0.01	-0.48	0.68	HLX
OII	0.64	0.26	0.67	0.74	0.36		0.2	0.78	0.42	0.71	OII
DRQ	0.62	-0.36	-0.21	0.14	0.66	0.2		-0.01	-0.67	0.62	DRQ
RES	0.51	0.21	0.4	0.49	0.01	0.78	-0.01		0.57	0.57	RES
RNGR	-0.11	0.44	0.59	0.3	-0.48	0.42	-0.67	0.57		-0.11	RNGR
PUMP	0.82	-0.08	0.23	0.57	0.68	0.71	0.62	0.57	-0.11		PUMP
	DNOW	EFXT	VTOL	FET	HLX	OII	DRQ	RES	RNGR	PUMP

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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

PUMP	+ 0.82	DNOW
RES	+ 0.78	OII
OII	+ 0.74	FET
HLX	+ 0.72	DNOW
PUMP	+ 0.71	OII
PUMP	+ 0.68	HLX

High negative correlations

RNGR	- 0.67	DRQ
RNGR	- 0.48	HLX
DRQ	- 0.36	EFXT
EFXT	- 0.32	DNOW
DRQ	- 0.21	VTOL
HLX	- 0.19	EFXT

Risk-Adjusted Indicators

There is a big difference between Newpark Stock performing well and Newpark 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 Newpark 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
DNOW	1.87	(0.27)	0.00	(0.07)	0.00	0.00	3.28	(4.41)	9.02
EFXT	1.83	0.00	0.03	0.11	2.14	(1.88)	4.33	(4.06)	11.45
VTOL	1.88	0.00	0.00	0.11	2.81	(1.75)	2.89	(4.74)	19.45
FET	2.27	(0.26)	0.00	(0.06)	0.00	0.00	4.69	(4.00)	11.58
HLX	1.89	(0.25)	0.00	(0.04)	0.00	0.00	5.03	(4.79)	13.15
OII	2.17	(0.07)	0.01	0.07	2.91	(2.26)	4.39	(4.65)	22.55
DRQ	1.89	(0.10)	0.00	(4.06)	0.00	0.00	3.57	(4.30)	12.98
RES	2.17	(0.01)	0.01	0.10	2.60	(2.32)	3.93	(4.52)	25.64
RNGR	2.02	0.11	0.06	0.19	2.09	(2.10)	3.13	(3.86)	17.87
PUMP	2.30	(0.29)	0.00	(0.05)	0.00	0.00	4.10	(4.78)	15.88

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