SandRidge Energy Correlations

SD Stock

USD 11.75 0.36 2.97%

The current 90-days correlation between SandRidge Energy and Devon Energy is 0.16 (i.e., Average diversification). The correlation of SandRidge 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.

SandRidge Energy Correlation With Market

Significant diversification

The correlation between SandRidge Energy and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SandRidge Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SandRidge 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.

For information on how to trade SandRidge Stock refer to our How to Trade SandRidge Stock guide.

Moving together with SandRidge Stock

0.74	VTLE	Vital Energy	Pair Corr
0.74	EONR	EON Resources Symbol Change	Pair Corr
0.71	FANG	Diamondback Energy	Pair Corr
0.77	APA	APA Corporation	Pair Corr
0.72	BRN	Barnwell Industries	Pair Corr
0.64	BRY	Berry Petroleum Corp	Pair Corr
0.93	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.86	DVN	Devon Energy	Pair Corr
0.81	EGY	Vaalco Energy	Pair Corr
0.72	GTE	Gran Tierra Energy	Pair Corr
0.69	HPK	Highpeak Energy Acqu	Pair Corr
0.86	KOS	Kosmos Energy	Pair Corr
0.82	MNR	Mach Natural Resources	Pair Corr

Moving against SandRidge Stock

0.54	CNX	CNX Resources Corp Fiscal Year End 23rd of January 2025	Pair Corr
0.52	LB	LandBridge Company Upward Rally	Pair Corr
0.48	EXE	Expand Energy Symbol Change	Pair Corr
0.45	DMLP	Dorchester Minerals	Pair Corr
0.38	EQT	EQT Corporation	Pair Corr
0.35	EPSN	Epsilon Energy	Pair Corr
0.51	PHX	PHX Minerals	Pair Corr
0.49	TPL	Texas Pacific Land Upward Rally	Pair Corr

Related Correlations Analysis

	DVN	COP	FANG	OXY	HES	PR	EOG	CTRA	RRC	MUR
DVN		0.35	0.82	0.95	-0.13	0.03	0.09	-0.11	-0.33	0.86	DVN
COP	0.35		0.64	0.45	0.66	0.73	0.81	0.67	0.58	0.28	COP
FANG	0.82	0.64		0.85	0.36	0.47	0.53	0.32	0.17	0.62	FANG
OXY	0.95	0.45	0.85		0.0	0.13	0.19	0.04	-0.18	0.84	OXY
HES	-0.13	0.66	0.36	0.0		0.82	0.88	0.86	0.85	-0.26	HES
PR	0.03	0.73	0.47	0.13	0.82		0.91	0.89	0.86	0.09	PR
EOG	0.09	0.81	0.53	0.19	0.88	0.91		0.89	0.83	0.05	EOG
CTRA	-0.11	0.67	0.32	0.04	0.86	0.89	0.89		0.89	-0.11	CTRA
RRC	-0.33	0.58	0.17	-0.18	0.85	0.86	0.83	0.89		-0.27	RRC
MUR	0.86	0.28	0.62	0.84	-0.26	0.09	0.05	-0.11	-0.27		MUR
	DVN	COP	FANG	OXY	HES	PR	EOG	CTRA	RRC	MUR

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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

OXY	+ 0.95	DVN
EOG	+ 0.91	PR
CTRA	+ 0.89	PR
CTRA	+ 0.89	EOG
RRC	+ 0.89	CTRA
EOG	+ 0.88	HES

High negative correlations

RRC	- 0.33	DVN
MUR	- 0.27	RRC
MUR	- 0.26	HES
RRC	- 0.18	OXY
HES	- 0.13	DVN
MUR	- 0.11	CTRA

Risk-Adjusted Indicators

There is a big difference between SandRidge Stock performing well and SandRidge 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 SandRidge 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
DVN	1.29	(0.22)	0.00	(0.18)	0.00	0.00	2.17	(2.95)	7.21
COP	1.25	(0.02)	(0.05)	0.07	1.51	(1.38)	2.59	(3.24)	7.92
FANG	1.64	(0.13)	0.00	(0.04)	0.00	0.00	3.00	(3.91)	9.60
OXY	1.15	(0.18)	0.00	(0.18)	0.00	0.00	2.04	(2.77)	7.68
HES	0.94	0.04	0.01	0.18	1.23	(0.94)	2.25	(2.31)	5.16
PR	1.63	0.19	0.04	1.39	1.91	(1.80)	2.90	(3.33)	7.95
EOG	1.17	0.05	0.01	0.19	1.36	(1.19)	2.49	(2.88)	7.05
CTRA	1.13	0.14	0.07	0.29	1.27	(1.18)	2.27	(1.94)	8.03
RRC	1.45	0.22	0.07	1.40	1.47	(1.63)	3.64	(2.66)	8.94
MUR	1.53	(0.13)	0.00	1.50	0.00	0.00	2.83	(3.67)	9.23

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