Equinor ASA Correlations

EQNR Stock

USD 26.49 1.28 4.61%

The current 90-days correlation between Equinor ASA ADR and BP PLC ADR is 0.76 (i.e., Poor diversification). The correlation of Equinor ASA 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.

Equinor ASA Correlation With Market

Very weak diversification

The correlation between Equinor ASA ADR and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Equinor ASA ADR and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Equinor Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Equinor ASA ADR. 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 Equinor Stock

0.86	E	Eni SpA ADR	Pair Corr
0.76	BP	BP PLC ADR	Pair Corr
0.85	EC	Ecopetrol SA ADR	Pair Corr
0.92	SU	Suncor Energy	Pair Corr
0.83	CVE	Cenovus Energy	Pair Corr
0.63	CVX	Chevron Corp	Pair Corr
0.8	IMO	Imperial Oil	Pair Corr
0.79	PBR	Petroleo Brasileiro	Pair Corr
0.85	TTE	TotalEnergies SE ADR	Pair Corr
0.73	XOM	Exxon Mobil Corp	Pair Corr
0.61	YPF	YPF Sociedad Anonima	Pair Corr
0.9	SHEL	Shell PLC ADR	Pair Corr
0.67	DINO	HF Sinclair Corp	Pair Corr
0.79	AR	Antero Resources Corp	Pair Corr
0.66	DK	Delek Energy	Pair Corr
0.69	EE	Excelerate Energy	Pair Corr
0.7	ET	Energy Transfer LP	Pair Corr
0.79	NE	Noble plc	Pair Corr
0.81	PR	Permian Resources	Pair Corr
0.93	SD	SandRidge Energy	Pair Corr
0.78	SM	SM Energy	Pair Corr
0.82	TS	Tenaris SA ADR Earnings Call Today	Pair Corr
0.65	DWSN	Dawson Geophysical	Pair Corr

Moving against Equinor Stock

0.43

ANNAW

AleAnna, Warrant

Pair Corr

Related Correlations Analysis

	SHEL	BP	E	GLPEY	TTE	EC	NFG	TGS	PBR-A	PBR
SHEL		0.92	0.92	0.89	0.96	0.82	0.49	0.38	0.85	0.85	SHEL
BP	0.92		0.74	0.7	0.93	0.75	0.24	0.32	0.92	0.92	BP
E	0.92	0.74		0.93	0.83	0.74	0.73	0.51	0.64	0.64	E
GLPEY	0.89	0.7	0.93		0.82	0.8	0.64	0.26	0.62	0.64	GLPEY
TTE	0.96	0.93	0.83	0.82		0.83	0.34	0.3	0.88	0.88	TTE
EC	0.82	0.75	0.74	0.8	0.83		0.32	0.14	0.78	0.8	EC
NFG	0.49	0.24	0.73	0.64	0.34	0.32		0.54	0.1	0.11	NFG
TGS	0.38	0.32	0.51	0.26	0.3	0.14	0.54		0.18	0.13	TGS
PBR-A	0.85	0.92	0.64	0.62	0.88	0.78	0.1	0.18		1.0	PBR-A
PBR	0.85	0.92	0.64	0.64	0.88	0.8	0.11	0.13	1.0		PBR
	SHEL	BP	E	GLPEY	TTE	EC	NFG	TGS	PBR-A	PBR

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Risk-Adjusted Indicators

There is a big difference between Equinor Stock performing well and Equinor ASA 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 Equinor ASA'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
SHEL	1.32	(0.01)	0.00	0.02	2.51	(1.17)	2.62	(4.06)	13.36
BP	1.69	(0.18)	0.00	(0.17)	0.00	0.00	2.82	(4.26)	12.90
E	1.39	0.09	0.04	0.14	2.29	(1.40)	2.87	(4.77)	11.79
GLPEY	1.54	0.12	0.03	3.49	2.58	(1.44)	3.54	(3.31)	11.99
TTE	1.42	(0.04)	0.00	(0.03)	0.00	0.00	2.60	(3.65)	10.06
EC	1.84	0.12	0.03	(0.34)	2.99	(1.77)	3.64	(5.76)	18.07
NFG	0.98	0.16	0.08	4.59	1.52	(0.98)	2.61	(1.96)	8.64
TGS	2.48	0.01	0.00	0.03	2.87	(3.08)	4.26	(5.35)	16.53
PBR-A	1.69	(0.09)	0.00	(0.08)	0.00	0.00	3.22	(4.67)	14.10
PBR	1.63	(0.07)	0.00	(0.07)	0.00	0.00	3.38	(4.64)	14.11

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