SandRidge Energy Correlations

SD Stock

USD 11.91 0.17 1.41%

The current 90-days correlation between SandRidge Energy and Range Resources Corp is 0.83 (i.e., Very poor 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

Poor diversification

The correlation between SandRidge Energy and DJI is 0.65 (i.e., Poor 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.

Build AI portfolio with SandRidge Stock

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

0.86	AR	Antero Resources Corp	Pair Corr
0.9	PR	Permian Resources	Pair Corr
0.91	SM	SM Energy	Pair Corr
0.94	VTLE	Vital Energy	Pair Corr
0.7	EPSN	Epsilon Energy	Pair Corr
0.9	FANG	Diamondback Energy	Pair Corr
0.96	APA	APA Corporation	Pair Corr
0.77	BKV	BKV Corporation	Pair Corr
0.91	BRY	Berry Petroleum Corp	Pair Corr
0.91	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.79	CNQ	Canadian Natural Res	Pair Corr
0.73	CNX	CNX Resources Corp	Pair Corr
0.77	COP	ConocoPhillips	Pair Corr
0.87	CRC	California Resources Corp	Pair Corr
0.87	DVN	Devon Energy	Pair Corr
0.92	EGY	Vaalco Energy	Pair Corr
0.9	EOG	EOG Resources	Pair Corr
0.94	EPM	Evolution Petroleum	Pair Corr
0.61	EQT	EQT Corporation	Pair Corr
0.86	GTE	Gran Tierra Energy	Pair Corr
0.82	HES	Hess	Pair Corr
0.92	HPK	Highpeak Energy Acqu	Pair Corr
0.85	INR	Infinity Natural Res	Pair Corr
0.92	KOS	Kosmos Energy Aggressive Push	Pair Corr
0.93	KRP	Kimbell Royalty Partners	Pair Corr
0.93	MGY	Magnolia Oil Gas	Pair Corr
0.92	MNR	Mach Natural Resources	Pair Corr
0.88	MUR	Murphy Oil	Pair Corr
0.73	MXC	Mexco Energy Trending	Pair Corr

Moving against SandRidge Stock

0.53

ANNAW

AleAnna, Warrant

Pair Corr

Related Correlations Analysis

	RRC	CHK	SWN	SM	NOG
RRC		0.0	0.0	0.74	0.94	RRC
CHK	0.0		0.0	0.0	0.0	CHK
SWN	0.0	0.0		0.0	0.0	SWN
SM	0.74	0.0	0.0		0.85	SM
NOG	0.94	0.0	0.0	0.85		NOG
	RRC	CHK	SWN	SM	NOG

Click cells to compare fundamentals

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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

NOG	+ 0.94	RRC
NOG	+ 0.85	SM
SM	+ 0.74	RRC
CHK	+ 0.0	RRC
SWN	+ 0.0	RRC
SWN	+ 0.0	CHK

High negative correlations

NOG	- 0.0	SWN
SM	- 0.0	SWN
NOG	- 0.0	CHK
SM	- 0.0	CHK
SWN	- 0.0	CHK
SWN	- 0.0	RRC

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
RRC	1.89	0.13	0.04	0.14	3.34	(1.78)	3.40	(4.55)	14.32
CHK	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SWN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SM	3.17	(0.08)	0.00	(0.01)	0.00	0.00	5.52	(7.98)	34.46
NOG	2.86	0.13	0.03	0.09	4.53	(2.96)	6.21	(8.61)	32.30

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