Suncor Energy Correlations

SU Stock

USD 43.24 0.08 0.19%

The current 90-days correlation between Suncor Energy and Imperial Oil is 0.73 (i.e., Poor diversification). The correlation of Suncor 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Suncor Energy Correlation With Market

Modest diversification

The correlation between Suncor Energy and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Suncor Energy and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Suncor Stock

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

For more information on how to buy Suncor Stock please use our How to Invest in Suncor Energy guide.

Moving together with Suncor Stock

0.77	E	Eni SpA ADR	Pair Corr
0.83	BP	BP PLC ADR	Pair Corr
0.85	EC	Ecopetrol SA ADR	Pair Corr
0.72	NC	NACCO Industries	Pair Corr
0.63	CVE	Cenovus Energy	Pair Corr
0.97	SU	Suncor Energy	Pair Corr
0.71	CVE	Cenovus Energy Sell-off Trend	Pair Corr
0.68	IMO	Imperial Oil	Pair Corr
0.64	PBR	Petroleo Brasileiro	Pair Corr
0.75	TTE	TotalEnergies SE ADR	Pair Corr

Moving against Suncor Stock

0.72	BSK	Blue Sky Uranium	Pair Corr
0.72	DNN	Denison Mines Corp Aggressive Push	Pair Corr
0.66	EPM	Eclipse Metals	Pair Corr
0.65	BLZ	BLAZE Minerals	Pair Corr
0.61	VO	ValOre Metals Corp	Pair Corr
0.6	EU	enCore Energy Corp	Pair Corr
0.55	KLR	Kaili Resources	Pair Corr
0.34	BTU	Peabody Energy Corp	Pair Corr
0.89	LEU	Centrus Energy Corp	Pair Corr
0.73	URG	Ur Energy	Pair Corr
0.73	WWR	Westwater Resources	Pair Corr
0.71	UEC	Uranium Energy Corp Aggressive Push	Pair Corr
0.68	601666	Pingdingshan Tianan Coal	Pair Corr
0.63	WEC	White Energy	Pair Corr
0.62	GSTM	Goldstorm Metals Corp	Pair Corr
0.6	900948	Inner Mongolia Yitai	Pair Corr
0.59	BISI	Bisichi Mining PLC	Pair Corr
0.59	BMN	Bannerman Energy	Pair Corr
0.56	T92	Terra Uranium	Pair Corr
0.52	WBI	WaterBridge Infrastructure	Pair Corr

Related Correlations Analysis

	IMO	LNG	MPLX	BKR	E	TRP	OKE	EQNR	CVE	FANG
IMO		0.01	0.44	0.75	0.52	0.34	0.22	0.24	0.75	0.36	IMO
LNG	0.01		-0.78	0.25	-0.73	-0.21	-0.2	0.67	-0.05	-0.51	LNG
MPLX	0.44	-0.78		0.25	0.87	0.56	0.62	-0.4	0.51	0.82	MPLX
BKR	0.75	0.25	0.25		0.3	0.21	0.35	0.45	0.54	0.34	BKR
E	0.52	-0.73	0.87	0.3		0.39	0.36	-0.19	0.5	0.68	E
TRP	0.34	-0.21	0.56	0.21	0.39		0.77	-0.05	0.53	0.65	TRP
OKE	0.22	-0.2	0.62	0.35	0.36	0.77		-0.06	0.46	0.82	OKE
EQNR	0.24	0.67	-0.4	0.45	-0.19	-0.05	-0.06		0.15	-0.23	EQNR
CVE	0.75	-0.05	0.51	0.54	0.5	0.53	0.46	0.15		0.61	CVE
FANG	0.36	-0.51	0.82	0.34	0.68	0.65	0.82	-0.23	0.61		FANG
	IMO	LNG	MPLX	BKR	E	TRP	OKE	EQNR	CVE	FANG

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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

E	+ 0.87	MPLX
FANG	+ 0.82	MPLX
FANG	+ 0.82	OKE
OKE	+ 0.77	TRP
BKR	+ 0.75	IMO
CVE	+ 0.75	IMO

High negative correlations

MPLX	- 0.78	LNG
E	- 0.73	LNG
FANG	- 0.51	LNG
EQNR	- 0.4	MPLX
FANG	- 0.23	EQNR
TRP	- 0.21	LNG

Risk-Adjusted Indicators

There is a big difference between Suncor Stock performing well and Suncor 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 Suncor 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
IMO	1.26	(0.13)	0.00	(0.24)	0.00	0.00	2.23	(2.21)	8.47
LNG	0.80	(0.29)	0.00	(2.34)	0.00	0.00	1.23	(2.25)	4.70
MPLX	0.81	0.13	0.08	0.53	0.93	(0.85)	1.93	(1.66)	4.74
BKR	1.41	(0.11)	0.00	(0.09)	0.00	0.00	2.57	(3.68)	8.59
E	0.85	0.13	0.08	0.41	0.98	(0.85)	1.81	(1.64)	5.17
TRP	0.83	0.08	0.04	0.29	0.90	(0.89)	2.09	(1.33)	5.41
OKE	1.04	0.03	0.00	0.12	1.27	(1.05)	2.32	(2.33)	5.38
EQNR	1.24	(0.07)	0.00	(0.92)	0.00	0.00	2.68	(3.01)	8.31
CVE	1.43	(0.03)	(0.03)	(0.02)	1.90	(1.39)	3.03	(3.15)	8.31
FANG	1.38	0.09	0.03	0.29	1.66	(1.46)	2.99	(3.15)	8.02

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