Tenaris SA Correlations

TS Stock

USD 40.40 0.30 0.74%

The current 90-days correlation between Tenaris SA ADR and Halliburton is 0.41 (i.e., Very weak diversification). The correlation of Tenaris SA 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.

Tenaris SA Correlation With Market

Modest diversification

The correlation between Tenaris SA ADR and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tenaris SA ADR and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Tenaris Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tenaris SA 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 main economic indicators.

Moving together with Tenaris Stock

0.8	0NIS	SBM Offshore NV	Pair Corr
0.87	002108	Cangzhou Mingzhu Plastic	Pair Corr
0.84	LBRT	Liberty Oilfield Services	Pair Corr
0.74	603727	Bomesc Offshore Engi	Pair Corr
0.87	TLK	Telkom Indonesia Tbk	Pair Corr
0.82	PTAIY	Astra International Tbk	Pair Corr
0.9	PPERY	Bank Mandiri Persero	Pair Corr
0.77	PBCRY	Bank Central Asia	Pair Corr
0.68	BK	Bank of New York	Pair Corr
0.83	SLB	Schlumberger NV Aggressive Push	Pair Corr
0.76	SIM	Grupo Simec SAB	Pair Corr

Moving against Tenaris Stock

0.89	RCON	Recon Technology	Pair Corr
0.75	NINE	Nine Energy Service	Pair Corr
0.67	603800	Suzhou Douson Drilling	Pair Corr
0.58	SRJ	SRJ Technologies	Pair Corr
0.47	KLXE	KLX Energy Services	Pair Corr
0.44	AT	Ashtead Technology	Pair Corr
0.52	NUKK	Nukkleus	Pair Corr
0.37	PTAIF	PT Astra International	Pair Corr

Related Correlations Analysis

	HAL	PBA	VG	DVN	EC	FTI	CTRA	CQP	TPL	EXEEL
HAL		-0.3	-0.69	0.4	0.67	0.82	0.72	0.54	0.04	0.69	HAL
PBA	-0.3		0.63	0.4	-0.16	-0.21	-0.2	0.3	-0.05	-0.09	PBA
VG	-0.69	0.63		-0.17	-0.54	-0.64	-0.66	-0.23	0.23	-0.7	VG
DVN	0.4	0.4	-0.17		0.62	0.7	0.71	0.79	-0.29	0.68	DVN
EC	0.67	-0.16	-0.54	0.62		0.83	0.84	0.55	0.06	0.79	EC
FTI	0.82	-0.21	-0.64	0.7	0.83		0.91	0.68	-0.23	0.8	FTI
CTRA	0.72	-0.2	-0.66	0.71	0.84	0.91		0.58	-0.1	0.83	CTRA
CQP	0.54	0.3	-0.23	0.79	0.55	0.68	0.58		-0.2	0.67	CQP
TPL	0.04	-0.05	0.23	-0.29	0.06	-0.23	-0.1	-0.2		-0.17	TPL
EXEEL	0.69	-0.09	-0.7	0.68	0.79	0.8	0.83	0.67	-0.17		EXEEL
	HAL	PBA	VG	DVN	EC	FTI	CTRA	CQP	TPL	EXEEL

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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

CTRA	+ 0.91	FTI
CTRA	+ 0.84	EC
FTI	+ 0.83	EC
EXEEL	+ 0.83	CTRA
FTI	+ 0.82	HAL
EXEEL	+ 0.8	FTI

High negative correlations

EXEEL	- 0.7	VG
VG	- 0.69	HAL
CTRA	- 0.66	VG
FTI	- 0.64	VG
EC	- 0.54	VG
PBA	- 0.3	HAL

Risk-Adjusted Indicators

There is a big difference between Tenaris Stock performing well and Tenaris SA 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 Tenaris SA'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
HAL	1.64	0.35	0.16	0.50	1.81	(1.78)	3.48	(2.56)	15.59
PBA	0.91	0.01	(0.03)	0.10	1.09	(0.98)	1.89	(1.69)	8.77
VG	3.27	(1.25)	0.00	(0.49)	0.00	0.00	4.63	(7.98)	32.20
DVN	1.46	0.08	0.02	0.21	1.81	(1.53)	3.44	(2.83)	8.94
EC	1.51	0.09	0.01	(4.24)	1.67	(1.70)	3.53	(3.07)	7.64
FTI	1.27	0.19	0.10	0.52	1.37	(1.38)	2.71	(2.69)	12.57
CTRA	1.39	0.12	0.04	0.52	1.63	(1.49)	2.88	(2.99)	8.99
CQP	1.22	(0.01)	(0.03)	0.04	1.47	(1.28)	2.49	(2.30)	7.32
TPL	1.87	(0.19)	0.00	(0.21)	0.00	0.00	3.41	(4.18)	16.39
EXEEL	1.34	0.32	0.11	0.45	1.04	(4.41)	4.97	(2.92)	15.45

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