Cactus Correlations

Stocks . USA . 
Stock . Cactus Inc
WHD Stock  USD 46.27  1.84  4.14%   
The current 90-days correlation between Cactus Inc and RPC Inc is 0.8 (i.e., Very poor diversification). The correlation of Cactus 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.

Cactus Correlation With Market

Very weak diversification

The correlation between Cactus Inc and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cactus Inc and DJI in the same portfolio, assuming nothing else is changed.
  
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Moving together with Cactus Stock

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  0.82WFRD Weatherford InternationalPairCorr
  0.64WTTR Select Energy ServicesPairCorr
  0.7BKR Baker Hughes Buyout TrendPairCorr
  0.78DTI Drilling Tools InterPairCorr
  0.74FET Forum Energy Technologies Earnings Call This WeekPairCorr
  0.91FTI TechnipFMC PLC Earnings Call TodayPairCorr
  0.81FTK Flotek IndustriesPairCorr
  0.76MRC MRC GlobalPairCorr
  0.85NGS Natural Gas ServicesPairCorr
  0.63NOA North American ConstPairCorr
  0.85NOV NOV IncPairCorr
  0.95OII Oceaneering InternationalPairCorr
  0.89OIS Oil States International Earnings Call This WeekPairCorr
  0.77XPRO Expro Group Holdings Earnings Call This WeekPairCorr
  0.78SEI Solaris Energy Infra Symbol ChangePairCorr
  0.9TDW TidewaterPairCorr
  0.85TTI Tetra Technologies Earnings Call This WeekPairCorr
  0.88VAL Valaris Earnings Call This WeekPairCorr
  0.66NESRW National Energy ServicesPairCorr

Moving against Cactus Stock

  0.48FLOC Flowco HoldingsPairCorr
  0.39STAK STAK Ordinary SharesPairCorr

Related Correlations Analysis

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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   
MGY
+ 0.93
PUMP
WTTR
+ 0.9
VTOL
RNGR
+ 0.79
RES
MGY
+ 0.79
VTOL
PUMP
+ 0.74
VTOL
MGY
+ 0.72
WTTR
  
High negative correlations   
CHX
- 0.17
RES
RNGR
- 0.09
CHX

Risk-Adjusted Indicators

There is a big difference between Cactus Stock performing well and Cactus 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 Cactus' 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.

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