Correlation Analysis Between Chevron and SM Energy

This module allows you to analyze existing cross correlation between Chevron Corporation and SM Energy Company. You can compare the effects of market volatilities on Chevron and SM Energy and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Chevron with a short position of SM Energy. See also your portfolio center. Please also check ongoing floating volatility patterns of Chevron and SM Energy.
Horizon     30 Days    Login   to change

Chevron Corp.  vs.  SM Energy Company

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, Chevron is expected to generate 12.91 times less return on investment than SM Energy. But when comparing it to its historical volatility, Chevron Corporation is 1.92 times less risky than SM Energy. It trades about 0.02 of its potential returns per unit of risk. SM Energy Company is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  2,985  in SM Energy Company on August 22, 2018 and sell it today you would earn a total of  189.00  from holding SM Energy Company or generate 6.33% return on investment over 30 days.

Pair Corralation between Chevron and SM Energy

Time Period1 Month [change]
ValuesDaily Returns


Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp. and SM Energy Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SM Energy and Chevron is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Chevron Corporation are associated (or correlated) with SM Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SM Energy has no effect on the direction of Chevron i.e. Chevron and SM Energy go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Chevron Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
SM Energy  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in SM Energy Company are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

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See also your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..