>

Correlation Between Newfield Exploration and SM Energy

Analyzing existing cross correlation between Newfield Exploration Company and SM Energy Company. You can compare the effects of market volatilities on Newfield Exploration 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 Newfield Exploration with a short position of SM Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Newfield Exploration and SM Energy.

Specify exactly 2 symbols:

Refresh Compare

Diversification Opportunities for Newfield Exploration and SM Energy

Newfield Exploration Company diversification synergy
-0.72
<div class='circular--portrait-small' style='background:#754DEB;color: white;font-size:1.6em;padding-top: 6px;;'>NE</div>
<div class='circular--portrait-small' style='background:#000000;color: white;font-size:1.6em;padding-top: 6px;;'>SM</div>

Pay attention - limited upside

The 3 months correlation between Newfield and SM Energy is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Newfield Exploration Company and SM Energy Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SM Energy and Newfield Exploration 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 Newfield Exploration Company 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 Newfield Exploration i.e. Newfield Exploration and SM Energy go up and down completely randomly.

Pair Corralation between Newfield Exploration and SM Energy

If you would invest  1,635  in Newfield Exploration Company on January 28, 2020 and sell it today you would earn a total of  0.00  from holding Newfield Exploration Company or generate 0.0% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy1.59%
ValuesDaily Returns

Newfield Exploration Company  vs.  SM Energy Company

 Performance (%) 
    
  Timeline 
Newfield Exploration 
00

Risk-Adjusted Performance

Over the last 30 days Newfield Exploration Company has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, Newfield Exploration is not utilizing all of its potentials. The new stock price disturbance, may contribute to short term losses for the investors.
SM Energy 
00

Risk-Adjusted Performance

Over the last 30 days SM Energy Company has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's technical indicators remain considerably steady which may send shares a bit higher in March 2020. The new chaos may also be a sign of medium term up-swing for the business stakeholders.

Newfield Exploration and SM Energy Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Stock Screener module to find equities using custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..