Correlation Analysis Between Whiting Petroleum and Western Midstream

This module allows you to analyze existing cross correlation between Whiting Petroleum Corporation and Western Midstream Partners LP. You can compare the effects of market volatilities on Whiting Petroleum and Western Midstream 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 Whiting Petroleum with a short position of Western Midstream. See also your portfolio center. Please also check ongoing floating volatility patterns of Whiting Petroleum and Western Midstream.
Horizon     30 Days    Login   to change
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Comparative Performance

Whiting Petroleum  
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Risk-Adjusted Performance

Over the last 30 days Whiting Petroleum Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Even with sluggish performance in the last few months, the Stock's technical indicators remain considerably steady which may send shares a bit higher in November 2019. The new chaos may also be a sign of medium term up-swing for the business stakeholders.
Western Midstream  
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Risk-Adjusted Performance

Over the last 30 days Western Midstream Partners LP has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of sluggish performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in November 2019. The latest agitation may also be a sign of long running up-swing for the enterprise management.

Whiting Petroleum and Western Midstream Volatility Contrast

 Predicted Return Density 
      Returns 

Whiting Petroleum Corp.  vs.  Western Midstream Partners LP

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Whiting Petroleum Corporation is expected to under-perform the Western Midstream. In addition to that, Whiting Petroleum is 3.8 times more volatile than Western Midstream Partners LP. It trades about -0.1 of its total potential returns per unit of risk. Western Midstream Partners LP is currently generating about -0.17 per unit of volatility. If you would invest  3,053  in Western Midstream Partners LP on September 18, 2019 and sell it today you would lose (774.00)  from holding Western Midstream Partners LP or give up 25.35% of portfolio value over 30 days.

Pair Corralation between Whiting Petroleum and Western Midstream

0.9
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Whiting Petroleum and Western Midstream

Whiting Petroleum Corp. diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Whiting Petroleum Corp. and Western Midstream Partners LP in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Western Midstream and Whiting Petroleum 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 Whiting Petroleum Corporation are associated (or correlated) with Western Midstream. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Midstream has no effect on the direction of Whiting Petroleum i.e. Whiting Petroleum and Western Midstream go up and down completely randomly.
See also your portfolio center. Please also try Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.


 
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