North American Correlations

NOA Stock

USD 19.99 0.29 1.43%

The current 90-days correlation between North American Const and CSI Compressco LP is -0.12 (i.e., Good diversification). The correlation of North American 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.

North American Correlation With Market

Average diversification

The correlation between North American Construction and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding North American Construction and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in North American Construction. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with North Stock

0.63	TS	Tenaris SA ADR	Pair Corr
0.68	DNOW	Now Inc	Pair Corr
0.69	VTOL	Bristow Group	Pair Corr
0.7	WTTR	Select Energy Services	Pair Corr
0.67	BKR	Baker Hughes Sell-off Trend	Pair Corr
0.69	CLB	Core Laboratories	Pair Corr
0.65	FTI	TechnipFMC PLC	Pair Corr
0.64	FTK	Flotek Industries	Pair Corr
0.71	MRC	MRC Global	Pair Corr
0.63	NGS	Natural Gas Services	Pair Corr
0.74	OII	Oceaneering International	Pair Corr
0.83	OIS	Oil States International	Pair Corr
0.62	TTI	Tetra Technologies	Pair Corr
0.69	WHD	Cactus Inc	Pair Corr

Moving against North Stock

0.36	XPRO	Expro Group Holdings	Pair Corr
0.34	DWSN	Dawson Geophysical	Pair Corr
0.31	TDW	Tidewater	Pair Corr
0.59	RCON	Recon Technology	Pair Corr
0.49	BOOM	Dmc Global	Pair Corr
0.4	NESR	National Energy Services	Pair Corr
0.39	NESRW	National Energy Services	Pair Corr
0.36	E	Eni SpA ADR	Pair Corr
0.36	BP	BP PLC ADR	Pair Corr

Related Correlations Analysis

	CCLP	GEOS	MRC	NGS	DNOW	NR	EFXT	VTOL	FET	OIS
CCLP		0.06	-0.34	-0.25	-0.31	-0.2	-0.29	-0.12	-0.18	-0.32	CCLP
GEOS	0.06		0.6	0.52	0.53	-0.13	0.56	0.3	-0.31	0.45	GEOS
MRC	-0.34	0.6		0.9	0.93	0.53	0.84	0.75	0.08	0.88	MRC
NGS	-0.25	0.52	0.9		0.94	0.59	0.95	0.71	-0.1	0.87	NGS
DNOW	-0.31	0.53	0.93	0.94		0.58	0.84	0.76	0.1	0.9	DNOW
NR	-0.2	-0.13	0.53	0.59	0.58		0.38	0.76	0.47	0.6	NR
EFXT	-0.29	0.56	0.84	0.95	0.84	0.38		0.52	-0.32	0.77	EFXT
VTOL	-0.12	0.3	0.75	0.71	0.76	0.76	0.52		0.52	0.81	VTOL
FET	-0.18	-0.31	0.08	-0.1	0.1	0.47	-0.32	0.52		0.26	FET
OIS	-0.32	0.45	0.88	0.87	0.9	0.6	0.77	0.81	0.26		OIS
	CCLP	GEOS	MRC	NGS	DNOW	NR	EFXT	VTOL	FET	OIS

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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

EFXT	+ 0.95	NGS
DNOW	+ 0.94	NGS
DNOW	+ 0.93	MRC
NGS	+ 0.9	MRC
OIS	+ 0.9	DNOW
OIS	+ 0.88	MRC

High negative correlations

MRC	- 0.34	CCLP
FET	- 0.32	EFXT
OIS	- 0.32	CCLP
FET	- 0.31	GEOS
DNOW	- 0.31	CCLP
EFXT	- 0.29	CCLP

Risk-Adjusted Indicators

There is a big difference between North Stock performing well and North American 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 North American'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
CCLP	2.66	0.00	0.00	0.10	0.00	0.00	8.11	(4.35)	17.49
GEOS	2.44	(0.07)	0.01	0.07	4.01	(2.44)	4.68	(4.18)	27.12
MRC	1.44	(0.08)	0.01	0.07	1.53	(1.71)	3.28	(2.94)	18.83
NGS	2.13	0.19	0.12	0.21	2.17	(2.51)	4.13	(3.04)	14.29
DNOW	1.50	0.04	0.09	0.12	1.42	(1.75)	3.55	(2.40)	14.99
NR	1.75	(0.05)	(0.03)	0.04	2.13	(1.84)	3.73	(3.89)	13.55
EFXT	1.67	0.64	0.34	1.19	1.22	(2.06)	4.56	(2.72)	8.19
VTOL	1.52	(0.20)	0.00	(0.06)	0.00	0.00	2.81	(2.86)	12.05
FET	1.59	(0.28)	0.00	(0.14)	0.00	0.00	3.52	(3.31)	11.03
OIS	2.42	(0.02)	0.00	0.09	2.73	(2.78)	5.26	(4.37)	15.23

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