Enerplus Correlations

Summary

ERFDelisted Stock

USD 20.09 0.13 0.65%

The current 90 correlation between Enerplus and Crescent Point Energy is 0.15 (i.e., Average diversification). The correlation of Enerplus 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.

Enerplus Correlation With Market

Good diversification

The correlation between Enerplus and NYA is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Enerplus and NYA in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Enerplus Stock

0.77	AR	Antero Resources Corp	Pair Corr
0.67	EPSN	Epsilon Energy	Pair Corr
0.64	FANG	Diamondback Energy	Pair Corr
0.84	BRN	Barnwell Industries	Pair Corr
0.7	CHK	Chesapeake Energy Corp	Pair Corr
0.8	CNX	CNX Resources Corp Financial Report 25th of July 2024	Pair Corr
0.76	CRK	Comstock Resources	Pair Corr
0.84	DEC	Diversified Energy	Pair Corr
0.71	EQT	EQT Corporation	Pair Corr
0.85	GTE	Gran Tierra Energy	Pair Corr
0.69	KRP	Kimbell Royalty Partners	Pair Corr
0.85	MNR	Mach Natural Resources	Pair Corr

Moving against Enerplus Stock

0.69	CEI	Camber Energy	Pair Corr
0.31	APA	APA Corporation	Pair Corr
0.56	EPM	Evolution Petroleum Fiscal Year End 10th of September 2024	Pair Corr
0.45	HPK	Highpeak Energy Acqu	Pair Corr

Related Correlations Analysis

	CPG	ROCC	VET	CNQ	BTE	OBE	OVV	MTDR	MUR	CIVI
CPG		-0.36	0.3	0.26	0.27	-0.01	-0.24	-0.61	-0.15	0.18	CPG
ROCC	-0.36		0.5	0.5	0.5	0.51	0.56	0.68	0.67	0.49	ROCC
VET	0.3	0.5		0.85	0.73	0.48	0.5	0.37	0.6	0.73	VET
CNQ	0.26	0.5	0.85		0.86	0.73	0.74	0.51	0.82	0.75	CNQ
BTE	0.27	0.5	0.73	0.86		0.81	0.77	0.47	0.81	0.64	BTE
OBE	-0.01	0.51	0.48	0.73	0.81		0.87	0.69	0.91	0.64	OBE
OVV	-0.24	0.56	0.5	0.74	0.77	0.87		0.84	0.94	0.58	OVV
MTDR	-0.61	0.68	0.37	0.51	0.47	0.69	0.84		0.82	0.54	MTDR
MUR	-0.15	0.67	0.6	0.82	0.81	0.91	0.94	0.82		0.71	MUR
CIVI	0.18	0.49	0.73	0.75	0.64	0.64	0.58	0.54	0.71		CIVI
	CPG	ROCC	VET	CNQ	BTE	OBE	OVV	MTDR	MUR	CIVI

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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

MUR	+ 0.94	OVV
MUR	+ 0.91	OBE
OVV	+ 0.87	OBE
BTE	+ 0.86	CNQ
CNQ	+ 0.85	VET
MTDR	+ 0.84	OVV

High negative correlations

MTDR	- 0.61	CPG
ROCC	- 0.36	CPG
OVV	- 0.24	CPG
MUR	- 0.15	CPG
OBE	- 0.01	CPG

Risk-Adjusted Indicators

There is a big difference between Enerplus Stock performing well and Enerplus 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 Enerplus' 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
CPG	1.27	0.48	0.29	1.70	1.12	(1.49)	2.84	(2.18)	10.29
ROCC	1.54	0.07	0.03	0.15	1.79	(1.72)	3.36	(2.72)	10.33
VET	1.62	(0.06)	0.00	(0.04)	0.00	0.00	4.17	(3.40)	9.86
CNQ	0.98	(0.03)	0.00	(0.02)	0.00	0.00	1.72	(2.93)	7.24
BTE	1.94	0.09	0.03	0.08	3.04	(1.80)	4.11	(5.12)	13.75
OBE	1.82	(0.02)	0.00	(0.02)	0.00	0.00	3.73	(4.08)	10.59
OVV	1.08	(0.05)	0.00	(0.03)	0.00	0.00	2.36	(2.18)	9.43
MTDR	1.25	(0.16)	0.00	(0.12)	0.00	0.00	2.07	(2.99)	9.08
MUR	1.00	(0.04)	0.00	(0.03)	0.00	0.00	2.23	(1.63)	8.02
CIVI	1.16	(0.01)	0.00	0.00	1.75	(1.11)	1.92	(2.53)	12.36

View Enerplus Related Equities

Crescent Point Energy Ranger Oil Corp Vermilion Energy Canadian Natural Resources Baytex Energy Corp Obsidian Energy Ovintiv Matador Resources Murphy Oil Civitas Resources Earthstone Energy SilverBow Resources Epsilon Energy Granite Ridge Resources Gulfport Energy Operating

Risk & Return

Correlation

Still Interested in Enerplus?

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