Centennial Resource Correlations

CDEV
 Stock
  

USD 7.31  0.19  2.53%   

The correlation of Centennial Resource is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Centennial Resource moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Centennial Resource Development moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Continue to Trending Equities.
  
The ability to find closely correlated positions to Centennial Resource could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Centennial Resource when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Centennial Resource - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Centennial Resource Development to buy it.

Moving together with Centennial Resource

+0.63COPConocoPhillipsPairCorr

Moving against Centennial Resource

-0.71MUFGMitsubishi Ufj FinancialPairCorr
-0.7WFWoori Finance HoldingsPairCorr
-0.59MFGMizuho FinancialPairCorr
-0.56SHGShinhan FinancialPairCorr
-0.79HPQHp Inc Fiscal Year End 22nd of November 2022 PairCorr

Related Correlations

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
  
High negative correlations   
MRKUBER
TUBER
TTWTR
XOMMRK
XOMT
MRKTWTR

Centennial Resource Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between Centennial Stock performing well and Centennial Resource company doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze Centennial Resource's multiple risk-adjusted performance indicators. 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
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
TWTR 2.02  0.57  0.18  0.47  2.41  0.15 (2.10)  4.32 (2.97)  15.22 
MSFT 1.39  0.00  0.00 (0.04)  0.00 (0.0061)  0.00  2.85 (2.94)  12.18 
UBER 2.88  0.60  0.17  0.43  2.75  0.14 (3.07)  5.77 (5.13)  25.11 
F 2.35  0.27  0.07  0.10  3.09  0.07 (2.62)  5.30 (5.04)  18.45 
T 1.01 (0.38)  0.00 (0.58)  0.00 (0.24)  0.00  1.32 (2.33)  8.93 
A 1.69  0.22  0.11  0.13  1.74  0.09 (2.03)  3.98 (3.13)  11.69 
CRM 2.00 (0.04)  0.00 (0.07)  0.00 (0.0221)  0.00  3.94 (3.96)  10.76 
JPM 1.39  0.05  0.03  0.00  1.59  0.0241 (1.54)  3.03 (2.88)  8.06 
MRK 0.88 (0.04)  0.00 (0.15)  0.00 (0.0152)  0.00  1.66 (1.87)  4.58 
XOM 1.78  0.19  0.10  0.17  1.97  0.09 (2.01)  3.64 (3.24)  9.95 

Centennial Resource Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Centennial Resource stock to make a market-neutral strategy. Peer analysis of Centennial Resource could also be used in its relative valuation, which is a method of valuing Centennial Resource by comparing valuation metrics with similar companies.
Amazon IncAmn Healthcare ServicesTwist Bioscience CorpFreedom Holding CorpGx Nasdaq-100 CoveredFranklin Mutual EuropeanNatural Hlth TrdUSA Value FactorBetapro Canadian GoldAramark Holdings CorpLong-Term Govt BondMaiden Holdings NorthSeagate Technology HldgsVistra Energy CorpExxon Mobil Corp
 Risk & Return  Correlation

Centennial Resource Corporate Directors

Centennial Resource corporate directors refer to members of a Centennial Resource board of directors. The board of directors generally takes responsibility for the Centennial Resource's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Centennial Resource's board members must vote for the resolution. The Centennial Resource board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
David Leuschen - Independent DirectorProfile
Robert Tichio - Independent DirectorProfile
Matthew Hyde - Independent DirectorProfile
Jeffrey Tepper - Independent DirectorProfile

Invested in Centennial Resource Development?

The danger of trading Centennial Resource Development is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Centennial Resource is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Centennial Resource. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Centennial Resource is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Continue to Trending Equities. Note that the Centennial Resource information on this page should be used as a complementary analysis to other Centennial Resource's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.

Other Tools for Centennial Stock

When running Centennial Resource price analysis, check to measure Centennial Resource's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Centennial Resource is operating at the current time. Most of Centennial Resource's value examination focuses on studying past and present price action to predict the probability of Centennial Resource's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Centennial Resource's price. Additionally, you may evaluate how the addition of Centennial Resource to your portfolios can decrease your overall portfolio volatility.
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go
Portfolio Comparator
Compare the composition, asset allocations and performance of any two portfolios in your account
Go
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Go
Idea Breakdown
Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes
Go
Portfolio Volatility
Check portfolio volatility and analyze historical return density to properly model market risk
Go
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go