NOV’s correlation with crude oil prices
National Oilwell Varco’s (NOV) correlation with crude oil prices from June 9, 2016, to June 9, 2017, is 0.61. This figure indicates a relatively strong positive relationship between crude oil prices and National Oilwell Varco stock.
Correlation between NOV’s stock and crude oil
As noted in the table above, the VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil since June 2016 is 0.74. OIH is an ETF tracking index of 25 OFS companies. Tidewater’s (TDW) correlation coefficient since June 2016 is 0.29, while Precision Drilling’s (PDS) correlation coefficient since June 2016 is 0.68. Core Laboratories’ (CLB) correlation coefficient during the same period is 0.57.
Learn more about the OFS industry in Market Realist’s What Oilfield Services Companies’ Forward Multiples Indicate.