Antero Midstream Correlations

AM Stock

USD 15.78 0.35 2.27%

The current 90-days correlation between Antero Midstream Partners and Western Midstream Partners is 0.32 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Antero Midstream moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Antero Midstream Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Antero Midstream Correlation With Market

Very weak diversification

The correlation between Antero Midstream Partners and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Antero Midstream Partners and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Antero Midstream Partners. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Antero Stock

0.78	EE	Excelerate Energy	Pair Corr
0.63	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.7	DLNG	Dynagas LNG Partners Earnings Call Next Week	Pair Corr
0.62	VNOM	Viper Energy Ut	Pair Corr
0.62	ENLC	EnLink Midstream LLC	Pair Corr
0.65	IMPPP	Imperial Petroleum	Pair Corr
0.7	DTM	DT Midstream	Pair Corr
0.69	ENB	Enbridge	Pair Corr
0.81	GLP	Global Partners LP	Pair Corr
0.72	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.62	LNG	Cheniere Energy	Pair Corr
0.66	OKE	ONEOK Inc	Pair Corr
0.67	PBA	Pembina Pipeline Corp	Pair Corr
0.72	PBT	Permian Basin Royalty	Pair Corr
0.68	GLOP-PB	GasLog Partners LP	Pair Corr
0.66	GLOP-PA	GasLog Partners LP	Pair Corr
0.7	TRP	TC Energy Corp	Pair Corr
0.7	WMB	Williams Companies	Pair Corr
0.78	GLNG	Golar LNG Limited	Pair Corr

Moving against Antero Stock

0.48	BROGW	Brooge Energy Limited	Pair Corr
0.44	LPG	Dorian LPG	Pair Corr
0.45	IMPP	Imperial Petroleum	Pair Corr

Related Correlations Analysis

	WES	MPLX	HESM	PAA	GEL
WES		0.04	0.37	0.45	0.4	WES
MPLX	0.04		-0.13	0.15	-0.66	MPLX
HESM	0.37	-0.13		0.71	0.42	HESM
PAA	0.45	0.15	0.71		0.25	PAA
GEL	0.4	-0.66	0.42	0.25		GEL
	WES	MPLX	HESM	PAA	GEL

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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

PAA	+ 0.71	HESM
PAA	+ 0.45	WES
GEL	+ 0.42	HESM
GEL	+ 0.4	WES
HESM	+ 0.37	WES
GEL	+ 0.25	PAA

High negative correlations

GEL	- 0.66	MPLX
HESM	- 0.13	MPLX

Risk-Adjusted Indicators

There is a big difference between Antero Stock performing well and Antero Midstream 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 Antero Midstream'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
WES	1.05	0.01	(0.04)	0.12	1.39	(1.02)	1.94	(2.16)	5.82
MPLX	0.63	0.18	0.19	0.54	0.26	(0.74)	1.69	(0.83)	3.20
HESM	0.88	(0.02)	(0.06)	0.04	1.15	(0.91)	1.61	(2.13)	5.41
PAA	0.96	(0.02)	(0.04)	0.05	1.30	(0.98)	1.95	(2.14)	6.78
GEL	1.45	(0.29)	0.00	(0.22)	0.00	0.00	3.25	(2.61)	14.40

Antero Midstream Corporate Management

Alvyn Schopp	Chief Admin. Officer of Antero Resources Midstream Management LLC, Regional VP of Antero Resources Midstream Management LLC and Treasurer Antero Resources Midstream Management LLC	Profile
Janine McArdle	Independent Director	Profile
Robert Krcek	Senior Midstream	Profile
Peter Dea	Independent Director	Profile

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