Cheniere Energy Correlations

CQP Stock

USD 54.64 0.70 1.30%

The current 90-days correlation between Cheniere Energy Partners and Plains All American is 0.23 (i.e., Modest diversification). The correlation of Cheniere Energy 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Cheniere Energy Correlation With Market

Average diversification

The correlation between Cheniere Energy Partners and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cheniere Energy 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 Cheniere Energy 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 producer price index.

To learn how to invest in Cheniere Stock, please use our How to Invest in Cheniere Energy guide.

Moving together with Cheniere Stock

0.65	AM	Antero Midstream Partners Sell-off Trend	Pair Corr
0.85	EE	Excelerate Energy	Pair Corr
0.91	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.88	DLNG	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.66	VNOM	Viper Energy Ut	Pair Corr
0.78	ENLC	EnLink Midstream LLC	Pair Corr
0.62	IMPPP	Imperial Petroleum	Pair Corr
0.86	DTM	DT Midstream	Pair Corr
0.85	ENB	Enbridge	Pair Corr
0.92	EPD	Enterprise Products	Pair Corr
0.86	GLP	Global Partners LP	Pair Corr
0.83	KMI	Kinder Morgan Sell-off Trend	Pair Corr
0.93	LNG	Cheniere Energy	Pair Corr
0.91	OKE	ONEOK Inc	Pair Corr
0.76	PBT	Permian Basin Royalty	Pair Corr
0.73	TRP	TC Energy Corp	Pair Corr
0.81	WMB	Williams Companies Sell-off Trend	Pair Corr

Moving against Cheniere Stock

0.73	LPG	Dorian LPG	Pair Corr
0.6	GEL	Genesis Energy LP	Pair Corr
0.53	BROGW	Brooge Energy Limited	Pair Corr
0.45	FRO	Frontline Earnings Call This Week	Pair Corr
0.71	STNG	Scorpio Tankers	Pair Corr
0.69	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.69	IMPP	Imperial Petroleum	Pair Corr
0.68	TNK	Teekay Tankers	Pair Corr
0.63	INSW	International Seaways	Pair Corr

Related Correlations Analysis

	PAA	NS	GEL	WES	HESM	KMI	FLNG	GLNG	OKE	HEP
PAA		-0.08	0.16	0.49	0.75	-0.01	0.57	-0.11	0.23	-0.09	PAA
NS	-0.08		-0.46	0.09	-0.38	0.77	-0.31	0.79	0.63	0.89	NS
GEL	0.16	-0.46		0.38	0.29	-0.68	0.6	-0.09	-0.71	-0.65	GEL
WES	0.49	0.09	0.38		0.43	-0.05	0.5	0.15	0.01	-0.05	WES
HESM	0.75	-0.38	0.29	0.43		-0.07	0.65	-0.32	0.13	-0.25	HESM
KMI	-0.01	0.77	-0.68	-0.05	-0.07		-0.39	0.56	0.93	0.92	KMI
FLNG	0.57	-0.31	0.6	0.5	0.65	-0.39		-0.26	-0.21	-0.4	FLNG
GLNG	-0.11	0.79	-0.09	0.15	-0.32	0.56	-0.26		0.32	0.67	GLNG
OKE	0.23	0.63	-0.71	0.01	0.13	0.93	-0.21	0.32		0.79	OKE
HEP	-0.09	0.89	-0.65	-0.05	-0.25	0.92	-0.4	0.67	0.79		HEP
	PAA	NS	GEL	WES	HESM	KMI	FLNG	GLNG	OKE	HEP

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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

OKE	+ 0.93	KMI
HEP	+ 0.92	KMI
HEP	+ 0.89	NS
GLNG	+ 0.79	NS
HEP	+ 0.79	OKE
KMI	+ 0.77	NS

High negative correlations

OKE	- 0.71	GEL
KMI	- 0.68	GEL
HEP	- 0.65	GEL
GEL	- 0.46	NS
HEP	- 0.4	FLNG
FLNG	- 0.39	KMI

Risk-Adjusted Indicators

There is a big difference between Cheniere Stock performing well and Cheniere Energy 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 Cheniere Energy'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
PAA	0.98	(0.04)	(0.05)	0.07	1.30	(1.01)	1.95	(2.14)	6.78
NS	1.06	0.21	0.06	(1.72)	0.97	(1.28)	2.56	(2.04)	6.35
GEL	1.44	(0.24)	0.00	(0.13)	0.00	0.00	3.25	(2.58)	14.40
WES	1.08	0.02	(0.04)	0.20	1.38	(1.09)	2.07	(2.16)	5.82
HESM	0.90	(0.02)	(0.07)	0.07	1.13	(0.98)	2.08	(2.13)	5.41
KMI	0.92	0.38	0.45	0.59	0.00	(1.25)	1.93	(1.39)	8.04
FLNG	1.28	(0.06)	(0.06)	0.04	1.61	(1.32)	2.79	(2.30)	7.82
GLNG	1.56	0.05	0.06	0.16	1.69	(1.79)	4.08	(2.88)	9.79
OKE	1.09	0.38	0.21	0.68	1.24	(1.32)	2.90	(1.61)	8.37
HEP	1.05	0.21	0.07	4.82	1.08	(1.11)	2.21	(1.97)	4.89

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