Enbridge Correlations

EBGEF Stock

USD 25.20 0.18 0.72%

The current 90-days correlation between Enbridge and Eni SpA is -0.27 (i.e., Very good diversification). The correlation of Enbridge 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.

Enbridge Correlation With Market

Good diversification

The correlation between Enbridge and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Enbridge could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Enbridge 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 Enbridge - 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 Enbridge to buy it.

Moving together with Enbridge Pink Sheet

0.78	EPD	Enterprise Products	Pair Corr
0.84	TRP-PC	TC Energy Corp	Pair Corr
0.7	TRP	TC Energy Corp	Pair Corr
0.78	OKE	ONEOK Inc	Pair Corr
0.76	PPERY	Bank Mandiri Persero	Pair Corr
0.76	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.74	TLK	Telkom Indonesia Tbk	Pair Corr
0.65	MDGL	Madrigal Pharmaceuticals	Pair Corr
0.67	IMTCF	Intrepid Metals Corp	Pair Corr
0.87	WOLWF	Woolworths Group	Pair Corr
0.76	ZION	Zions Bancorporation Earnings Call Today	Pair Corr
0.62	OOAG	OMDA Oil	Pair Corr
0.79	TLSNY	Telia Company	Pair Corr
0.81	SAN	Banco Santander SA	Pair Corr
0.76	APO	Apollo Global Management	Pair Corr
0.68	GMGT	Gaming Technologies	Pair Corr
0.62	ECDD	Ecrid Inc	Pair Corr
0.75	NLST	Netlist Buyout Trend	Pair Corr
0.78	AAFRF	Airtel Africa Plc	Pair Corr

Moving against Enbridge Pink Sheet

0.75	LNG	Cheniere Energy	Pair Corr
0.49	PTAIF	PT Astra International	Pair Corr
0.42	AWIN	AERWINS Technologies	Pair Corr
0.57	XCPT	XCana Petroleum	Pair Corr
0.33	VSME	VS Media Holdings	Pair Corr

Related Correlations Analysis

	TNCAF	TCANF	EIPAF	STOHF	MPLX	OMVKY	PETFF	PUTRY	GLPEY	PBNAF
TNCAF		0.0	0.52	-0.22	0.75	0.48	0.0	0.55	-0.69	0.54	TNCAF
TCANF	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	TCANF
EIPAF	0.52	0.0		-0.03	0.51	0.44	0.0	0.24	-0.24	0.5	EIPAF
STOHF	-0.22	0.0	-0.03		-0.25	0.18	0.0	-0.32	0.33	0.23	STOHF
MPLX	0.75	0.0	0.51	-0.25		0.71	0.0	0.2	-0.25	0.54	MPLX
OMVKY	0.48	0.0	0.44	0.18	0.71		0.0	-0.07	0.09	0.64	OMVKY
PETFF	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	PETFF
PUTRY	0.55	0.0	0.24	-0.32	0.2	-0.07	0.0		-0.66	-0.19	PUTRY
GLPEY	-0.69	0.0	-0.24	0.33	-0.25	0.09	0.0	-0.66		-0.19	GLPEY
PBNAF	0.54	0.0	0.5	0.23	0.54	0.64	0.0	-0.19	-0.19		PBNAF
	TNCAF	TCANF	EIPAF	STOHF	MPLX	OMVKY	PETFF	PUTRY	GLPEY	PBNAF

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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

MPLX	+ 0.75	TNCAF
OMVKY	+ 0.71	MPLX
PBNAF	+ 0.64	OMVKY
PUTRY	+ 0.55	TNCAF
PBNAF	+ 0.54	TNCAF
PBNAF	+ 0.54	MPLX

High negative correlations

GLPEY	- 0.69	TNCAF
GLPEY	- 0.66	PUTRY
PUTRY	- 0.32	STOHF
GLPEY	- 0.25	MPLX
MPLX	- 0.25	STOHF
GLPEY	- 0.24	EIPAF

Risk-Adjusted Indicators

There is a big difference between Enbridge Pink Sheet performing well and Enbridge 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 Enbridge'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
TNCAF	0.35	0.13	0.10	2.64	0.00	(1.29)	1.59	(0.38)	2.68
TCANF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EIPAF	1.36	0.05	0.00	0.26	2.04	(2.72)	3.70	(4.08)	14.48
STOHF	1.26	0.13	0.01	2.56	1.95	(1.68)	3.25	(4.74)	10.31
MPLX	0.79	0.24	0.14	6.71	0.82	(0.85)	1.73	(1.66)	4.74
OMVKY	0.93	0.18	0.08	0.88	1.11	(0.96)	2.25	(1.95)	5.87
PETFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PUTRY	0.54	(0.05)	0.00	(0.01)	0.00	0.00	2.67	(1.82)	12.50
GLPEY	1.32	(0.01)	(0.02)	0.07	3.04	(1.22)	2.70	(2.14)	17.93
PBNAF	0.20	0.04	0.00	0.33	0.00	0.00	1.18	0.00	4.78

Be your own money manager

Our tools can tell you how much better you can do entering a position in Enbridge without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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