Enbridge Correlations

ENB Stock

USD 47.83 0.22 0.46%

The current 90-days correlation between Enbridge and Williams Companies is 0.41 (i.e., Very weak 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 -0.07 (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.

Build AI portfolio with Enbridge Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Enbridge. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in employment.

For information on how to trade Enbridge Stock refer to our How to Trade Enbridge Stock guide.

Moving against Enbridge Stock

0.44	FNMFO	Federal National Mortgage	Pair Corr
0.33	TNK	Teekay Tankers	Pair Corr
0.32	AVAL	Grupo Aval	Pair Corr
0.57	LUMN	Lumen Technologies	Pair Corr
0.44	CTOWY	China TowerLimited	Pair Corr
0.41	RKLB	Rocket Lab USA	Pair Corr

Related Correlations Analysis

	WMB	COP	EPD	KMI	BP	PBR	TRP	ET	PBR-A	MPLX
WMB		0.32	-0.2	0.87	-0.32	-0.03	0.35	0.01	-0.09	-0.29	WMB
COP	0.32		0.5	0.49	0.15	0.08	0.69	0.09	0.11	0.46	COP
EPD	-0.2	0.5		0.15	0.7	0.48	0.68	0.28	0.57	0.91	EPD
KMI	0.87	0.49	0.15		-0.04	0.25	0.68	0.23	0.19	0.03	KMI
BP	-0.32	0.15	0.7	-0.04		0.81	0.28	0.55	0.87	0.64	BP
PBR	-0.03	0.08	0.48	0.25	0.81		0.36	0.6	0.98	0.34	PBR
TRP	0.35	0.69	0.68	0.68	0.28	0.36		0.18	0.36	0.58	TRP
ET	0.01	0.09	0.28	0.23	0.55	0.6	0.18		0.61	0.34	ET
PBR-A	-0.09	0.11	0.57	0.19	0.87	0.98	0.36	0.61		0.45	PBR-A
MPLX	-0.29	0.46	0.91	0.03	0.64	0.34	0.58	0.34	0.45		MPLX
	WMB	COP	EPD	KMI	BP	PBR	TRP	ET	PBR-A	MPLX

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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

PBR-A	+ 0.98	PBR
MPLX	+ 0.91	EPD
KMI	+ 0.87	WMB
PBR-A	+ 0.87	BP
PBR	+ 0.81	BP
BP	+ 0.7	EPD

High negative correlations

BP	- 0.32	WMB
MPLX	- 0.29	WMB
EPD	- 0.2	WMB
PBR-A	- 0.09	WMB
BP	- 0.04	KMI
PBR	- 0.03	WMB

Risk-Adjusted Indicators

There is a big difference between Enbridge Stock 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
WMB	1.11	(0.07)	0.00	0.33	0.00	0.00	2.28	(2.00)	7.47
COP	1.37	0.02	0.00	0.08	1.66	(1.48)	3.05	(2.32)	7.49
EPD	0.62	0.04	0.01	0.19	0.71	(0.66)	1.50	(1.50)	3.38
KMI	0.92	(0.02)	0.00	0.17	0.00	0.00	1.65	(1.85)	5.81
BP	1.15	0.06	0.02	0.26	1.50	(1.24)	2.15	(2.34)	7.71
PBR	1.04	(0.06)	0.00	(0.12)	0.00	0.00	2.33	(3.02)	11.62
TRP	0.82	0.05	0.00	2.79	0.92	(0.88)	2.09	(1.32)	5.41
ET	0.76	(0.01)	0.00	0.09	0.00	0.00	1.92	(1.43)	3.98
PBR-A	1.13	(0.06)	0.00	(0.10)	0.00	0.00	2.45	(2.90)	10.67
MPLX	0.76	0.13	0.07	(5.25)	0.82	(0.81)	1.71	(1.59)	4.74

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