Enbridge Correlations

Stocks . USA . 
Stock . Enbridge
ENB Stock  USD 53.88  2.04  3.94%   
The current 90-days correlation between Enbridge and Williams Companies is 0.39 (i.e., 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

Modest diversification

The correlation between Enbridge and DJI is 0.2 (i.e., Modest 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 inflation.
For information on how to trade Enbridge Stock refer to our How to Trade Enbridge Stock guide.

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Related Correlations Analysis


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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
WMB  1.19  0.29  0.17 (2.13) 1.06 
(1.36)
 2.72 
(1.80)
 6.42 
COP  1.63  0.35  0.19  0.75  1.51 
(1.91)
 3.61 
(2.72)
 7.88 
EPD  0.68  0.28  0.28  4.76  0.35 
(0.84)
 1.72 
(1.33)
 5.11 
KMI  1.03  0.29  0.17 (2.94) 1.01 
(1.23)
 2.24 
(1.71)
 6.33 
BP  1.41  0.04  0.00  0.19  2.15 
(1.39)
 2.97 
(3.76)
 8.90 
PBR  1.33  0.29  0.12 (3.78) 1.55 
(1.54)
 3.62 
(3.21)
 9.33 
TRP  0.94  0.28  0.22  6.71  0.67 
(1.07)
 2.24 
(1.30)
 4.69 
ET  0.82  0.21  0.16 (1.59) 0.62 
(0.98)
 2.22 
(1.36)
 4.31 
PBR-A  1.38  0.26  0.10 (4.06) 1.71 
(1.52)
 3.57 
(3.37)
 10.03 
MPLX  0.84  0.17  0.09 (7.14) 0.86 
(0.86)
 1.75 
(1.75)
 4.74 

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