EnLink Midstream Correlations

ENLC Stock

USD 15.67 0.21 1.36%

The current 90-days correlation between EnLink Midstream LLC and Plains All American is 0.51 (i.e., Very weak diversification). The correlation of EnLink Midstream 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.

EnLink Midstream Correlation With Market

Modest diversification

The correlation between EnLink Midstream LLC and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EnLink Midstream LLC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with EnLink Stock

0.62	AM	Antero Midstream Partners	Pair Corr
0.8	EE	Excelerate Energy	Pair Corr
0.77	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.67	DLNG	Dynagas LNG Partners Earnings Call Next Week	Pair Corr
0.62	VNOM	Viper Energy Ut	Pair Corr
0.79	IMPPP	Imperial Petroleum	Pair Corr
0.65	CQP	Cheniere Energy Partners	Pair Corr
0.83	DTM	DT Midstream	Pair Corr
0.86	ENB	Enbridge	Pair Corr
0.69	EPD	Enterprise Products	Pair Corr
0.83	GLP	Global Partners LP	Pair Corr
0.82	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.68	LNG	Cheniere Energy	Pair Corr
0.86	OKE	ONEOK Inc	Pair Corr
0.63	PBA	Pembina Pipeline Corp	Pair Corr
0.7	GLOP-PB	GasLog Partners LP	Pair Corr
0.66	GLOP-PA	GasLog Partners LP	Pair Corr
0.64	GLOP-PC	GasLog Partners LP	Pair Corr
0.83	TRP	TC Energy Corp	Pair Corr
0.81	WMB	Williams Companies	Pair Corr

Moving against EnLink Stock

0.84	LPG	Dorian LPG	Pair Corr
0.66	GEL	Genesis Energy LP	Pair Corr
0.6	BROGW	Brooge Energy Limited	Pair Corr
0.6	FRO	Frontline Earnings Call Next Week	Pair Corr
0.58	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.46	FLNG	FLEX LNG Earnings Call Next Week	Pair Corr
0.34	SMC	Summit Midstream Symbol Change	Pair Corr
0.73	STNG	Scorpio Tankers	Pair Corr
0.61	TNK	Teekay Tankers	Pair Corr
0.53	INSW	International Seaways	Pair Corr
0.52	IMPP	Imperial Petroleum	Pair Corr
0.33	HESM	Hess Midstream Partners	Pair Corr

Related Correlations Analysis

	PAA	HEP	HESM	WES	DCP	PAGP	AM	MPLX	CEQP
PAA		-0.16	0.71	0.45	-0.28	0.97	0.2	0.15	-0.06	PAA
HEP	-0.16		-0.4	-0.02	0.83	-0.29	0.75	0.82	0.95	HEP
HESM	0.71	-0.4		0.37	-0.46	0.75	0.01	-0.13	-0.3	HESM
WES	0.45	-0.02	0.37		0.08	0.41	0.29	0.04	0.05	WES
DCP	-0.28	0.83	-0.46	0.08		-0.42	0.61	0.79	0.79	DCP
PAGP	0.97	-0.29	0.75	0.41	-0.42		0.09	0.01	-0.18	PAGP
AM	0.2	0.75	0.01	0.29	0.61	0.09		0.72	0.73	AM
MPLX	0.15	0.82	-0.13	0.04	0.79	0.01	0.72		0.84	MPLX
CEQP	-0.06	0.95	-0.3	0.05	0.79	-0.18	0.73	0.84		CEQP
	PAA	HEP	HESM	WES	DCP	PAGP	AM	MPLX	CEQP

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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

PAGP	+ 0.97	PAA
CEQP	+ 0.95	HEP
CEQP	+ 0.84	MPLX
DCP	+ 0.83	HEP
MPLX	+ 0.82	HEP
MPLX	+ 0.79	DCP

High negative correlations

DCP	- 0.46	HESM
PAGP	- 0.42	DCP
HESM	- 0.4	HEP
CEQP	- 0.3	HESM
PAGP	- 0.29	HEP
DCP	- 0.28	PAA

Risk-Adjusted Indicators

There is a big difference between EnLink Stock performing well and EnLink 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 EnLink 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
PAA	0.96	(0.02)	(0.04)	0.05	1.30	(0.98)	1.95	(2.14)	6.78
HEP	1.05	0.21	0.10	2.47	1.08	(1.11)	2.21	(1.97)	4.89
HESM	0.88	(0.02)	(0.06)	0.04	1.15	(0.91)	1.61	(2.13)	5.41
WES	1.05	0.01	(0.04)	0.12	1.39	(1.02)	1.94	(2.16)	5.82
DCP	0.08	0.01	(0.63)	(5.25)	0.00	(0.11)	0.22	(0.15)	0.53
PAGP	0.92	(0.01)	(0.04)	0.06	1.25	(0.91)	2.30	(1.72)	5.97
AM	0.97	0.05	0.02	0.15	1.30	(0.96)	2.06	(2.12)	6.60
MPLX	0.63	0.18	0.19	0.54	0.26	(0.74)	1.69	(0.83)	3.20
CEQP	1.40	0.26	0.15	0.70	1.19	(1.74)	3.48	(2.49)	11.57

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