Enbridge Correlations

ENNPF Stock

USD 17.50 1.40 7.41%

The current 90-days correlation between Enbridge and MPLX LP is 0.04 (i.e., Significant 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 0.29 (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.

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

0.68	BMYMP	Bristol Myers Squibb	Pair Corr
0.62	REGN	Regeneron Pharmaceuticals	Pair Corr
0.62	CX	Cemex SAB de Aggressive Push	Pair Corr
0.63	RLMD	Relmada Therapeutics	Pair Corr
0.61	APGE	Apogee Therapeutics,	Pair Corr
0.67	GM	General Motors	Pair Corr

Moving against Enbridge Pink Sheet

0.64	NTNX	Nutanix	Pair Corr
0.6	MSFT	Microsoft Sell-off Trend	Pair Corr
0.46	CYPS	Cyclo3pss	Pair Corr
0.41	META	Meta Platforms	Pair Corr
0.35	RYSKF	Reysas Tasimacilik	Pair Corr
0.33	NVDA	NVIDIA Aggressive Push	Pair Corr
0.45	12532HAF1	GIBACN 23 14	Pair Corr
0.34	WOLF	Wolfspeed,	Pair Corr

Related Correlations Analysis

	MPLX	TCANF	PUTRY	GLPEY	PETFF	TNCAF	WOPEF	PSKOF	SRE	PUTRF
MPLX		0.0	0.01	-0.2	0.0	0.79	0.58	0.88	-0.4	-0.7	MPLX
TCANF	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	TCANF
PUTRY	0.01	0.0		-0.57	0.0	0.29	-0.27	-0.09	-0.31	0.16	PUTRY
GLPEY	-0.2	0.0	-0.57		0.0	-0.64	0.21	-0.05	0.7	0.02	GLPEY
PETFF	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	PETFF
TNCAF	0.79	0.0	0.29	-0.64	0.0		0.24	0.62	-0.7	-0.46	TNCAF
WOPEF	0.58	0.0	-0.27	0.21	0.0	0.24		0.59	0.0	-0.76	WOPEF
PSKOF	0.88	0.0	-0.09	-0.05	0.0	0.62	0.59		-0.2	-0.69	PSKOF
SRE	-0.4	0.0	-0.31	0.7	0.0	-0.7	0.0	-0.2		0.32	SRE
PUTRF	-0.7	0.0	0.16	0.02	0.0	-0.46	-0.76	-0.69	0.32		PUTRF
	MPLX	TCANF	PUTRY	GLPEY	PETFF	TNCAF	WOPEF	PSKOF	SRE	PUTRF

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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

PSKOF	+ 0.88	MPLX
TNCAF	+ 0.79	MPLX
SRE	+ 0.7	GLPEY
PSKOF	+ 0.62	TNCAF
PSKOF	+ 0.59	WOPEF
WOPEF	+ 0.58	MPLX

High negative correlations

PUTRF	- 0.76	WOPEF
SRE	- 0.7	TNCAF
PUTRF	- 0.7	MPLX
PUTRF	- 0.69	PSKOF
TNCAF	- 0.64	GLPEY
GLPEY	- 0.57	PUTRY

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
MPLX	0.79	0.09	0.03	0.37	0.93	(0.82)	1.71	(1.66)	4.74
TCANF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PUTRY	0.92	0.10	(0.01)	(0.08)	1.50	(3.06)	2.88	(3.52)	16.82
GLPEY	1.38	(0.25)	0.00	(0.48)	0.00	0.00	2.70	(2.83)	17.93
PETFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TNCAF	0.29	0.09	0.02	(2.10)	0.00	(1.07)	1.31	(0.38)	2.13
WOPEF	1.77	0.03	0.00	0.15	2.88	(4.42)	7.02	(8.03)	23.59
PSKOF	0.51	0.21	0.00	1.18	0.00	0.00	0.00	0.00	17.79
SRE	0.78	0.00	(0.07)	(0.04)	1.08	(0.82)	1.57	(1.57)	5.82
PUTRF	0.32	0.00	0.00	0.02	0.00	0.00	0.00	0.00	15.03

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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