El Paso Correlations

EP-PC Preferred Stock  USD 48.67  0.09  0.19%   
The current 90-days correlation between El Paso Energy and Dynagas LNG Partners is -0.05 (i.e., Good diversification). The correlation of El Paso 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.

El Paso Correlation With Market

Average diversification

The correlation between El Paso Energy and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding El Paso Energy and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to El Paso could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace El Paso 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 El Paso - 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 El Paso Energy to buy it.

Moving together with EP-PC Preferred Stock

  0.8AM Antero Midstream PartnersPairCorr
  0.68ET Energy Transfer LPPairCorr
  0.75CQP Cheniere Energy PartnersPairCorr
  0.79ENB Enbridge Earnings Call Next WeekPairCorr
  0.67EPD Enterprise ProductsPairCorr
  0.68KMI Kinder MorganPairCorr
  0.67LNG Cheniere EnergyPairCorr
  0.75NGL NGL Energy Partners Earnings Call This WeekPairCorr
  0.9PAA Plains All American Earnings Call Next WeekPairCorr
  0.64GLOP-PB GasLog Partners LPPairCorr
  0.86SMC Summit Midstream Symbol ChangePairCorr
  0.78WES Western MidstreamPairCorr

Moving against EP-PC Preferred Stock

  0.51PXSAW Pyxis TankersPairCorr
  0.5BPT BP Prudhoe BayPairCorr
  0.36PBA Pembina Pipeline CorpPairCorr

Related Correlations Analysis

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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   
MSTSXAQUI
VIASPGLOP-PC
RRTLXMSTSX
JRBEXRRTLX
SCAXFAQUI
SCAXFMSTSX
  
High negative correlations   
VIASPSCAXF
VIASPAQUI
SCAXFGLOP-PC
VIASPMSTSX
AQUIGLOP-PC
MSTSXGLOP-PC

Risk-Adjusted Indicators

There is a big difference between EP-PC Preferred Stock performing well and El Paso 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 El Paso'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
DLNG-PA  0.32  0.01 (0.13) 0.47  0.40 
 0.71 
 2.36 
GLOP-PC  0.46  0.05 (0.03)(0.53) 0.74 
 0.95 
 8.40 
AQUI  2.79 (1.41) 0.00  9.86  0.00 
 0.00 
 93.33 
MSTSX  0.57 (0.11) 0.00  5.09  0.00 
 0.97 
 7.06 
LBHIX  0.14  0.01 (0.20) 0.87  0.00 
 0.48 
 1.19 
ABHYX  0.23 (0.01)(0.15)(0.35) 0.36 
 0.46 
 1.92 
SCAXF  1.61 (0.88) 0.00 (1.66) 0.00 
 0.00 
 31.33 
VIASP  0.64  0.17  0.12  4.59  0.52 
 1.40 
 5.04 
RRTLX  0.25 (0.01)(0.19)(0.43) 0.38 
 0.57 
 2.04 
JRBEX  0.35  0.00 (0.10) 0.08  0.49 
 0.77 
 2.76 

Be your own money manager

Our tools can tell you how much better you can do entering a position in El Paso 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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