El Paso Correlations
| EP-PC Preferred Stock | USD 48.42 0.04 0.08% |
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
Good diversification
The correlation between El Paso Energy and DJI is -0.09 (i.e., Good 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.
EP-PC |
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
| 0.63 | PBA | Pembina Pipeline Corp | PairCorr |
| 0.78 | GLOP-PB | GasLog Partners LP | PairCorr |
| 0.78 | GLOP-PA | GasLog Partners LP | PairCorr |
| 0.64 | GLOP-PC | GasLog Partners LP | PairCorr |
Moving against EP-PC Preferred Stock
Related Correlations Analysis
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