Energy Transfer Correlations

Stocks . USA . 
Stock . Energy Transfer LP
ET Stock  USD 18.98  0.08  0.42%   
The current 90-days correlation between Energy Transfer LP and Suncor Energy is 0.44 (i.e., Very weak diversification). The correlation of Energy Transfer 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Energy Transfer Correlation With Market

Poor diversification

The correlation between Energy Transfer LP and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy Transfer LP and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Energy Transfer LP. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

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Risk-Adjusted Indicators

There is a big difference between Energy Stock performing well and Energy Transfer 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 Energy Transfer'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.

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