Energy Transfer Correlations

ETP Stock

USD 18.75 0.04 0.21%

The current 90-days correlation between Energy Transfer Partners and Harmony Gold Mining is -0.04 (i.e., Good 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 Partners and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy Transfer Partners and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Energy Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Energy Transfer Partners. 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.

Moving together with Energy Stock

0.9	AM	Antero Midstream Partners	Pair Corr
0.95	EE	Excelerate Energy Earnings Call Today	Pair Corr
0.94	ET	Energy Transfer LP	Pair Corr
0.91	TK	Teekay	Pair Corr
0.86	SRR	Source Rock Royalties	Pair Corr
0.84	AQ30	ALTAGAS LTD PRFG	Pair Corr
0.82	ENB	Enbridge	Pair Corr
0.77	ALA	AltaGas Earnings Call This Week	Pair Corr
0.91	G2O	Golar LNG Limited	Pair Corr
0.88	KEY	Keyera Corp	Pair Corr
0.82	EN3	Enbridge	Pair Corr
0.8	TPZ	Topaz Energy Corp	Pair Corr
0.89	P5P	Pembina Pipeline Corp	Pair Corr
0.81	CHQ1	Cheniere Energy	Pair Corr
0.89	TK41	Tsakos Energy Navigation Earnings Call This Week	Pair Corr
0.87	K2Y	Keyera Corp	Pair Corr
0.9	ASC	Ardmore Shpng	Pair Corr
0.93	CQP	Cheniere Energy Partners	Pair Corr
0.91	OCW	Euronav NV	Pair Corr
0.92	DHT	DHT Holdings	Pair Corr
0.92	DKL	Delek Logistics Partners	Pair Corr
0.92	DTM	DT Midstream	Pair Corr
0.85	ENB	Enbridge	Pair Corr
0.91	EPD	Enterprise Products	Pair Corr
0.96	FRO	Frontline	Pair Corr
0.94	GEL	Genesis Energy LP	Pair Corr
0.86	GLP	Global Partners LP	Pair Corr
0.95	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.96	KYN	Kayne Anderson MLP	Pair Corr
0.87	LNG	Cheniere Energy	Pair Corr
0.97	LPG	Dorian LPG	Pair Corr
0.95	NAT	Nordic American Tankers	Pair Corr
0.86	NGL	NGL Energy Partners	Pair Corr
0.89	OKE	ONEOK Inc	Pair Corr
0.97	PAA	Plains All American	Pair Corr
0.9	PBA	Pembina Pipeline Corp	Pair Corr

Related Correlations Analysis

	WSRC	RDEMF	STMEF	PIUTQ	HGMCF	JACO	ESP
WSRC		0.0	-0.44	0.0	-0.52	0.0	-0.47	WSRC
RDEMF	0.0		0.0	0.0	0.0	1.0	0.0	RDEMF
STMEF	-0.44	0.0		0.0	0.51	0.0	0.87	STMEF
PIUTQ	0.0	0.0	0.0		0.0	0.0	0.0	PIUTQ
HGMCF	-0.52	0.0	0.51	0.0		0.0	0.78	HGMCF
JACO	0.0	1.0	0.0	0.0	0.0		0.0	JACO
ESP	-0.47	0.0	0.87	0.0	0.78	0.0		ESP
	WSRC	RDEMF	STMEF	PIUTQ	HGMCF	JACO	ESP

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

JACO	+ 1.0	RDEMF
ESP	+ 0.87	STMEF
ESP	+ 0.78	HGMCF
HGMCF	+ 0.51	STMEF
RDEMF	+ 0.0	WSRC
PIUTQ	+ 0.0	WSRC

High negative correlations

HGMCF	- 0.52	WSRC
ESP	- 0.47	WSRC
STMEF	- 0.44	WSRC
ESP	- 0.0	JACO
JACO	- 0.0	HGMCF
ESP	- 0.0	PIUTQ

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
WSRC	1.49	(0.73)	0.00	0.70	0.00	0.00	0.00	0.00	50.00
RDEMF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
STMEF	1.25	0.51	0.24	(5.89)	0.47	(2.93)	5.13	(1.59)	10.72
PIUTQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HGMCF	1.64	0.47	0.06	(2.07)	2.36	(5.37)	5.39	(1.56)	34.09
JACO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESP	2.43	0.67	0.17	0.79	3.08	(2.50)	5.75	(4.13)	19.23

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