StealthGas Correlations

GASS Stock

USD 6.01 0.07 1.18%

The current 90-days correlation between StealthGas and Euroseas is 0.08 (i.e., Significant diversification). The correlation of StealthGas 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.

StealthGas Correlation With Market

Weak diversification

The correlation between StealthGas and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding StealthGas and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in StealthGas. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

For more information on how to buy StealthGas Stock please use our How to Invest in StealthGas guide.

Moving together with StealthGas Stock

0.61	ESEA	Euroseas Downward Rally	Pair Corr
0.79	ECO	Okeanis Eco Tankers	Pair Corr
0.72	NAT	Nordic American Tankers Earnings Call This Week	Pair Corr
0.75	NMM	Navios Maritime Partners	Pair Corr
0.63	SFL	SFL Corporation	Pair Corr
0.75	GLBS	Globus Maritime	Pair Corr
0.62	HAFN	Hafnia Limited Earnings Call This Week	Pair Corr
0.77	HSHP	Himalaya Shipping	Pair Corr
0.72	SBLK	Star Bulk Carriers	Pair Corr

Moving against StealthGas Stock

0.43	SB-PD	Safe Bulkers	Pair Corr
0.42	SB-PC	Safe Bulkers	Pair Corr
0.6	ULTRF	Ultrapetrol Bahamas	Pair Corr
0.56	HTCO	Caravelle International Symbol Change	Pair Corr
0.64	PSHG	Performance Shipping Earnings Call This Week	Pair Corr
0.44	MATX	Matson Inc	Pair Corr

Related Correlations Analysis

	DAC	GSL	CPLP	ESEA	NMM	KEX	CLCO	HSHP	NM	CMRE
DAC		0.57	-0.23	0.39	0.6	0.55	0.19	0.48	-0.33	0.82	DAC
GSL	0.57		0.26	0.81	0.69	-0.02	0.52	0.71	0.07	0.68	GSL
CPLP	-0.23	0.26		0.22	0.11	-0.37	0.39	0.14	0.13	-0.1	CPLP
ESEA	0.39	0.81	0.22		0.66	-0.03	0.52	0.8	0.16	0.65	ESEA
NMM	0.6	0.69	0.11	0.66		0.17	0.51	0.7	-0.27	0.68	NMM
KEX	0.55	-0.02	-0.37	-0.03	0.17		-0.03	0.19	-0.45	0.53	KEX
CLCO	0.19	0.52	0.39	0.52	0.51	-0.03		0.61	0.25	0.25	CLCO
HSHP	0.48	0.71	0.14	0.8	0.7	0.19	0.61		0.08	0.73	HSHP
NM	-0.33	0.07	0.13	0.16	-0.27	-0.45	0.25	0.08		-0.29	NM
CMRE	0.82	0.68	-0.1	0.65	0.68	0.53	0.25	0.73	-0.29		CMRE
	DAC	GSL	CPLP	ESEA	NMM	KEX	CLCO	HSHP	NM	CMRE

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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

CMRE	+ 0.82	DAC
ESEA	+ 0.81	GSL
HSHP	+ 0.8	ESEA
CMRE	+ 0.73	HSHP
HSHP	+ 0.71	GSL
HSHP	+ 0.7	NMM

High negative correlations

NM	- 0.45	KEX
KEX	- 0.37	CPLP
NM	- 0.33	DAC
CMRE	- 0.29	NM
NM	- 0.27	NMM
CPLP	- 0.23	DAC

Risk-Adjusted Indicators

There is a big difference between StealthGas Stock performing well and StealthGas 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 StealthGas' 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
DAC	1.07	0.01	(0.04)	0.15	1.36	(1.19)	2.46	(2.43)	7.45
GSL	1.25	(0.22)	0.00	(0.36)	0.00	0.00	2.45	(2.86)	8.20
CPLP	1.52	0.11	(0.01)	(0.18)	2.13	(1.60)	3.59	(3.04)	14.99
ESEA	2.08	(0.17)	0.00	(1.25)	0.00	0.00	3.85	(4.63)	16.76
NMM	1.68	(0.11)	0.00	(0.08)	0.00	0.00	4.85	(3.09)	12.91
KEX	1.31	0.01	0.04	0.11	1.54	(1.44)	2.56	(2.31)	9.96
CLCO	1.76	(0.31)	0.00	(0.38)	0.00	0.00	3.00	(3.46)	13.11
HSHP	1.80	(0.10)	0.00	(0.07)	0.00	0.00	4.44	(3.36)	12.97
NM	2.24	(0.17)	0.00	(0.10)	0.00	0.00	5.56	(4.86)	16.27
CMRE	1.65	(0.01)	(0.02)	0.09	2.31	(1.54)	3.19	(4.34)	9.49

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