Hess Midstream Correlations

HESM Stock

USD 36.82 0.75 2.08%

The current 90-days correlation between Hess Midstream Partners and Western Midstream Partners is 0.56 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hess Midstream moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hess Midstream Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hess Midstream Correlation With Market

Modest diversification

The correlation between Hess Midstream Partners and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hess Midstream Partners 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 Hess Midstream 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 state.

Moving together with Hess Stock

0.66	FLNG	FLEX LNG Earnings Call This Week	Pair Corr
0.71	PAA	Plains All American	Pair Corr

Moving against Hess Stock

0.47	IMPPP	Imperial Petroleum	Pair Corr
0.42	PBA	Pembina Pipeline Corp	Pair Corr
0.41	GLOP-PA	GasLog Partners LP	Pair Corr
0.34	GLOP-PB	GasLog Partners LP	Pair Corr
0.33	ENLC	EnLink Midstream LLC	Pair Corr
0.59	BROG	Brooge Holdings	Pair Corr
0.54	SEAL-PB	Seapeak LLC	Pair Corr
0.51	DLNG-PB	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.5	SEAL-PA	Seapeak LLC	Pair Corr
0.48	TEN-PE	Tsakos Energy Navigation	Pair Corr
0.39	EP-PC	El Paso Energy	Pair Corr
0.39	GLNG	Golar LNG Limited	Pair Corr
0.39	MMLP	Martin Midstream Partners	Pair Corr
0.37	TRP	TC Energy Corp	Pair Corr

Related Correlations Analysis

	MPLX	WES	PAA	AM	KNTK	ENLC	EPD	ET	GEL
MPLX		0.04	0.15	0.72	0.93	0.87	0.9	0.92	-0.66	MPLX
WES	0.04		0.45	0.29	-0.06	0.09	-0.01	-0.07	0.4	WES
PAA	0.15	0.45		0.2	0.0	-0.07	0.3	0.12	0.25	PAA
AM	0.72	0.29	0.2		0.72	0.62	0.57	0.63	-0.17	AM
KNTK	0.93	-0.06	0.0	0.72		0.85	0.85	0.95	-0.69	KNTK
ENLC	0.87	0.09	-0.07	0.62	0.85		0.69	0.77	-0.66	ENLC
EPD	0.9	-0.01	0.3	0.57	0.85	0.69		0.94	-0.65	EPD
ET	0.92	-0.07	0.12	0.63	0.95	0.77	0.94		-0.71	ET
GEL	-0.66	0.4	0.25	-0.17	-0.69	-0.66	-0.65	-0.71		GEL
	MPLX	WES	PAA	AM	KNTK	ENLC	EPD	ET	GEL

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

ET	+ 0.95	KNTK
ET	+ 0.94	EPD
KNTK	+ 0.93	MPLX
ET	+ 0.92	MPLX
EPD	+ 0.9	MPLX
ENLC	+ 0.87	MPLX

High negative correlations

GEL	- 0.71	ET
GEL	- 0.69	KNTK
GEL	- 0.66	ENLC
GEL	- 0.66	MPLX
GEL	- 0.65	EPD
GEL	- 0.17	AM

Risk-Adjusted Indicators

There is a big difference between Hess Stock performing well and Hess Midstream 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 Hess Midstream'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
MPLX	0.63	0.18	0.19	0.54	0.26	(0.74)	1.69	(0.83)	3.20
WES	1.05	0.01	(0.04)	0.12	1.39	(1.02)	1.94	(2.16)	5.82
PAA	0.96	(0.02)	(0.04)	0.05	1.30	(0.98)	1.95	(2.14)	6.78
AM	0.97	0.05	0.02	0.15	1.30	(0.96)	2.06	(2.12)	6.60
KNTK	1.45	0.46	0.27	0.60	1.14	(1.69)	3.19	(1.87)	10.07
ENLC	0.85	0.20	0.17	0.52	0.58	(1.08)	1.56	(1.45)	11.30
EPD	0.49	0.12	0.11	0.44	0.34	(0.56)	1.08	(0.86)	2.74
ET	0.63	0.18	0.21	0.46	0.27	(0.78)	1.78	(1.05)	4.18
GEL	1.45	(0.29)	0.00	(0.22)	0.00	0.00	3.25	(2.61)	14.40

Hess Midstream Corporate Management

Michael Frailey	VP LLC	Profile
Jennifer Gordon	IR Contact Officer	Profile
Timothy Goodell	General Counsel, Secretary of the General Partner	Profile
Timothy JD	General LLC	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC