Magellan Midstream Correlations

Delisted . USA . 
Stock . Magellan Midstream Partners
MMPDelisted Stock  USD 65.51  0.11  0.17%   
The current 90-days correlation between Magellan Midstream and Plains All American is -0.05 (i.e., Good diversification). The correlation of Magellan Midstream 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.

Magellan Midstream Correlation With Market

Good diversification

The correlation between Magellan Midstream Partners and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magellan Midstream Partners and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios. 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 Magellan Stock

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  0.82AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.84AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.81CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr

Moving against Magellan Stock

  0.81BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.77JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.66BCH Banco De ChilePairCorr
  0.65KO Coca Cola Aggressive PushPairCorr
  0.56SHG Shinhan FinancialPairCorr
  0.41WF Woori Financial GroupPairCorr
  0.38PG Procter GamblePairCorr

Related Correlations Analysis

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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   
WMB
+ 0.99
KMI
ET
+ 0.96
EPD
OKE
+ 0.96
ET
OKE
+ 0.95
MPLX
HEP
+ 0.95
CEQP
ET
+ 0.94
MPLX
  
High negative correlations   
HEP
- 0.09
PAA
PAA
- 0.05
WMB
CEQP
- 0.01
PAA
PAA
- 0.01
KMI

Risk-Adjusted Indicators

There is a big difference between Magellan Stock performing well and Magellan 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 Magellan 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
KMI  0.92  0.38  0.45  0.59  0.00 
(1.25)
 1.93 
(1.39)
 8.04 
EPD  0.52  0.15  0.14  0.50  0.17 
(0.62)
 1.38 
(0.86)
 2.74 
WMB  0.98  0.37  0.33  0.67  0.57 
(1.24)
 2.32 
(1.55)
 6.31 
MPLX  0.69  0.21  0.22  0.57  0.06 
(0.82)
 2.22 
(0.83)
 3.20 
ET  0.68  0.23  0.26  0.55  0.00 
(0.86)
 2.16 
(1.05)
 4.18 
ENB  0.66  0.12  0.08  0.42  0.41 
(0.79)
 1.57 
(1.04)
 3.55 
PAA  0.98 (0.04)(0.05) 0.07  1.30 
(1.01)
 1.95 
(2.14)
 6.78 
CEQP  1.40  0.33  0.12 (1.01) 1.19 
(1.74)
 3.48 
(2.49)
 11.57 
OKE  1.09  0.38  0.21  0.68  1.24 
(1.32)
 2.90 
(1.61)
 8.37 
HEP  1.05  0.21  0.07  4.82  1.08 
(1.11)
 2.21 
(1.97)
 4.89 

Magellan Midstream Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Magellan Midstream stock to make a market-neutral strategy. Peer analysis of Magellan Midstream could also be used in its relative valuation, which is a method of valuing Magellan Midstream by comparing valuation metrics with similar companies.
 Risk & Return  Correlation

Still Interested in Magellan Midstream Partners?

Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.
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