Nordic American Correlations

NAT Stock

USD 2.99 0.01 0.33%

The current 90-days correlation between Nordic American Tankers and Safe Bulkers is 0.55 (i.e., Very weak diversification). The correlation of Nordic American 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.

Nordic American Correlation With Market

Weak diversification

The correlation between Nordic American Tankers and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nordic American Tankers and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nordic American Tankers. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Nordic Stock

0.75	TK	Teekay	Pair Corr
0.74	DHT	DHT Holdings	Pair Corr
0.9	FRO	Frontline Earnings Call This Week	Pair Corr
0.86	GEL	Genesis Energy LP	Pair Corr
0.84	LPG	Dorian LPG	Pair Corr
0.96	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.98	TNK	Teekay Tankers	Pair Corr
0.74	IMPP	Imperial Petroleum	Pair Corr
0.97	INSW	International Seaways	Pair Corr

Moving against Nordic Stock

0.77	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.75	DTM	DT Midstream	Pair Corr
0.74	OKE	ONEOK Inc	Pair Corr
0.72	LNG	Cheniere Energy	Pair Corr
0.7	EPD	Enterprise Products	Pair Corr
0.69	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.63	EE	Excelerate Energy	Pair Corr
0.62	CQP	Cheniere Energy Partners	Pair Corr
0.57	VNOM	Viper Energy Ut	Pair Corr
0.57	ENLC	EnLink Midstream LLC	Pair Corr
0.55	ENB	Enbridge	Pair Corr
0.53	DLNG	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.53	GLP	Global Partners LP	Pair Corr
0.46	IMPPP	Imperial Petroleum	Pair Corr
0.77	TRGP	Targa Resources	Pair Corr
0.72	GLP-PB	Global Partners LP	Pair Corr
0.71	KNTK	Kinetik Holdings	Pair Corr
0.7	WMB	Williams Companies	Pair Corr
0.7	ET-PI	Energy Transfer LP	Pair Corr
0.65	DLNG-PB	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.63	MPLX	MPLX LP	Pair Corr
0.6	TRP	TC Energy Corp	Pair Corr
0.58	DLNG-PA	Dynagas LNG Partners Earnings Call This Week	Pair Corr

Related Correlations Analysis

	OP	SB	SB-PC	SB-PD	EDRY	ESEA	DAC	DSX	ECO
OP		0.13	-0.08	-0.14	0.44	0.16	0.23	0.39	0.39	OP
SB	0.13		-0.77	-0.69	0.74	0.8	0.2	0.84	0.71	SB
SB-PC	-0.08	-0.77		0.83	-0.75	-0.48	0.24	-0.65	-0.62	SB-PC
SB-PD	-0.14	-0.69	0.83		-0.82	-0.48	0.31	-0.69	-0.65	SB-PD
EDRY	0.44	0.74	-0.75	-0.82		0.6	-0.1	0.81	0.91	EDRY
ESEA	0.16	0.8	-0.48	-0.48	0.6		0.41	0.74	0.64	ESEA
DAC	0.23	0.2	0.24	0.31	-0.1	0.41		0.25	0.16	DAC
DSX	0.39	0.84	-0.65	-0.69	0.81	0.74	0.25		0.79	DSX
ECO	0.39	0.71	-0.62	-0.65	0.91	0.64	0.16	0.79		ECO
	OP	SB	SB-PC	SB-PD	EDRY	ESEA	DAC	DSX	ECO

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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

ECO	+ 0.91	EDRY
DSX	+ 0.84	SB
SB-PD	+ 0.83	SB-PC
DSX	+ 0.81	EDRY
ESEA	+ 0.8	SB
ECO	+ 0.79	DSX

High negative correlations

EDRY	- 0.82	SB-PD
SB-PC	- 0.77	SB
EDRY	- 0.75	SB-PC
DSX	- 0.69	SB-PD
SB-PD	- 0.69	SB
ECO	- 0.65	SB-PD

Risk-Adjusted Indicators

There is a big difference between Nordic Stock performing well and Nordic American 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 Nordic American'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
OP	1.94	(0.25)	0.00	1.31	0.00	0.00	3.33	(5.71)	15.48
SB	1.51	(0.31)	0.00	(0.22)	0.00	0.00	3.13	(3.10)	9.36
SB-PC	0.31	0.01	(0.17)	(0.05)	0.40	(0.37)	0.67	(0.76)	2.33
SB-PD	0.34	0.02	(0.13)	3.12	0.45	(0.39)	0.90	(0.59)	2.50
EDRY	1.32	(0.53)	0.00	(2.61)	0.00	0.00	1.96	(2.87)	8.90
ESEA	2.05	(0.16)	0.00	(0.45)	0.00	0.00	3.85	(4.63)	16.76
DAC	1.07	0.02	(0.03)	0.13	1.36	(1.19)	2.46	(2.43)	7.45
DSX	1.64	(0.19)	0.00	(3.35)	0.00	0.00	3.33	(3.35)	11.03
ECO	2.00	(0.32)	0.00	(0.51)	0.00	0.00	3.34	(3.95)	14.39

Nordic American Corporate Executives

Elected by the shareholders, the Nordic American's board of directors comprises two types of representatives: Nordic American inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Nordic. The board's role is to monitor Nordic American's management team and ensure that shareholders' interests are well served. Nordic American's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Nordic American's outside directors are responsible for providing unbiased perspectives on the board's policies.

Bjorn Giaever

Chief Financial Officer, Secretary

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