Plains All Correlations

PAA Stock

USD 17.82 0.26 1.48%

The current 90-days correlation between Plains All American and Enterprise Products Partners is 0.69 (i.e., Poor diversification). The correlation of Plains All 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.

Plains All Correlation With Market

Very weak diversification

The correlation between Plains All American and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Plains All American and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Plains All American. 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 Plains Stock

0.71

HESM

Hess Midstream Partners

Pair Corr

Moving against Plains Stock

0.41	SEAL-PA	Seapeak LLC	Pair Corr
0.36	BROG	Brooge Holdings	Pair Corr
0.35	MMLP	Martin Midstream Partners	Pair Corr
0.32	DLNG-PB	Dynagas LNG Partners Earnings Call This Week	Pair Corr

Related Correlations Analysis

	OKE	EPD	ET	KMI	ENB	WES	HESM	AM
OKE		0.9	0.96	0.92	0.92	-0.04	-0.09	0.66	OKE
EPD	0.9		0.94	0.75	0.8	-0.01	0.18	0.57	EPD
ET	0.96	0.94		0.91	0.86	-0.07	-0.01	0.63	ET
KMI	0.92	0.75	0.91		0.86	-0.1	-0.26	0.72	KMI
ENB	0.92	0.8	0.86	0.86		0.09	-0.1	0.69	ENB
WES	-0.04	-0.01	-0.07	-0.1	0.09		0.37	0.29	WES
HESM	-0.09	0.18	-0.01	-0.26	-0.1	0.37		0.01	HESM
AM	0.66	0.57	0.63	0.72	0.69	0.29	0.01		AM
	OKE	EPD	ET	KMI	ENB	WES	HESM	AM

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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

ET	+ 0.96	OKE
ET	+ 0.94	EPD
KMI	+ 0.92	OKE
ENB	+ 0.92	OKE
KMI	+ 0.91	ET
EPD	+ 0.9	OKE

High negative correlations

HESM	- 0.26	KMI
HESM	- 0.1	ENB
WES	- 0.1	KMI
HESM	- 0.09	OKE
WES	- 0.07	ET
WES	- 0.04	OKE

Risk-Adjusted Indicators

There is a big difference between Plains Stock performing well and Plains All 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 Plains All'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
OKE	1.05	0.37	0.21	0.67	1.28	(1.26)	2.52	(1.61)	8.37
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
KMI	0.90	0.38	0.45	0.55	0.11	(1.20)	1.91	(1.39)	8.04
ENB	0.63	0.12	0.11	0.39	0.41	(0.75)	1.41	(1.04)	3.55
WES	1.05	0.01	(0.04)	0.12	1.39	(1.02)	1.94	(2.16)	5.82
HESM	0.88	(0.02)	(0.06)	0.04	1.15	(0.91)	1.61	(2.13)	5.41
AM	0.97	0.05	0.02	0.15	1.30	(0.96)	2.06	(2.12)	6.60

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