Summit Midstream Correlations

SMC Stock

26.90 0.11 0.41%

The current 90-days correlation between Summit Midstream and PrimeEnergy is 0.33 (i.e., Weak diversification). The correlation of Summit 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.

Summit Midstream Correlation With Market

Modest diversification

The correlation between Summit Midstream 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 Summit Midstream and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Summit Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Summit Midstream. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

For information on how to trade Summit Stock refer to our How to Trade Summit Stock guide.

Moving together with Summit Stock

0.91	DLNG	Dynagas LNG Partners	Pair Corr
0.86	TPZ	Topaz Energy Corp	Pair Corr
0.73	CQP	Cheniere Energy Partners	Pair Corr
0.69	DKL	Delek Logistics Partners	Pair Corr
0.86	DTM	DT Midstream	Pair Corr
0.87	EPD	Enterprise Products	Pair Corr
0.67	ETP	Energy Transfer Partners	Pair Corr
0.81	NGL	NGL Energy Partners	Pair Corr
0.71	OKE	ONEOK Inc	Pair Corr
0.9	PAA	Plains All American	Pair Corr
0.76	SFL	SFL Corporation	Pair Corr
0.73	TGS	Transportadora de Gas	Pair Corr
0.77	GASS	StealthGas	Pair Corr
0.61	TRP	TC Energy Corp	Pair Corr

Moving against Summit Stock

0.81	LNG	Cheniere Energy	Pair Corr
0.66	LPG	Dorian LPG	Pair Corr
0.32	GLP	Global Partners LP	Pair Corr
0.54	GLNG	Golar LNG Limited	Pair Corr
0.51	000669	PetroChina Jinhong Energy	Pair Corr
0.42	HAFN	Hafnia Limited	Pair Corr
0.33	KNTK	Kinetik Holdings	Pair Corr

Related Correlations Analysis

	PNRG	BRY	HUSA	RNGR	REI	AMTX	BOOM	GEOS	TOYO	FET
PNRG		0.16	-0.36	0.27	-0.14	-0.3	-0.11	-0.75	-0.43	0.45	PNRG
BRY	0.16		0.55	-0.1	0.73	0.62	0.61	0.05	-0.15	-0.64	BRY
HUSA	-0.36	0.55		-0.31	0.78	0.8	0.49	0.5	0.33	-0.88	HUSA
RNGR	0.27	-0.1	-0.31		0.0	-0.43	0.08	-0.13	-0.53	0.45	RNGR
REI	-0.14	0.73	0.78	0.0		0.74	0.62	0.49	0.08	-0.72	REI
AMTX	-0.3	0.62	0.8	-0.43	0.74		0.68	0.62	0.56	-0.8	AMTX
BOOM	-0.11	0.61	0.49	0.08	0.62	0.68		0.45	0.15	-0.45	BOOM
GEOS	-0.75	0.05	0.5	-0.13	0.49	0.62	0.45		0.6	-0.5	GEOS
TOYO	-0.43	-0.15	0.33	-0.53	0.08	0.56	0.15	0.6		-0.3	TOYO
FET	0.45	-0.64	-0.88	0.45	-0.72	-0.8	-0.45	-0.5	-0.3		FET
	PNRG	BRY	HUSA	RNGR	REI	AMTX	BOOM	GEOS	TOYO	FET

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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

AMTX	+ 0.8	HUSA
REI	+ 0.78	HUSA
AMTX	+ 0.74	REI
REI	+ 0.73	BRY
BOOM	+ 0.68	AMTX
AMTX	+ 0.62	BRY

High negative correlations

FET	- 0.88	HUSA
FET	- 0.8	AMTX
GEOS	- 0.75	PNRG
FET	- 0.72	REI
FET	- 0.64	BRY
TOYO	- 0.53	RNGR

Risk-Adjusted Indicators

There is a big difference between Summit Stock performing well and Summit 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 Summit 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
PNRG	2.88	(0.01)	0.00	0.06	3.84	(2.96)	5.49	(6.69)	18.77
BRY	1.47	(0.29)	0.00	(1.62)	0.00	0.00	2.46	(4.20)	8.78
HUSA	4.77	(1.74)	0.00	1.14	0.00	0.00	7.08	(11.54)	44.49
RNGR	1.63	(0.13)	0.00	(0.03)	0.00	0.00	3.15	(3.79)	11.62
REI	2.26	(0.41)	0.00	(0.18)	0.00	0.00	4.76	(4.72)	16.88
AMTX	4.31	(1.02)	0.00	(0.18)	0.00	0.00	10.94	(8.33)	30.28
BOOM	2.70	(0.40)	0.00	(0.12)	0.00	0.00	6.37	(4.73)	26.06
GEOS	4.70	(0.12)	0.00	(0.02)	0.00	0.00	11.67	(9.45)	37.70
TOYO	2.64	0.06	0.01	0.19	2.89	(3.00)	5.96	(4.99)	15.80
FET	2.61	0.43	0.10	0.59	3.75	(2.81)	6.96	(4.77)	23.84

Summit Midstream Corporate Management

James Johnston	General VP	Profile
Carrie Vruno	VP Controller	Profile
Hugo Guerrero	Senior Operations	Profile
Randall Burton	Treasurer Finance	Profile
Matthew Sicinski	Senior Officer	Profile

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