Summit Midstream Correlations

Summary

The current 90-days correlation between Summit Midstream Partners and Green Plains Partners is -0.07 (i.e., Good 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Summit Midstream Correlation With Market

Significant diversification

The correlation between Summit Midstream Partners and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Summit Midstream Partners and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map 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 bureau of economic analysis.

Moving together with Summit Stock

0.62	FNMFO	Federal National Mortgage	Pair Corr
0.75	WMT	Walmart Aggressive Push	Pair Corr
0.7	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.78	BAC	Bank of America Aggressive Push	Pair Corr
0.68	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr

Moving against Summit Stock

0.75	SHG	Shinhan Financial	Pair Corr
0.7	BCH	Banco De Chile	Pair Corr
0.62	KO	Coca Cola Aggressive Push	Pair Corr
0.6	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.53	WF	Woori Financial Group	Pair Corr
0.46	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr

Related Correlations Analysis

	GEL	BROG	GPP	HEP	HESM	DTM	NGL-PB	MMLP	NGL-PC	NS
GEL		-0.11	-0.69	-0.65	0.29	-0.73	-0.38	-0.46	-0.12	-0.46	GEL
BROG	-0.11		-0.09	0.51	-0.57	0.31	0.52	0.63	0.17	0.73	BROG
GPP	-0.69	-0.09		0.7	0.14	0.78	0.45	0.45	0.38	0.44	GPP
HEP	-0.65	0.51	0.7		-0.25	0.91	0.79	0.86	0.57	0.89	HEP
HESM	0.29	-0.57	0.14	-0.25		-0.04	-0.22	-0.29	0.01	-0.38	HESM
DTM	-0.73	0.31	0.78	0.91	-0.04		0.69	0.8	0.5	0.74	DTM
NGL-PB	-0.38	0.52	0.45	0.79	-0.22	0.69		0.7	0.76	0.82	NGL-PB
MMLP	-0.46	0.63	0.45	0.86	-0.29	0.8	0.7		0.47	0.81	MMLP
NGL-PC	-0.12	0.17	0.38	0.57	0.01	0.5	0.76	0.47		0.58	NGL-PC
NS	-0.46	0.73	0.44	0.89	-0.38	0.74	0.82	0.81	0.58		NS
	GEL	BROG	GPP	HEP	HESM	DTM	NGL-PB	MMLP	NGL-PC	NS

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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

DTM	+ 0.91	HEP
NS	+ 0.89	HEP
MMLP	+ 0.86	HEP
NS	+ 0.82	NGL-PB
NS	+ 0.81	MMLP
MMLP	+ 0.8	DTM

High negative correlations

DTM	- 0.73	GEL
GPP	- 0.69	GEL
HEP	- 0.65	GEL
HESM	- 0.57	BROG
NS	- 0.46	GEL
MMLP	- 0.46	GEL

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
GEL	1.44	(0.24)	0.00	(0.13)	0.00	0.00	3.25	(2.58)	14.40
BROG	5.63	0.65	0.07	7.78	6.62	(6.30)	14.94	(11.18)	35.24
GPP	1.27	0.20	0.04	(2.21)	1.32	(1.39)	2.88	(2.31)	7.85
HEP	1.05	0.21	0.07	4.82	1.08	(1.11)	2.21	(1.97)	4.89
HESM	0.90	(0.02)	(0.07)	0.07	1.13	(0.98)	2.08	(2.13)	5.41
DTM	1.05	0.46	0.48	0.70	0.00	(1.33)	2.63	(1.32)	5.82
NGL-PB	0.62	0.02	(0.09)	0.24	0.93	(0.62)	1.41	(1.83)	5.00
MMLP	0.80	0.08	0.01	0.34	1.10	(1.06)	1.40	(1.40)	10.47
NGL-PC	0.47	(0.02)	(0.12)	0.07	0.74	(0.53)	1.08	(0.86)	3.91
NS	1.06	0.21	0.06	(1.72)	0.97	(1.28)	2.56	(2.04)	6.35

Delisting Warning - SMLP

Summit Midstream Partners was delisted

The entity Summit Midstream Partners with a symbol SMLP was delisted from New York Stock Exchange. Please try Summit Midstream with a symbol SMC from now on. Check all delisted instruments accross multiple markets.

Still Interested in Summit 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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