Tsakos Energy Correlations

TEN-PE Preferred Stock

26.54 0.19 0.72%

The current 90-days correlation between Tsakos Energy Navigation and Antero Midstream Partners is 0.01 (i.e., Significant diversification). The correlation of Tsakos Energy 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.

Tsakos Energy Correlation With Market

Good diversification

The correlation between Tsakos Energy Navigation 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 Tsakos Energy Navigation and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Tsakos Energy could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tsakos Energy when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Tsakos Energy - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Tsakos Energy Navigation to buy it.

Moving together with Tsakos Preferred Stock

0.74	IMPPP	Imperial Petroleum	Pair Corr
0.68	PBA	Pembina Pipeline Corp	Pair Corr
0.73	GLOP-PB	GasLog Partners LP	Pair Corr
0.8	GLOP-PA	GasLog Partners LP	Pair Corr
0.61	GLOP-PC	GasLog Partners LP	Pair Corr
0.73	EP-PC	El Paso Energy	Pair Corr

Moving against Tsakos Preferred Stock

0.83	BPT	BP Prudhoe Bay	Pair Corr
0.49	BROGW	Brooge Energy Limited	Pair Corr
0.37	PXSAW	Pyxis Tankers	Pair Corr
0.51	SMC	Summit Midstream Symbol Change	Pair Corr
0.46	LPG	Dorian LPG	Pair Corr

Related Correlations Analysis

	AM	EE	ET	TK	DLNG	VNOM	BROGW	ENLC	IMPPP	FLNG
AM		0.8	0.68	0.15	0.74	0.66	-0.51	0.65	0.66	0.04	AM
EE	0.8		0.9	-0.25	0.87	0.84	-0.6	0.83	0.83	-0.27	EE
ET	0.68	0.9		-0.38	0.85	0.75	-0.47	0.79	0.65	-0.14	ET
TK	0.15	-0.25	-0.38		-0.2	-0.41	0.1	-0.18	-0.04	0.49	TK
DLNG	0.74	0.87	0.85	-0.2		0.69	-0.49	0.72	0.67	0.0	DLNG
VNOM	0.66	0.84	0.75	-0.41	0.69		-0.6	0.66	0.62	-0.45	VNOM
BROGW	-0.51	-0.6	-0.47	0.1	-0.49	-0.6		-0.6	-0.66	0.42	BROGW
ENLC	0.65	0.83	0.79	-0.18	0.72	0.66	-0.6		0.79	-0.39	ENLC
IMPPP	0.66	0.83	0.65	-0.04	0.67	0.62	-0.66	0.79		-0.32	IMPPP
FLNG	0.04	-0.27	-0.14	0.49	0.0	-0.45	0.42	-0.39	-0.32		FLNG
	AM	EE	ET	TK	DLNG	VNOM	BROGW	ENLC	IMPPP	FLNG

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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	+ 0.9	EE
DLNG	+ 0.87	EE
DLNG	+ 0.85	ET
VNOM	+ 0.84	EE
ENLC	+ 0.83	EE
IMPPP	+ 0.83	EE

High negative correlations

IMPPP	- 0.66	BROGW
ENLC	- 0.6	BROGW
BROGW	- 0.6	VNOM
BROGW	- 0.6	EE
BROGW	- 0.51	AM
BROGW	- 0.49	DLNG

Risk-Adjusted Indicators

There is a big difference between Tsakos Preferred Stock performing well and Tsakos Energy 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 Tsakos Energy'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
AM	0.99	0.04	0.01	0.18	1.27	(1.02)	2.27	(2.12)	6.60
EE	2.08	0.57	0.21	0.56	2.08	(2.27)	5.86	(3.25)	14.53
ET	0.68	0.23	0.26	0.55	0.00	(0.86)	2.16	(1.05)	4.18
TK	1.73	(0.05)	(0.04)	0.04	2.04	(1.82)	3.23	(3.37)	15.63
DLNG	1.40	0.26	0.11	0.76	1.28	(1.80)	3.69	(2.34)	14.58
VNOM	1.61	0.22	0.10	0.36	1.94	(1.72)	3.50	(3.23)	10.02
BROGW	22.48	5.03	0.17	1.75	20.51	(35.92)	69.23	(46.15)	182.52
ENLC	0.84	0.23	0.20	0.63	0.49	(1.07)	1.56	(1.26)	11.30
IMPPP	0.60	0.10	(0.02)	11.33	0.67	(0.73)	1.54	(1.24)	5.30
FLNG	1.28	(0.06)	(0.06)	0.04	1.61	(1.32)	2.79	(2.30)	7.82

Tsakos Energy 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 Tsakos Energy preferred stock to make a market-neutral strategy. Peer analysis of Tsakos Energy could also be used in its relative valuation, which is a method of valuing Tsakos Energy by comparing valuation metrics with similar companies.

Antero Midstream Partners Excelerate Energy Energy Transfer LP Teekay Dynagas LNG Partners Viper Energy Ut Brooge Energy Limited EnLink Midstream LLC Imperial Petroleum Preferred FLEX LNG American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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