Tsakos Energy Correlations

TEN Stock  USD 20.14  0.26  1.27%   
The current 90-days correlation between Tsakos Energy Navigation and Triton International Limited is 0.15 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Tsakos Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Tsakos Energy Navigation moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Tsakos Energy Correlation With Market

Modest diversification

The correlation between Tsakos Energy Navigation and DJI is 0.25 (i.e., Modest 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.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tsakos Energy Navigation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Tsakos Stock

  0.78TK TeekayPairCorr
  0.65FLNG FLEX LNG Earnings Call Next WeekPairCorr
  0.74DHT DHT HoldingsPairCorr
  0.91FRO Frontline Earnings Call Next WeekPairCorr
  0.83GEL Genesis Energy LPPairCorr
  0.84LPG Dorian LPGPairCorr
  0.98TNK Teekay TankersPairCorr
  0.71IMPP Imperial PetroleumPairCorr
  0.98INSW International SeawaysPairCorr

Moving against Tsakos Stock

  0.77DTM DT MidstreamPairCorr
  0.75ET Energy Transfer LP Aggressive PushPairCorr
  0.74OKE ONEOK IncPairCorr
  0.73KMI Kinder Morgan Aggressive PushPairCorr
  0.71LNG Cheniere EnergyPairCorr
  0.65EPD Enterprise ProductsPairCorr
  0.64VNOM Viper Energy UtPairCorr
  0.63EE Excelerate EnergyPairCorr
  0.61CQP Cheniere Energy PartnersPairCorr
  0.58ENLC EnLink Midstream LLCPairCorr
  0.56ENB EnbridgePairCorr
  0.55GLP Global Partners LPPairCorr
  0.54DLNG Dynagas LNG Partners Earnings Call Next WeekPairCorr
  0.45IMPPP Imperial PetroleumPairCorr
  0.78TRGP Targa ResourcesPairCorr
  0.75GLP-PB Global Partners LPPairCorr
  0.73WMB Williams CompaniesPairCorr
  0.72KNTK Kinetik HoldingsPairCorr
  0.68ET-PI Energy Transfer LPPairCorr
  0.67DLNG-PB Dynagas LNG Partners Earnings Call Next WeekPairCorr
  0.65TRP TC Energy CorpPairCorr
  0.6MPLX MPLX LPPairCorr
  0.59DLNG-PA Dynagas LNG Partners Earnings Call Next WeekPairCorr

Related Correlations Analysis

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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   
CNLFFHRI
CFRLFTRTN-PC
ABEVTRTN-PC
CFRLFCNLFF
ISPRABEV
CFRLFHRI
  
High negative correlations   
ISPRCNLFF
ISPRHRI
ABEVHRI
CFRLFUVV
ISPRCFRLF
UVVTRTN-PC

Risk-Adjusted Indicators

There is a big difference between Tsakos 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.