Teekay Correlations

TK Stock

USD 11.43 0.01 0.09%

The current 90-days correlation between Teekay and Global Partners LP is -0.13 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Teekay moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Teekay moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Teekay Correlation With Market

Average diversification

The correlation between Teekay and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Teekay and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Teekay Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Teekay. 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 more information on how to buy Teekay Stock please use our How to buy in Teekay Stock guide.

Moving together with Teekay Stock

0.71	AM	Antero Midstream Partners Earnings Call This Week	Pair Corr
0.66	EE	Excelerate Energy	Pair Corr
0.74	ET	Energy Transfer LP Earnings Call Tomorrow	Pair Corr
0.78	ENB	Enbridge	Pair Corr
0.68	G2O	Golar LNG Limited	Pair Corr
0.63	KEY	Keyera Corp	Pair Corr
0.69	EN3	Enbridge	Pair Corr
0.7	P5P	Pembina Pipeline Corp	Pair Corr
0.71	CHQ1	Cheniere Energy	Pair Corr
0.86	TK41	Tsakos Energy Navigation	Pair Corr
0.93	ASC	Ardmore Shpng	Pair Corr
0.65	OCW	Euronav NV	Pair Corr
0.95	DHT	DHT Holdings	Pair Corr
0.71	DKL	Delek Logistics Partners	Pair Corr
0.71	ENB	Enbridge	Pair Corr
0.72	EPD	Enterprise Products	Pair Corr
0.9	FRO	Frontline	Pair Corr
0.64	GLP	Global Partners LP	Pair Corr
0.69	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.61	KYN	Kayne Anderson MLP	Pair Corr
0.81	LNG	Cheniere Energy Earnings Call This Week	Pair Corr
0.77	LPG	Dorian LPG	Pair Corr
0.78	NAT	Nordic American Tankers Earnings Call This Week	Pair Corr
0.66	NGL	NGL Energy Partners	Pair Corr
0.68	PBA	Pembina Pipeline Corp Earnings Call This Week	Pair Corr
0.8	SFL	SFL Corporation	Pair Corr

Related Correlations Analysis

	GLP	TNP	PDS	BORR	NGL	NBR	HPK	TEN-PE	VTS	CAPL
GLP		0.0	0.78	0.79	0.84	0.74	-0.15	0.69	0.59	0.84	GLP
TNP	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	TNP
PDS	0.78	0.0		0.98	0.76	0.93	-0.62	0.81	0.24	0.82	PDS
BORR	0.79	0.0	0.98		0.75	0.91	-0.55	0.82	0.33	0.81	BORR
NGL	0.84	0.0	0.76	0.75		0.7	-0.23	0.63	0.51	0.85	NGL
NBR	0.74	0.0	0.93	0.91	0.7		-0.57	0.85	0.21	0.83	NBR
HPK	-0.15	0.0	-0.62	-0.55	-0.23	-0.57		-0.44	0.45	-0.43	HPK
TEN-PE	0.69	0.0	0.81	0.82	0.63	0.85	-0.44		0.19	0.82	TEN-PE
VTS	0.59	0.0	0.24	0.33	0.51	0.21	0.45	0.19		0.33	VTS
CAPL	0.84	0.0	0.82	0.81	0.85	0.83	-0.43	0.82	0.33		CAPL
	GLP	TNP	PDS	BORR	NGL	NBR	HPK	TEN-PE	VTS	CAPL

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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

BORR	+ 0.98	PDS
NBR	+ 0.93	PDS
NBR	+ 0.91	BORR
CAPL	+ 0.85	NGL
TEN-PE	+ 0.85	NBR
NGL	+ 0.84	GLP

High negative correlations

HPK	- 0.62	PDS
HPK	- 0.57	NBR
HPK	- 0.55	BORR
TEN-PE	- 0.44	HPK
CAPL	- 0.43	HPK
HPK	- 0.23	NGL

Risk-Adjusted Indicators

There is a big difference between Teekay Stock performing well and Teekay 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 Teekay'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
GLP	1.47	0.29	0.14	1.08	1.47	(1.61)	3.06	(2.67)	9.16
TNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PDS	1.77	0.56	0.26	0.63	1.87	(2.13)	3.79	(2.63)	12.76
BORR	2.61	0.81	0.26	0.57	2.41	(3.00)	7.29	(5.54)	15.66
NGL	2.28	0.29	0.09	0.55	2.62	(2.69)	4.71	(4.18)	16.33
NBR	2.51	0.36	0.11	0.30	2.99	(2.66)	6.61	(5.70)	19.56
HPK	4.22	(0.11)	0.00	(0.05)	0.00	0.00	9.62	(8.90)	25.29
TEN-PE	0.29	0.03	(0.07)	0.42	0.25	(0.31)	0.57	(0.56)	1.98
VTS	1.45	0.08	0.02	0.38	1.68	(1.47)	2.98	(2.73)	6.95
CAPL	0.80	0.19	0.13	15.87	0.81	(0.91)	1.86	(1.28)	4.34

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