TOP Ships Correlations

TOPS Stock

USD 7.80 0.05 0.64%

The current 90-days correlation between TOP Ships and United Maritime is -0.16 (i.e., Good diversification). The correlation of TOP Ships 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.

TOP Ships Correlation With Market

Significant diversification

The correlation between TOP Ships and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TOP Ships 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 TOP Ships. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

For more information on how to buy TOP Stock please use our How to Invest in TOP Ships guide.

Moving together with TOP Stock

0.68	DHT	DHT Holdings	Pair Corr
0.73	FRO	Frontline Earnings Call This Week	Pair Corr
0.78	GEL	Genesis Energy LP	Pair Corr
0.66	LPG	Dorian LPG	Pair Corr
0.76	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.8	TNK	Teekay Tankers	Pair Corr
0.77	INSW	International Seaways	Pair Corr

Moving against TOP Stock

0.6	EPD	Enterprise Products	Pair Corr
0.58	OKE	ONEOK Inc	Pair Corr
0.57	ENLC	EnLink Midstream LLC	Pair Corr
0.55	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.55	CQP	Cheniere Energy Partners	Pair Corr
0.54	LNG	Cheniere Energy	Pair Corr
0.49	DTM	DT Midstream	Pair Corr
0.47	ENB	Enbridge	Pair Corr
0.42	KMI	Kinder Morgan Fiscal Year End 15th of January 2025	Pair Corr
0.37	EE	Excelerate Energy	Pair Corr
0.36	DLNG	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.6	ET-PI	Energy Transfer LP	Pair Corr
0.52	MPLX	MPLX LP	Pair Corr
0.5	KNTK	Kinetik Holdings	Pair Corr
0.48	GLP-PB	Global Partners LP	Pair Corr
0.42	WMB	Williams Companies	Pair Corr
0.38	DLNG-PA	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.38	DLNG-PB	Dynagas LNG Partners Earnings Call This Week	Pair Corr
0.35	SEAL-PB	Seapeak LLC	Pair Corr
0.33	TRP	TC Energy Corp	Pair Corr

Related Correlations Analysis

	USEA	GLBS	CTRM	SB	SHIP	ESEA	PSHG	PXS	CLCO	KNOP
USEA		0.68	0.69	0.79	0.88	0.71	-0.08	0.93	0.7	0.7	USEA
GLBS	0.68		0.11	0.52	0.74	0.69	-0.16	0.56	0.49	0.18	GLBS
CTRM	0.69	0.11		0.63	0.56	0.38	0.2	0.82	0.5	0.81	CTRM
SB	0.79	0.52	0.63		0.91	0.81	-0.21	0.82	0.65	0.76	SB
SHIP	0.88	0.74	0.56	0.91		0.84	-0.13	0.85	0.7	0.61	SHIP
ESEA	0.71	0.69	0.38	0.81	0.84		-0.25	0.67	0.52	0.48	ESEA
PSHG	-0.08	-0.16	0.2	-0.21	-0.13	-0.25		-0.09	-0.06	-0.14	PSHG
PXS	0.93	0.56	0.82	0.82	0.85	0.67	-0.09		0.74	0.8	PXS
CLCO	0.7	0.49	0.5	0.65	0.7	0.52	-0.06	0.74		0.58	CLCO
KNOP	0.7	0.18	0.81	0.76	0.61	0.48	-0.14	0.8	0.58		KNOP
	USEA	GLBS	CTRM	SB	SHIP	ESEA	PSHG	PXS	CLCO	KNOP

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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

PXS	+ 0.93	USEA
SHIP	+ 0.91	SB
SHIP	+ 0.88	USEA
PXS	+ 0.85	SHIP
ESEA	+ 0.84	SHIP
PXS	+ 0.82	CTRM

High negative correlations

PSHG	- 0.25	ESEA
PSHG	- 0.21	SB
PSHG	- 0.16	GLBS
KNOP	- 0.14	PSHG
PSHG	- 0.13	SHIP
PXS	- 0.09	PSHG

Risk-Adjusted Indicators

There is a big difference between TOP Stock performing well and TOP Ships 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 TOP Ships' 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
USEA	1.34	(0.24)	0.00	(12.87)	0.00	0.00	2.38	(3.40)	10.21
GLBS	2.57	(0.10)	(0.04)	0.00	2.65	(3.69)	7.57	(4.79)	18.26
CTRM	1.67	(0.52)	0.00	(0.72)	0.00	0.00	3.18	(3.08)	10.60
SB	1.56	(0.39)	0.00	(0.33)	0.00	0.00	3.13	(3.10)	9.36
SHIP	1.91	(0.41)	0.00	(1.65)	0.00	0.00	3.74	(3.88)	12.44
ESEA	2.10	(0.16)	0.00	(0.85)	0.00	0.00	3.85	(4.63)	16.76
PSHG	1.50	(0.10)	0.00	1.41	0.00	0.00	2.70	(3.61)	11.80
PXS	1.34	(0.44)	0.00	(1.31)	0.00	0.00	1.86	(3.36)	8.44
CLCO	1.86	(0.43)	0.00	(0.93)	0.00	0.00	3.00	(4.06)	22.39
KNOP	1.48	(0.22)	0.00	1.59	0.00	0.00	2.42	(2.69)	18.04

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