TOP Ships Correlations

TOPS Stock

USD 5.48 0.47 9.38%

The current 90-days correlation between TOP Ships and Performance Shipping is -0.11 (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 0.03 (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.

Build AI portfolio with TOP Stock

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 inflation.

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

Moving against TOP Stock

0.7	ATI	Allegheny Technologies	Pair Corr
0.58	TRP	TC Energy Corp	Pair Corr
0.58	ACN	Accenture plc	Pair Corr
0.49	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.49	WSFS	WSFS Financial	Pair Corr
0.45	ASXSF	Elysee Development Corp	Pair Corr
0.42	PPERY	Bank Mandiri Persero	Pair Corr
0.39	PTAIY	Astra International Tbk	Pair Corr
0.37	KMI	Kinder Morgan	Pair Corr
0.34	NGL	NGL Energy Partners	Pair Corr
0.71	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.66	BAC	Bank of America Earnings Call This Week	Pair Corr
0.65	MRK	Merck Company Aggressive Push	Pair Corr
0.61	GE	GE Aerospace	Pair Corr
0.56	BA	Boeing	Pair Corr
0.55	DIS	Walt Disney	Pair Corr
0.51	WMT	Walmart Common Stock	Pair Corr
0.5	JNJ	Johnson Johnson	Pair Corr
0.45	MCHP	Microchip Technology Tech Boost	Pair Corr
0.34	F	Ford Motor Aggressive Push	Pair Corr

Related Correlations Analysis

	PSHG	PXS	VNTG	NCT	GLBS	CTRM	XTIA	SIDU	EHLD	NIXX
PSHG		0.33	-0.35	-0.69	0.66	0.19	-0.26	-0.07	0.4	-0.76	PSHG
PXS	0.33		0.08	-0.43	0.57	0.57	-0.1	0.07	0.34	-0.28	PXS
VNTG	-0.35	0.08		0.43	-0.24	0.04	0.22	-0.03	-0.07	0.37	VNTG
NCT	-0.69	-0.43	0.43		-0.85	-0.44	0.37	-0.49	-0.2	0.84	NCT
GLBS	0.66	0.57	-0.24	-0.85		0.57	-0.3	0.47	0.15	-0.66	GLBS
CTRM	0.19	0.57	0.04	-0.44	0.57		-0.24	0.29	-0.01	-0.1	CTRM
XTIA	-0.26	-0.1	0.22	0.37	-0.3	-0.24		0.03	0.0	0.23	XTIA
SIDU	-0.07	0.07	-0.03	-0.49	0.47	0.29	0.03		-0.27	-0.28	SIDU
EHLD	0.4	0.34	-0.07	-0.2	0.15	-0.01	0.0	-0.27		-0.38	EHLD
NIXX	-0.76	-0.28	0.37	0.84	-0.66	-0.1	0.23	-0.28	-0.38		NIXX
	PSHG	PXS	VNTG	NCT	GLBS	CTRM	XTIA	SIDU	EHLD	NIXX

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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

NIXX	+ 0.84	NCT
GLBS	+ 0.66	PSHG
GLBS	+ 0.57	PXS
CTRM	+ 0.57	PXS
CTRM	+ 0.57	GLBS
SIDU	+ 0.47	GLBS

High negative correlations

GLBS	- 0.85	NCT
NIXX	- 0.76	PSHG
NCT	- 0.69	PSHG
NIXX	- 0.66	GLBS
SIDU	- 0.49	NCT
CTRM	- 0.44	NCT

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
PSHG	2.39	0.08	0.02	0.18	3.12	(2.80)	5.19	(4.25)	17.75
PXS	1.54	0.04	0.00	0.16	1.71	(1.84)	3.08	(2.90)	12.39
VNTG	4.76	(2.06)	0.00	(0.38)	0.00	0.00	6.93	(9.09)	83.66
NCT	5.98	(2.71)	0.00	(1.08)	0.00	0.00	10.00	(16.67)	46.11
GLBS	3.62	0.70	0.14	1.32	3.39	(5.17)	12.58	(7.01)	26.30
CTRM	2.11	(0.03)	(0.02)	0.03	2.61	(2.60)	6.25	(4.98)	18.43
XTIA	4.15	0.03	0.04	0.09	4.54	(4.57)	10.49	(7.55)	25.06
SIDU	11.03	2.55	0.35	0.54	7.36	(16.79)	34.88	(12.27)	125.36
EHLD	1.15	0.06	(0.01)	6.03	1.57	(1.33)	3.00	(2.48)	9.31
NIXX	3.52	(0.88)	0.00	(0.59)	0.00	0.00	7.29	(8.41)	33.17

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