TOP Ships Correlations

TOPS Stock

USD 4.87 0.03 0.62%

The current 90-days correlation between TOP Ships and Performance Shipping is 0.36 (i.e., Weak 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

Excellent diversification

The correlation between TOP Ships and DJI is -0.63 (i.e., Excellent 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 metropolitan statistical area.

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

Moving against TOP Stock

0.61	SRR	Source Rock Royalties	Pair Corr
0.53	EE	Excelerate Energy Earnings Call This Week	Pair Corr
0.5	AQ30	ALTAGAS LTD PRFG	Pair Corr
0.49	G2O	Golar LNG Limited	Pair Corr
0.47	ET	Energy Transfer LP	Pair Corr
0.45	CQP	Cheniere Energy Partners	Pair Corr
0.44	DLNG	Dynagas LNG Partners	Pair Corr
0.42	AM	Antero Midstream Partners	Pair Corr
0.42	KEY	Keyera Corp	Pair Corr
0.42	K2Y	Keyera Corp	Pair Corr
0.35	TK	Teekay	Pair Corr
0.35	P5P	Pembina Pipeline Corp	Pair Corr
0.32	OCW	Euronav NV	Pair Corr
0.62	SMC	Summit Midstream	Pair Corr
0.59	PAA	Plains All American	Pair Corr
0.57	ETP	Energy Transfer Partners	Pair Corr
0.54	DTM	DT Midstream	Pair Corr
0.53	GEL	Genesis Energy LP	Pair Corr
0.53	KMI	Kinder Morgan	Pair Corr
0.52	KYN	Kayne Anderson MLP	Pair Corr
0.52	NGL	NGL Energy Partners	Pair Corr
0.5	LPG	Dorian LPG	Pair Corr
0.49	DKL	Delek Logistics Partners Earnings Call This Week	Pair Corr
0.48	OKE	ONEOK Inc	Pair Corr
0.46	EPD	Enterprise Products	Pair Corr
0.44	PBA	Pembina Pipeline Corp Sell-off Trend	Pair Corr
0.43	NAT	Nordic American Tankers Buyout Trend	Pair Corr
0.42	SFL	SFL Corporation	Pair Corr
0.4	FRO	Frontline	Pair Corr
0.38	ENB	Enbridge	Pair Corr
0.37	DHT	DHT Holdings	Pair Corr

Related Correlations Analysis

	PSHG	PXS	VNTG	NCT	GLBS	CTRM	XTIA	SIDU	EHLD	NIXX
PSHG		-0.33	0.13	0.4	0.01	0.13	-0.55	-0.57	0.59	0.57	PSHG
PXS	-0.33		-0.62	-0.38	0.59	0.26	0.63	0.07	-0.36	-0.78	PXS
VNTG	0.13	-0.62		0.15	-0.31	-0.21	-0.32	0.11	0.41	0.61	VNTG
NCT	0.4	-0.38	0.15		-0.55	-0.43	-0.32	-0.64	0.56	0.51	NCT
GLBS	0.01	0.59	-0.31	-0.55		0.4	0.32	0.24	-0.12	-0.43	GLBS
CTRM	0.13	0.26	-0.21	-0.43	0.4		-0.05	0.02	-0.22	-0.16	CTRM
XTIA	-0.55	0.63	-0.32	-0.32	0.32	-0.05		0.53	-0.4	-0.53	XTIA
SIDU	-0.57	0.07	0.11	-0.64	0.24	0.02	0.53		-0.38	-0.21	SIDU
EHLD	0.59	-0.36	0.41	0.56	-0.12	-0.22	-0.4	-0.38		0.67	EHLD
NIXX	0.57	-0.78	0.61	0.51	-0.43	-0.16	-0.53	-0.21	0.67		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	+ 0.67	EHLD
XTIA	+ 0.63	PXS
NIXX	+ 0.61	VNTG
EHLD	+ 0.59	PSHG
GLBS	+ 0.59	PXS
NIXX	+ 0.57	PSHG

High negative correlations

NIXX	- 0.78	PXS
SIDU	- 0.64	NCT
VNTG	- 0.62	PXS
SIDU	- 0.57	PSHG
GLBS	- 0.55	NCT
XTIA	- 0.55	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
PSHG	2.75	0.07	0.01	0.20	3.65	(3.05)	6.03	(7.29)	16.86
PXS	2.34	0.65	0.20	(1.49)	2.09	(2.88)	7.61	(3.61)	16.06
VNTG	1.97	(0.02)	0.00	0.14	0.00	0.00	5.75	(4.30)	18.89
NCT	6.02	(2.05)	0.00	(0.74)	0.00	0.00	11.11	(15.52)	43.52
GLBS	3.56	1.06	0.21	(2.54)	3.14	(4.63)	12.58	(7.01)	26.30
CTRM	2.76	0.19	0.05	0.27	3.26	(3.31)	8.37	(4.98)	22.85
XTIA	4.18	0.49	0.10	0.65	4.08	(5.17)	10.49	(6.51)	24.61
SIDU	11.90	2.46	0.27	0.69	9.11	(15.72)	34.88	(14.96)	125.36
EHLD	1.07	(0.06)	0.00	(0.16)	0.00	0.00	2.87	(2.10)	9.31
NIXX	4.67	(1.14)	0.00	(0.30)	0.00	0.00	7.29	(10.00)	36.41

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