TOP Ships Correlations

TOPS Stock

USD 5.01 0.17 3.28%

The current 90-days correlation between TOP Ships and Imperial Oil is 0.08 (i.e., Significant 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 -0.68 (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 persons.

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

Moving together with TOP Stock

0.74

BROGF

Pair Corr

Moving against TOP Stock

0.85	SLF	Sun Life Financial Earnings Call Next Week	Pair Corr
0.65	S5H0	SIEM OFFSHORE NEW	Pair Corr
0.58	KNOP	KNOT Offshore Partners	Pair Corr
0.54	GASS	StealthGas	Pair Corr
0.47	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.46	GLUC	Glucose Health	Pair Corr
0.42	NGL	NGL Energy Partners Earnings Call This Week	Pair Corr
0.39	EPD	Enterprise Products	Pair Corr
0.38	WMB	Williams Companies	Pair Corr
0.36	MPLX	MPLX LP Sell-off Trend	Pair Corr
0.35	KNTK	Kinetik Holdings	Pair Corr
0.86	OMC	Omnicom Group Earnings Call This Week	Pair Corr
0.62	FCAP	First Capital Normal Trading	Pair Corr
0.61	ENS	Enersys Earnings Call Next Week	Pair Corr
0.57	BNKHF	BOC Hong Kong	Pair Corr
0.56	FIBK	First Interstate Ban	Pair Corr
0.52	THO	Thor Industries	Pair Corr
0.48	SECVY	Seche Environnement	Pair Corr
0.45	OBYCF	Obayashi Earnings Call This Week	Pair Corr
0.41	APETF	Alpha Esports Tech	Pair Corr
0.41	RCKY	Rocky Brands	Pair Corr
0.41	YLLXF	Yellow Cake plc Upward Rally	Pair Corr
0.37	NFG	National Fuel Gas	Pair Corr
0.35	JUPGF	Jupiter Gold Upward Rally	Pair Corr
0.31	IVVD	Invivyd	Pair Corr

Related Correlations Analysis

	SU	PBR	CVX	EQNR	PBR-A	CVE	IMO
SU		0.86	0.88	0.8	0.83	0.71	0.71	SU
PBR	0.86		0.81	0.87	0.99	0.86	0.86	PBR
CVX	0.88	0.81		0.92	0.76	0.59	0.65	CVX
EQNR	0.8	0.87	0.92		0.84	0.66	0.69	EQNR
PBR-A	0.83	0.99	0.76	0.84		0.87	0.86	PBR-A
CVE	0.71	0.86	0.59	0.66	0.87		0.79	CVE
IMO	0.71	0.86	0.65	0.69	0.86	0.79		IMO
	SU	PBR	CVX	EQNR	PBR-A	CVE	IMO

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
SU	1.12	0.45	0.34	3.62	0.72	(1.30)	2.77	(1.62)	7.59
PBR	1.33	0.44	0.22	(2.43)	1.28	(1.59)	3.70	(2.02)	11.62
CVX	1.09	0.22	0.13	2.13	1.14	(1.18)	2.61	(1.86)	9.56
EQNR	1.38	0.17	0.07	(0.49)	1.43	(1.63)	2.86	(3.35)	7.91
PBR-A	1.34	0.42	0.19	(2.44)	1.53	(1.57)	4.21	(2.07)	10.67
CVE	1.68	0.24	0.10	1.85	1.84	(1.88)	3.72	(3.24)	9.18
IMO	1.49	0.23	0.10	1.00	1.79	(1.52)	2.97	(3.32)	8.06

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