Tortoise North Correlations

TPYP Etf

USD 35.17 0.75 2.09%

The current 90-days correlation between Tortoise North American and Alerian Energy Infrastructure is 0.98 (i.e., Almost no diversification). The correlation of Tortoise North 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.

Tortoise North Correlation With Market

Modest diversification

The correlation between Tortoise North American and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tortoise North American 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 Tortoise North American. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Tortoise Etf

0.98	EMLP	First Trust North	Pair Corr
0.9	MLPA	Global X MLP	Pair Corr
0.99	MLPX	Global X MLP	Pair Corr
0.86	AMZA	InfraCap MLP ETF	Pair Corr
0.84	MLPB	UBS AG London	Pair Corr
0.91	ATMP	Barclays ETN Select	Pair Corr
0.99	ENFR	Alerian Energy Infra	Pair Corr
0.91	AMUB	UBS AG London	Pair Corr
0.69	CPST	Calamos ETF Trust	Pair Corr
0.8	AXP	American Express	Pair Corr
0.69	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.67	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.85	JPM	JPMorgan Chase	Pair Corr

Moving against Tortoise Etf

0.75	BITI	ProShares Trust	Pair Corr
0.6	GREI	Goldman Sachs Future	Pair Corr
0.38	JNJ	Johnson Johnson	Pair Corr
0.5	KO	Coca Cola Earnings Call This Week	Pair Corr
0.41	MCD	McDonalds Earnings Call This Week	Pair Corr

Related Correlations Analysis

	ENFR	MLPX	EMLP	FILL	ATMP
ENFR		1.0	0.97	0.28	0.93	ENFR
MLPX	1.0		0.96	0.27	0.94	MLPX
EMLP	0.97	0.96		0.28	0.92	EMLP
FILL	0.28	0.27	0.28		0.14	FILL
ATMP	0.93	0.94	0.92	0.14		ATMP
	ENFR	MLPX	EMLP	FILL	ATMP

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Tortoise North Constituents Risk-Adjusted Indicators

There is a big difference between Tortoise Etf performing well and Tortoise North ETF 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 Tortoise North'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
ENFR	0.95	0.15	0.06	0.52	1.22	(1.01)	1.83	(2.23)	6.59
MLPX	0.98	0.16	0.07	0.55	1.32	(0.96)	2.17	(2.16)	7.74
EMLP	0.78	0.09	0.04	0.32	0.96	(0.77)	1.82	(1.67)	4.95
FILL	0.76	(0.06)	0.00	(0.16)	0.00	0.00	1.20	(1.69)	3.80
ATMP	0.97	0.19	0.09	0.77	1.21	(1.06)	1.94	(1.98)	7.13

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