NGL Energy Correlations

NGL Stock

USD 9.20 0.63 7.35%

The current 90-days correlation between NGL Energy Partners and Global Partners LP is 0.28 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as NGL Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NGL Energy Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

NGL Energy Correlation With Market

Significant diversification

The correlation between NGL Energy Partners and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NGL Energy Partners and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NGL Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NGL Energy Partners. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with NGL Stock

0.79	TK	Teekay	Pair Corr
0.7	ASC	Ardmore Shpng	Pair Corr
0.76	DHT	DHT Holdings Earnings Call This Week	Pair Corr
0.66	DKL	Delek Logistics Partners Earnings Call This Week	Pair Corr
0.63	DTM	DT Midstream	Pair Corr
0.8	ETP	Energy Transfer Partners	Pair Corr
0.78	FRO	Frontline	Pair Corr
0.81	NAT	Nordic American Tankers	Pair Corr
0.78	TEN	Tsakos Energy Navigation	Pair Corr
0.82	TNK	Teekay Tankers	Pair Corr

Moving against NGL Stock

0.57	CQP	Cheniere Energy Partners	Pair Corr
0.46	ET	Energy Transfer LP Sell-off Trend	Pair Corr
0.66	OKE	ONEOK Inc	Pair Corr
0.63	SFL	SFL Corporation Earnings Call This Week	Pair Corr
0.59	LNG	Cheniere Energy	Pair Corr
0.53	PAA	Plains All American Earnings Call This Week	Pair Corr
0.52	GLP	Global Partners LP Earnings Call Today	Pair Corr
0.5	GEL	Genesis Energy LP	Pair Corr
0.49	KYN	Kayne Anderson MLP	Pair Corr
0.66	HESM	Hess Midstream Partners	Pair Corr
0.41	GLNG	Golar LNG Limited Earnings Call This Week	Pair Corr

Related Correlations Analysis

	GLP	KOS	TEN-PE	PDS	TK	WBI	CAPL	URG	TNP	EU
GLP		0.68	-0.39	-0.02	-0.38	-0.31	0.39	-0.56	0.0	-0.76	GLP
KOS	0.68		-0.48	0.01	-0.55	0.07	0.27	-0.22	0.0	-0.3	KOS
TEN-PE	-0.39	-0.48		0.73	0.9	-0.09	0.29	0.45	0.0	0.12	TEN-PE
PDS	-0.02	0.01	0.73		0.75	-0.16	0.64	0.23	0.0	-0.05	PDS
TK	-0.38	-0.55	0.9	0.75		-0.29	0.41	0.26	0.0	0.04	TK
WBI	-0.31	0.07	-0.09	-0.16	-0.29		-0.46	0.3	0.0	0.35	WBI
CAPL	0.39	0.27	0.29	0.64	0.41	-0.46		-0.12	0.0	-0.35	CAPL
URG	-0.56	-0.22	0.45	0.23	0.26	0.3	-0.12		0.0	0.78	URG
TNP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	TNP
EU	-0.76	-0.3	0.12	-0.05	0.04	0.35	-0.35	0.78	0.0		EU
	GLP	KOS	TEN-PE	PDS	TK	WBI	CAPL	URG	TNP	EU

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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

TK	+ 0.9	TEN-PE
EU	+ 0.78	URG
TK	+ 0.75	PDS
PDS	+ 0.73	TEN-PE
KOS	+ 0.68	GLP
CAPL	+ 0.64	PDS

High negative correlations

EU	- 0.76	GLP
URG	- 0.56	GLP
TK	- 0.55	KOS
TEN-PE	- 0.48	KOS
CAPL	- 0.46	WBI
TEN-PE	- 0.39	GLP

Risk-Adjusted Indicators

There is a big difference between NGL Stock performing well and NGL Energy 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 NGL Energy'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
GLP	1.11	(0.21)	0.00	(0.26)	0.00	0.00	2.27	(2.36)	6.00
KOS	3.11	(0.44)	0.00	(0.28)	0.00	0.00	6.86	(6.70)	17.71
TEN-PE	0.29	0.04	(0.09)	0.72	0.20	(0.35)	0.60	(0.46)	2.16
PDS	1.37	0.01	0.01	0.09	1.78	(1.39)	2.54	(2.59)	10.31
TK	1.48	0.35	0.18	1.38	1.25	(1.65)	4.25	(2.13)	9.62
WBI	2.06	0.10	0.05	0.17	2.12	(2.43)	4.28	(3.54)	10.75
CAPL	0.98	0.02	(0.01)	0.12	1.20	(1.03)	2.17	(2.10)	6.80
URG	3.29	0.00	0.01	0.08	4.21	(3.87)	8.06	(7.30)	27.66
TNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EU	3.64	(0.13)	(0.01)	0.01	5.49	(3.78)	8.61	(9.47)	26.76

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