Antero Midstream Correlations

AM Stock

USD 18.89 0.03 0.16%

The current 90-days correlation between Antero Midstream Partners and EnLink Midstream LLC is -0.31 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Antero Midstream moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Antero Midstream Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Antero Midstream Correlation With Market

Poor diversification

The correlation between Antero Midstream Partners and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Antero Midstream Partners and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Antero Midstream 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 population.

Moving together with Antero Stock

0.74	EE	Excelerate Energy	Pair Corr
0.78	ET	Energy Transfer LP	Pair Corr
0.82	TK	Teekay	Pair Corr
0.72	DLNG	Dynagas LNG Partners	Pair Corr
0.73	IMPPP	Imperial Petroleum	Pair Corr
0.68	FLNG	FLEX LNG	Pair Corr
0.84	DHT	DHT Holdings	Pair Corr
0.89	DTM	DT Midstream	Pair Corr
0.65	ENB	Enbridge	Pair Corr
0.64	EPD	Enterprise Products Sell-off Trend	Pair Corr
0.76	FRO	Frontline	Pair Corr
0.86	GEL	Genesis Energy LP	Pair Corr
0.89	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.72	LNG	Cheniere Energy	Pair Corr
0.73	LPG	Dorian LPG	Pair Corr
0.78	PBT	Permian Basin Royalty	Pair Corr
0.81	GLOP-PB	GasLog Partners LP	Pair Corr
0.69	GLOP-PA	GasLog Partners LP	Pair Corr
0.83	GLOP-PC	GasLog Partners LP	Pair Corr
0.79	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.75	TNK	Teekay Tankers	Pair Corr
0.65	WES	Western Midstream	Pair Corr
0.69	WMB	Williams Companies	Pair Corr
0.81	INSW	International Seaways	Pair Corr
0.87	SEAL-PB	Seapeak LLC	Pair Corr
0.72	SEAL-PA	Seapeak LLC	Pair Corr

Moving against Antero Stock

0.46

BANL

CBL International

Pair Corr

Related Correlations Analysis

	ENLC	WES	PAGP	PAA	HESM	MPLX	MMP	EPD	ET	CEQP
ENLC		-0.53	-0.11	-0.13	-0.41	-0.46	0.0	-0.54	-0.65	0.0	ENLC
WES	-0.53		0.74	0.75	0.91	0.86	0.0	0.93	0.92	0.0	WES
PAGP	-0.11	0.74		1.0	0.87	0.68	0.0	0.74	0.64	0.0	PAGP
PAA	-0.13	0.75	1.0		0.88	0.71	0.0	0.75	0.67	0.0	PAA
HESM	-0.41	0.91	0.87	0.88		0.83	0.0	0.94	0.86	0.0	HESM
MPLX	-0.46	0.86	0.68	0.71	0.83		0.0	0.83	0.86	0.0	MPLX
MMP	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	MMP
EPD	-0.54	0.93	0.74	0.75	0.94	0.83	0.0		0.88	0.0	EPD
ET	-0.65	0.92	0.64	0.67	0.86	0.86	0.0	0.88		0.0	ET
CEQP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CEQP
	ENLC	WES	PAGP	PAA	HESM	MPLX	MMP	EPD	ET	CEQP

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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

PAA	+ 1.0	PAGP
EPD	+ 0.94	HESM
EPD	+ 0.93	WES
ET	+ 0.92	WES
HESM	+ 0.91	WES
HESM	+ 0.88	PAA

High negative correlations

ET	- 0.65	ENLC
EPD	- 0.54	ENLC
WES	- 0.53	ENLC
MPLX	- 0.46	ENLC
HESM	- 0.41	ENLC
PAA	- 0.13	ENLC

Risk-Adjusted Indicators

There is a big difference between Antero Stock performing well and Antero Midstream 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 Antero Midstream'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
ENLC	1.09	(0.03)	0.00	0.14	0.00	0.00	1.99	(3.17)	6.59
WES	1.49	(0.09)	0.00	(0.07)	0.00	0.00	3.02	(3.23)	9.35
PAGP	1.63	(0.15)	0.00	(0.12)	0.00	0.00	3.83	(4.18)	10.40
PAA	1.69	(0.15)	0.00	(0.10)	0.00	0.00	3.01	(3.50)	10.90
HESM	1.48	(0.16)	0.00	(0.14)	0.00	0.00	2.86	(3.47)	10.58
MPLX	1.13	(0.05)	0.00	(0.03)	0.00	0.00	2.86	(2.61)	7.76
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPD	1.20	(0.11)	0.00	(0.14)	0.00	0.00	2.06	(2.47)	8.85
ET	1.68	(0.06)	(0.02)	(0.01)	2.48	(1.79)	3.00	(4.07)	11.16
CEQP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Antero Midstream Corporate Management

Alvyn Schopp	Chief Admin. Officer of Antero Resources Midstream Management LLC, Regional VP of Antero Resources Midstream Management LLC and Treasurer Antero Resources Midstream Management LLC	Profile
Janine McArdle	Independent Director	Profile
Robert Krcek	Senior Midstream	Profile
Peter Dea	Independent Director	Profile

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