Ardmore Shpng Correlations

ASC Stock

USD 11.51 0.33 2.79%

The current 90-days correlation between Ardmore Shpng and Dorian LPG is 0.55 (i.e., Very weak diversification). The correlation of Ardmore Shpng 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.

Ardmore Shpng Correlation With Market

Good diversification

The correlation between Ardmore Shpng and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ardmore Shpng and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ardmore Shpng. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

For information on how to trade Ardmore Stock refer to our How to Trade Ardmore Stock guide.

Moving together with Ardmore Stock

0.68	OP	Oceanpal	Pair Corr
0.87	SB	Safe Bulkers	Pair Corr
0.97	EDRY	EuroDry	Pair Corr
0.65	PXSAW	Pyxis Tankers	Pair Corr
0.79	ESEA	Euroseas	Pair Corr
0.87	DSX	Diana Shipping	Pair Corr
0.98	ECO	Okeanis Eco Tankers	Pair Corr
0.78	GSL	Global Ship Lease	Pair Corr
0.95	NAT	Nordic American Tankers	Pair Corr
0.87	NMM	Navios Maritime Partners Earnings Call This Week	Pair Corr
0.97	PXS	Pyxis Tankers	Pair Corr
0.88	SFL	SFL Corporation	Pair Corr
0.93	GASS	StealthGas	Pair Corr
0.85	GLBS	Globus Maritime	Pair Corr
0.66	GOGL	Golden Ocean Group	Pair Corr
0.96	HAFN	Hafnia Limited	Pair Corr
0.78	HSHP	Himalaya Shipping	Pair Corr
0.89	KNOP	KNOT Offshore Partners Earnings Call Today	Pair Corr
0.73	PANL	Pangaea Logistic	Pair Corr
0.82	SBLK	Star Bulk Carriers	Pair Corr
0.91	SHIP	Seanergy Maritime	Pair Corr
0.95	SMHI	SEACOR Marine Holdings	Pair Corr

Moving against Ardmore Stock

0.85	HTCO	Caravelle International Symbol Change	Pair Corr
0.82	SB-PD	Safe Bulkers	Pair Corr
0.78	SB-PC	Safe Bulkers	Pair Corr
0.6	ZIM	ZIM Integrated Shipping	Pair Corr
0.48	ICON	Icon Energy Corp	Pair Corr
0.46	CMRE-PB	Costamare	Pair Corr
0.34	KEX	Kirby	Pair Corr
0.96	AZ	A2Z Smart Technologies	Pair Corr
0.88	DIST	Distoken Acquisition	Pair Corr
0.86	AL	Air Lease	Pair Corr
0.85	G	Genpact Limited	Pair Corr
0.84	R	Ryder System	Pair Corr
0.81	BR	Broadridge Financial	Pair Corr
0.78	MATX	Matson Inc	Pair Corr
0.77	BE	Bloom Energy Corp	Pair Corr

Related Correlations Analysis

	INSW	STNG	LPG	EURN	TNK
INSW		0.99	0.97	-0.78	0.99	INSW
STNG	0.99		0.98	-0.79	0.99	STNG
LPG	0.97	0.98		-0.82	0.98	LPG
EURN	-0.78	-0.79	-0.82		-0.76	EURN
TNK	0.99	0.99	0.98	-0.76		TNK
	INSW	STNG	LPG	EURN	TNK

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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

STNG	+ 0.99	INSW
TNK	+ 0.99	INSW
TNK	+ 0.99	STNG
LPG	+ 0.98	STNG
TNK	+ 0.98	LPG
LPG	+ 0.97	INSW

High negative correlations

EURN	- 0.82	LPG
EURN	- 0.79	STNG
EURN	- 0.78	INSW
TNK	- 0.76	EURN

Risk-Adjusted Indicators

There is a big difference between Ardmore Stock performing well and Ardmore Shpng 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 Ardmore Shpng'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
INSW	1.58	(0.45)	0.00	(0.51)	0.00	0.00	3.06	(3.31)	9.18
STNG	1.44	(0.50)	0.00	(8.27)	0.00	0.00	2.14	(3.15)	7.73
LPG	1.66	(0.61)	0.00	(0.74)	0.00	0.00	2.97	(4.58)	9.93
EURN	1.46	0.54	0.22	(2.05)	1.24	(1.69)	3.66	(3.10)	10.85
TNK	1.51	(0.52)	0.00	(0.91)	0.00	0.00	2.41	(3.59)	11.22

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