Enbridge Correlations

ENB Stock

USD 44.78 0.30 0.67%

The current 90-days correlation between Enbridge and Energy Transfer LP is 0.5 (i.e., Very weak diversification). The correlation of Enbridge 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.

Enbridge Correlation With Market

Weak diversification

The correlation between Enbridge and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Enbridge Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Enbridge. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

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

Moving together with Enbridge Stock

0.65	AM	Antero Midstream Partners	Pair Corr
0.7	TK	Teekay	Pair Corr
0.77	FLNG	FLEX LNG	Pair Corr
0.68	DHT	DHT Holdings	Pair Corr
0.75	DTM	DT Midstream	Pair Corr
0.74	FRO	Frontline	Pair Corr
0.81	LNG	Cheniere Energy	Pair Corr
0.62	GLOP-PB	GasLog Partners LP	Pair Corr
0.7	GLOP-PC	GasLog Partners LP	Pair Corr
0.78	TNK	Teekay Tankers	Pair Corr
0.89	TRP	TC Energy Corp	Pair Corr
0.62	WMB	Williams Companies	Pair Corr
0.79	GLNG	Golar LNG Limited	Pair Corr
0.63	INSW	International Seaways	Pair Corr

Moving against Enbridge Stock

0.35	SMC	Summit Midstream Symbol Change	Pair Corr
0.53	BANL	CBL International	Pair Corr

Related Correlations Analysis

	ET	MMP	KMI	MPLX	PBA	WMB	EPD	OKE
ET		0.0	0.84	0.86	0.38	0.64	0.88	0.5	ET
MMP	0.0		0.0	0.0	0.0	0.0	0.0	0.0	MMP
KMI	0.84	0.0		0.81	0.42	0.85	0.72	0.34	KMI
MPLX	0.86	0.0	0.81		0.6	0.8	0.83	0.52	MPLX
PBA	0.38	0.0	0.42	0.6		0.48	0.62	0.71	PBA
WMB	0.64	0.0	0.85	0.8	0.48		0.49	0.21	WMB
EPD	0.88	0.0	0.72	0.83	0.62	0.49		0.73	EPD
OKE	0.5	0.0	0.34	0.52	0.71	0.21	0.73		OKE
	ET	MMP	KMI	MPLX	PBA	WMB	EPD	OKE

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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

EPD	+ 0.88	ET
MPLX	+ 0.86	ET
WMB	+ 0.85	KMI
KMI	+ 0.84	ET
EPD	+ 0.83	MPLX
MPLX	+ 0.81	KMI

High negative correlations

OKE	- 0.0	MMP
EPD	- 0.0	MMP
WMB	- 0.0	MMP
PBA	- 0.0	MMP
MPLX	- 0.0	MMP
KMI	- 0.0	MMP

Risk-Adjusted Indicators

There is a big difference between Enbridge Stock performing well and Enbridge 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 Enbridge'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
ET	1.68	(0.06)	(0.02)	(0.01)	2.48	(1.79)	3.00	(4.07)	11.16
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KMI	1.20	(0.01)	(0.01)	0.04	2.25	(1.14)	2.18	(2.30)	9.78
MPLX	1.13	(0.05)	0.00	(0.03)	0.00	0.00	2.86	(2.61)	7.76
PBA	1.12	(0.11)	0.00	(0.17)	0.00	0.00	1.83	(2.82)	9.29
WMB	1.34	0.03	0.01	0.09	2.08	(1.26)	2.40	(3.18)	9.25
EPD	1.20	(0.11)	0.00	(0.14)	0.00	0.00	2.06	(2.47)	8.85
OKE	1.76	(0.36)	0.00	(0.24)	0.00	0.00	2.49	(5.12)	14.30

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