Hess Midstream Correlations
| HESM Stock | USD 41.00 2.59 6.74% |
The current 90-days correlation between Hess Midstream Partners and Western Midstream Partners is 0.62 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hess Midstream moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hess Midstream Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Hess Midstream Correlation With Market
Modest diversification
The correlation between Hess Midstream Partners and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hess Midstream Partners and DJI in the same portfolio, assuming nothing else is changed.
Moving together with Hess Stock
| 0.63 | EE | Excelerate Energy | PairCorr |
| 0.81 | ET | Energy Transfer LP | PairCorr |
| 0.67 | TK | Teekay | PairCorr |
| 0.63 | DLNG | Dynagas LNG Partners | PairCorr |
| 0.62 | IMPPP | Imperial Petroleum | PairCorr |
| 0.68 | DTM | DT Midstream | PairCorr |
| 0.72 | EPD | Enterprise Products | PairCorr |
| 0.62 | FRO | Frontline | PairCorr |
| 0.7 | GEL | Genesis Energy LP | PairCorr |
| 0.66 | NGL | NGL Energy Partners | PairCorr |
| 0.61 | PBT | Permian Basin Royalty | PairCorr |
| 0.66 | GLOP-PB | GasLog Partners LP | PairCorr |
| 0.65 | GLOP-PC | GasLog Partners LP | PairCorr |
| 0.78 | WES | Western Midstream | PairCorr |
| 0.68 | INSW | International Seaways | PairCorr |
| 0.73 | SEAL-PB | Seapeak LLC | PairCorr |
Moving against Hess Stock
Related Correlations Analysis
| 0.5 | 0.54 | 0.69 | 0.75 | -0.51 | WES | ||
| 0.5 | 0.7 | 0.84 | 0.8 | -0.57 | DTM | ||
| 0.54 | 0.7 | 0.63 | 0.6 | -0.18 | MPLX | ||
| 0.69 | 0.84 | 0.63 | 0.92 | -0.69 | DKL | ||
| 0.75 | 0.8 | 0.6 | 0.92 | -0.65 | KRP | ||
| -0.51 | -0.57 | -0.18 | -0.69 | -0.65 | BSM | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Hess Stock performing well and Hess 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 Hess 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| WES | 1.11 | 0.07 | 0.01 | 0.26 | 1.30 | 2.98 | 6.06 | |||
| DTM | 1.12 | 0.11 | 0.02 | 0.36 | 1.38 | 2.24 | 7.50 | |||
| MPLX | 0.82 | 0.01 | (0.06) | 0.15 | 0.99 | 2.20 | 5.24 | |||
| DKL | 1.15 | 0.38 | 0.15 | (2.40) | 1.09 | 2.60 | 7.71 | |||
| KRP | 1.29 | 0.32 | 0.14 | 1.40 | 1.23 | 2.83 | 9.78 | |||
| BSM | 1.01 | (0.19) | 0.00 | (0.92) | 0.00 | 1.70 | 6.70 |
Hess Midstream Corporate Management
| Michael Frailey | VP LLC | Profile | |
| Jennifer Gordon | IR Contact Officer | Profile | |
| Timothy Goodell | General Counsel, Secretary of the General Partner | Profile | |
| Timothy JD | General LLC | Profile |