KNOT Offshore Correlations

Stocks . USA . 
Stock . KNOT Offshore Partners
KNOP Stock  USD 6.50  0.04  0.61%   
The correlation of KNOT Offshore 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. If the correlation is 0, the equities are not correlated; they are entirely random.

KNOT Offshore Correlation With Market

Very weak diversification

The correlation between KNOT Offshore Partners and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding KNOT Offshore Partners and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with KNOT Stock
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in KNOT Offshore 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 persons.

Moving together with KNOT Stock

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  0.64WMB Williams Companies Earnings Call TomorrowPairCorr
  0.67SEAL-PA Seapeak LLCPairCorr

Moving against KNOT Stock

  0.54DLNG Dynagas LNG PartnersPairCorr
  0.52GLP Global Partners LP Earnings Call This WeekPairCorr
  0.51EE Excelerate EnergyPairCorr
  0.49ET Energy Transfer LP Earnings Call This WeekPairCorr
  0.45FRO FrontlinePairCorr
  0.39VNOM Viper Energy UtPairCorr
  0.37DHT DHT HoldingsPairCorr
  0.7SMC Summit Midstream Symbol ChangePairCorr
  0.53PBT Permian Basin Royalty Earnings Call This WeekPairCorr
  0.51NGL NGL Energy PartnersPairCorr
  0.38PAA Plains All AmericanPairCorr
  0.36GLOP-PA GasLog Partners LPPairCorr
  0.31OKE ONEOK IncPairCorr
  0.68NVGS Navigator HoldingsPairCorr
  0.6KNTK Kinetik HoldingsPairCorr
  0.49INSW International Seaways Earnings Call This WeekPairCorr
  0.49MMLP Martin Midstream PartnersPairCorr
  0.4IMPP Imperial PetroleumPairCorr
  0.37NGL-PB NGL Energy PartnersPairCorr

Related Correlations Analysis

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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   
DKL
+ 0.72
USAC
DLNG
+ 0.7
USAC
DKL
+ 0.65
DLNG
DKL
+ 0.4
CAPL
CAPL
+ 0.15
USAC
GLOP
+ 0.0
USAC
  
High negative correlations   
CAPL
- 0.25
DLNG
DKL
- 0.0
GLOP
CAPL
- 0.0
GLOP
DLNG
- 0.0
GLOP
GLOP
- 0.0
USAC

Risk-Adjusted Indicators

There is a big difference between KNOT Stock performing well and KNOT Offshore 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 KNOT Offshore'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.

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