KNOT Offshore Correlations

KNOP Stock

USD 7.10 0.04 0.56%

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

Significant diversification

The correlation between KNOT Offshore Partners and DJI is 0.06 (i.e., Significant 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

0.68	IMPPP	Imperial Petroleum	Pair Corr
0.82	LPG	Dorian LPG Earnings Call This Week	Pair Corr
0.65	PAA	Plains All American	Pair Corr
0.61	PBT	Permian Basin Royalty	Pair Corr
0.69	GLOP-PB	GasLog Partners LP	Pair Corr
0.61	GLOP-PA	GasLog Partners LP	Pair Corr
0.66	GLOP-PC	GasLog Partners LP	Pair Corr
0.62	TEN	Tsakos Energy Navigation	Pair Corr
0.62	INSW	International Seaways	Pair Corr
0.73	SEAL-PA	Seapeak LLC	Pair Corr

Moving against KNOT Stock

0.67	CQP	Cheniere Energy Partners	Pair Corr
0.42	VNOM	Viper Energy Ut	Pair Corr
0.4	TRP	TC Energy Corp	Pair Corr
0.39	SMC	Summit Midstream Symbol Change	Pair Corr
0.41	BANL	CBL International	Pair Corr
0.32	KNTK	Kinetik Holdings	Pair Corr

Related Correlations Analysis

	USAC	GLOP	DLNG	CAPL	DKL
USAC		0.0	0.36	0.01	0.24	USAC
GLOP	0.0		0.0	0.0	0.0	GLOP
DLNG	0.36	0.0		-0.43	0.7	DLNG
CAPL	0.01	0.0	-0.43		-0.75	CAPL
DKL	0.24	0.0	0.7	-0.75		DKL
	USAC	GLOP	DLNG	CAPL	DKL

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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	+ 0.7	DLNG
DLNG	+ 0.36	USAC
DKL	+ 0.24	USAC
CAPL	+ 0.01	USAC
GLOP	+ 0.0	USAC
DLNG	+ 0.0	GLOP

High negative correlations

DKL	- 0.75	CAPL
CAPL	- 0.43	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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
USAC	1.16	(0.09)	0.00	(0.03)	0.00	0.00	2.60	(2.20)	6.90
GLOP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DLNG	1.77	0.18	(0.03)	(0.25)	1.91	(2.06)	4.29	(3.20)	9.22
CAPL	1.11	(0.17)	0.00	(0.21)	0.00	0.00	2.58	(2.37)	7.11
DKL	1.12	0.31	0.09	(2.79)	1.14	(1.23)	2.48	(2.19)	7.71

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