NGL Energy Correlations

NGL Stock

USD 4.24 0.05 1.17%

The current 90-days correlation between NGL Energy Partners and Western Midstream Partners is 0.33 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as NGL Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NGL Energy Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

NGL Energy Correlation With Market

Modest diversification

The correlation between NGL Energy Partners and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NGL Energy Partners and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NGL Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NGL Energy 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 price.

Moving together with NGL Stock

0.66	ET	Energy Transfer LP	Pair Corr
0.8	TK	Teekay	Pair Corr
0.88	IMPPP	Imperial Petroleum	Pair Corr
0.75	DTM	DT Midstream	Pair Corr
0.67	FRO	Frontline	Pair Corr
0.9	GEL	Genesis Energy LP	Pair Corr
0.69	GLP	Global Partners LP	Pair Corr
0.64	KMI	Kinder Morgan	Pair Corr
0.85	LPG	Dorian LPG	Pair Corr
0.79	PAA	Plains All American	Pair Corr
0.9	PBT	Permian Basin Royalty	Pair Corr
0.86	GLOP-PB	GasLog Partners LP	Pair Corr
0.91	GLOP-PA	GasLog Partners LP	Pair Corr
0.9	GLOP-PC	GasLog Partners LP	Pair Corr
0.89	TEN	Tsakos Energy Navigation	Pair Corr
0.62	WES	Western Midstream	Pair Corr
0.84	EP-PC	El Paso Energy	Pair Corr
0.64	GLNG	Golar LNG Limited	Pair Corr
0.66	HESM	Hess Midstream Partners Buyout Trend	Pair Corr
0.9	IMPP	Imperial Petroleum	Pair Corr
0.8	INSW	International Seaways	Pair Corr
0.78	SEAL-PB	Seapeak LLC	Pair Corr
0.81	SEAL-PA	Seapeak LLC	Pair Corr

Moving against NGL Stock

0.72	SMC	Summit Midstream Symbol Change	Pair Corr
0.7	CQP	Cheniere Energy Partners	Pair Corr
0.54	TRP	TC Energy Corp	Pair Corr
0.33	OKE	ONEOK Inc	Pair Corr
0.57	BANL	CBL International	Pair Corr

Related Correlations Analysis

	MPLX	PAA	PAGP	WES	AM	EE	ET	TK	VG	DLNG
MPLX		0.41	0.41	0.54	0.59	0.6	0.72	0.59	0.55	0.45	MPLX
PAA	0.41		0.99	0.67	-0.02	0.08	0.43	0.44	0.73	0.17	PAA
PAGP	0.41	0.99		0.65	-0.02	0.11	0.44	0.43	0.72	0.16	PAGP
WES	0.54	0.67	0.65		0.42	0.32	0.73	0.59	0.56	0.56	WES
AM	0.59	-0.02	-0.02	0.42		0.74	0.75	0.73	0.42	0.78	AM
EE	0.6	0.08	0.11	0.32	0.74		0.81	0.59	0.53	0.68	EE
ET	0.72	0.43	0.44	0.73	0.75	0.81		0.7	0.65	0.74	ET
TK	0.59	0.44	0.43	0.59	0.73	0.59	0.7		0.81	0.77	TK
VG	0.55	0.73	0.72	0.56	0.42	0.53	0.65	0.81		0.54	VG
DLNG	0.45	0.17	0.16	0.56	0.78	0.68	0.74	0.77	0.54		DLNG
	MPLX	PAA	PAGP	WES	AM	EE	ET	TK	VG	DLNG

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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

PAGP	+ 0.99	PAA
ET	+ 0.81	EE
VG	+ 0.81	TK
DLNG	+ 0.78	AM
DLNG	+ 0.77	TK
ET	+ 0.75	AM

High negative correlations

AM	- 0.02	PAGP
AM	- 0.02	PAA

Risk-Adjusted Indicators

There is a big difference between NGL Stock performing well and NGL Energy 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 NGL Energy'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
MPLX	0.82	0.01	(0.06)	0.15	0.99	(0.87)	2.20	(1.67)	5.24
PAA	1.19	0.12	0.04	0.37	1.25	(1.34)	2.96	(2.31)	6.51
PAGP	1.23	0.10	0.03	0.34	1.33	(1.33)	2.80	(2.59)	6.91
WES	1.11	0.07	0.01	0.26	1.30	(1.20)	2.98	(2.20)	6.06
AM	1.04	0.08	0.01	0.30	1.32	(1.07)	1.93	(2.18)	7.98
EE	1.57	0.00	(0.06)	0.11	1.74	(1.88)	3.38	(3.02)	13.65
ET	1.23	0.00	(0.03)	0.14	1.42	(1.37)	2.86	(2.33)	8.93
TK	1.76	0.49	0.18	(2.00)	1.52	(2.12)	3.84	(2.44)	9.34
VG	3.53	1.05	0.24	6.97	3.41	(4.47)	8.18	(5.37)	34.05
DLNG	1.77	0.03	(0.02)	0.20	1.93	(2.06)	4.29	(3.20)	9.22

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