Teekay Correlations

Stocks . USA . 
Stock . Teekay
TK Stock  USD 9.17  0.09  0.97%   
The current 90-days correlation between Teekay and Hess Midstream Partners is 0.35 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Teekay moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Teekay moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Teekay Correlation With Market

Poor diversification

The correlation between Teekay and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Teekay and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Teekay. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.
For more information on how to buy Teekay Stock please use our How to buy in Teekay Stock guide.

Moving together with Teekay Stock

  0.88AM Antero Midstream PartnersPairCorr
  0.82EE Excelerate EnergyPairCorr
  0.67ET Energy Transfer LP Aggressive PushPairCorr
  0.84ENLC EnLink Midstream LLCPairCorr
  0.89IMPPP Imperial PetroleumPairCorr
  0.66DHT DHT HoldingsPairCorr
  0.77DTM DT MidstreamPairCorr
  0.63EPD Enterprise ProductsPairCorr
  0.76GLP Global Partners LPPairCorr
  0.72KMI Kinder Morgan Earnings Call This WeekPairCorr
  0.61NGL NGL Energy PartnersPairCorr
  0.74PBA Pembina Pipeline CorpPairCorr
  0.71PBT Permian Basin RoyaltyPairCorr
  0.89GLOP-PB GasLog Partners LPPairCorr
  0.79GLOP-PA GasLog Partners LPPairCorr
  0.77GLOP-PC GasLog Partners LPPairCorr
  0.72WMB Williams CompaniesPairCorr
  0.62EP-PC El Paso EnergyPairCorr
  0.79GLNG Golar LNG LimitedPairCorr

Moving against Teekay Stock

  0.38BROGW Brooge Energy LimitedPairCorr
  0.31LPG Dorian LPGPairCorr

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   
HESM
+ 0.81
PAA
EPD
+ 0.66
ENLC
DTM
+ 0.65
ENLC
DTM
+ 0.58
EPD
EPD
+ 0.43
HESM
EPD
+ 0.38
PAA
  
High negative correlations   
DTM
- 0.22
HESM
DTM
- 0.17
PAA

Risk-Adjusted Indicators

There is a big difference between Teekay Stock performing well and Teekay 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 Teekay'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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