BP Prudhoe Correlations

BPT Stock

USD 0.58 0.01 1.69%

The current 90-days correlation between BP Prudhoe Bay and Viper Energy Ut is 0.19 (i.e., Average diversification). The correlation of BP Prudhoe 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.

BP Prudhoe Correlation With Market

Modest diversification

The correlation between BP Prudhoe Bay and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BP Prudhoe Bay and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in BP Prudhoe Bay. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving against BPT Stock

0.58	LNG	Cheniere Energy	Pair Corr
0.55	DHT	DHT Holdings	Pair Corr
0.54	FRO	Frontline	Pair Corr
0.49	PAA	Plains All American	Pair Corr
0.47	FLNG	FLEX LNG	Pair Corr
0.44	TK	Teekay	Pair Corr
0.44	NGL	NGL Energy Partners	Pair Corr
0.43	EPD	Enterprise Products	Pair Corr
0.42	KMI	Kinder Morgan Aggressive Push	Pair Corr
0.41	CQP	Cheniere Energy Partners	Pair Corr
0.4	ENB	Enbridge	Pair Corr
0.38	NAT	Nordic American Tankers	Pair Corr
0.35	AM	Antero Midstream Partners	Pair Corr
0.5	MARPS	Marine Petroleum Trust	Pair Corr
0.47	EP-PC	El Paso Energy	Pair Corr
0.47	HESM	Hess Midstream Partners	Pair Corr
0.41	TNK	Teekay Tankers	Pair Corr
0.36	WMB	Williams Companies	Pair Corr
0.33	GLOP-PC	GasLog Partners LP	Pair Corr
0.33	WES	Western Midstream	Pair Corr
0.33	INSW	International Seaways	Pair Corr

Related Correlations Analysis

	VNOM	FLNG	HESM	NS	FRO	TRMD	NVGS	TNK	EURN	DHT
VNOM		0.37	-0.44	0.0	0.11	0.6	0.72	0.55	0.0	-0.13	VNOM
FLNG	0.37		0.41	0.0	0.82	0.7	0.83	0.83	0.0	0.74	FLNG
HESM	-0.44	0.41		0.0	0.67	-0.06	-0.02	0.12	0.0	0.82	HESM
NS	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NS
FRO	0.11	0.82	0.67	0.0		0.53	0.6	0.73	0.0	0.95	FRO
TRMD	0.6	0.7	-0.06	0.0	0.53		0.73	0.91	0.0	0.33	TRMD
NVGS	0.72	0.83	-0.02	0.0	0.6	0.73		0.83	0.0	0.44	NVGS
TNK	0.55	0.83	0.12	0.0	0.73	0.91	0.83		0.0	0.54	TNK
EURN	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	EURN
DHT	-0.13	0.74	0.82	0.0	0.95	0.33	0.44	0.54	0.0		DHT
	VNOM	FLNG	HESM	NS	FRO	TRMD	NVGS	TNK	EURN	DHT

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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

DHT	+ 0.95	FRO
TNK	+ 0.91	TRMD
NVGS	+ 0.83	FLNG
TNK	+ 0.83	FLNG
TNK	+ 0.83	NVGS
FRO	+ 0.82	FLNG

High negative correlations

HESM	- 0.44	VNOM
DHT	- 0.13	VNOM
TRMD	- 0.06	HESM
NVGS	- 0.02	HESM
DHT	- 0.0	EURN
EURN	- 0.0	TNK

Risk-Adjusted Indicators

There is a big difference between BPT Stock performing well and BP Prudhoe 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 BP Prudhoe'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
VNOM	1.52	(0.09)	0.00	(0.21)	0.00	0.00	2.63	(3.68)	7.48
FLNG	1.46	0.11	0.10	(2.14)	1.85	(1.55)	3.25	(3.95)	10.07
HESM	1.27	0.37	0.24	0.59	1.27	(1.29)	2.62	(2.51)	6.71
NS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FRO	2.62	0.32	0.12	1.94	2.90	(3.01)	6.23	(4.99)	20.10
TRMD	2.41	0.16	0.07	0.48	2.77	(2.55)	5.76	(4.81)	18.16
NVGS	1.21	(0.09)	0.00	(0.29)	0.00	0.00	3.33	(2.58)	8.93
TNK	2.05	0.06	0.06	(0.31)	2.40	(2.42)	4.21	(4.73)	13.51
EURN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DHT	1.78	0.36	0.19	1.37	1.95	(1.97)	3.84	(4.25)	12.13

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