Cheniere Energy Correlations

CQP Stock

USD 62.71 0.23 0.37%

The current 90-days correlation between Cheniere Energy Partners and Plains All American is 0.57 (i.e., Very weak diversification). The correlation of Cheniere Energy 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.

Cheniere Energy Correlation With Market

Modest diversification

The correlation between Cheniere Energy Partners and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cheniere Energy Partners 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 Cheniere 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 producer price index.

To learn how to invest in Cheniere Stock, please use our How to Invest in Cheniere Energy guide.

Moving together with Cheniere Stock

0.83	AM	Antero Midstream Partners	Pair Corr
0.76	DHT	DHT Holdings	Pair Corr
0.92	EPD	Enterprise Products	Pair Corr
0.66	GEL	Genesis Energy LP	Pair Corr
0.88	GLP	Global Partners LP	Pair Corr
0.9	PAA	Plains All American	Pair Corr
0.64	GLOP-PB	GasLog Partners LP	Pair Corr
0.7	GLOP-PC	GasLog Partners LP	Pair Corr
0.66	SMC	Summit Midstream Symbol Change	Pair Corr
0.72	WES	Western Midstream	Pair Corr
0.84	EP-PC	El Paso Energy	Pair Corr
0.9	HESM	Hess Midstream Partners Sell-off Trend	Pair Corr

Moving against Cheniere Stock

0.66	DLNG	Dynagas LNG Partners	Pair Corr
0.44	PBT	Permian Basin Royalty	Pair Corr
0.43	LPG	Dorian LPG	Pair Corr
0.42	VNOM	Viper Energy Ut	Pair Corr
0.39	BPT	BP Prudhoe Bay	Pair Corr
0.6	STNG	Scorpio Tankers	Pair Corr
0.54	GLNG	Golar LNG Limited	Pair Corr
0.51	IMPP	Imperial Petroleum	Pair Corr

Related Correlations Analysis

	PAA	NS	GEL	WES	HESM	KMI	FLNG	GLNG	OKE	HEP
PAA		0.0	0.51	0.88	0.9	0.23	0.52	-0.36	-0.06	0.0	PAA
NS	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	NS
GEL	0.51	0.0		0.46	0.76	-0.13	-0.26	-0.7	-0.39	0.0	GEL
WES	0.88	0.0	0.46		0.85	0.38	0.53	-0.19	0.18	0.0	WES
HESM	0.9	0.0	0.76	0.85		0.21	0.31	-0.52	-0.14	0.0	HESM
KMI	0.23	0.0	-0.13	0.38	0.21		0.57	0.3	0.78	0.0	KMI
FLNG	0.52	0.0	-0.26	0.53	0.31	0.57		0.35	0.43	0.0	FLNG
GLNG	-0.36	0.0	-0.7	-0.19	-0.52	0.3	0.35		0.68	0.0	GLNG
OKE	-0.06	0.0	-0.39	0.18	-0.14	0.78	0.43	0.68		0.0	OKE
HEP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		HEP
	PAA	NS	GEL	WES	HESM	KMI	FLNG	GLNG	OKE	HEP

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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	+ 0.9	PAA
WES	+ 0.88	PAA
HESM	+ 0.85	WES
OKE	+ 0.78	KMI
HESM	+ 0.76	GEL
OKE	+ 0.68	GLNG

High negative correlations

GLNG	- 0.7	GEL
GLNG	- 0.52	HESM
OKE	- 0.39	GEL
GLNG	- 0.36	PAA
FLNG	- 0.26	GEL
GLNG	- 0.19	WES

Risk-Adjusted Indicators

There is a big difference between Cheniere Stock performing well and Cheniere 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 Cheniere 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
PAA	1.22	0.27	0.17	0.39	1.37	(1.33)	2.54	(2.69)	10.03
NS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GEL	1.81	0.71	0.41	1.69	1.25	(2.26)	4.32	(3.04)	17.19
WES	1.31	0.14	0.10	0.19	1.44	(1.39)	2.77	(2.50)	7.33
HESM	1.25	0.31	0.19	0.54	1.31	(1.24)	2.60	(2.51)	6.71
KMI	1.21	0.16	0.08	0.30	1.97	(1.23)	2.79	(2.23)	12.28
FLNG	1.43	0.13	0.09	(1.57)	1.74	(1.58)	3.25	(3.33)	10.07
GLNG	1.91	0.00	0.00	(0.04)	0.00	0.00	3.59	(4.13)	11.01
OKE	1.33	0.04	0.03	0.02	1.75	(1.35)	2.98	(3.24)	7.50
HEP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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