Enbridge Correlations

ENB Stock

USD 43.41 0.09 0.21%

The current 90-days correlation between Enbridge and Energy Transfer LP is 0.37 (i.e., Weak diversification). The correlation of Enbridge 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.

Enbridge Correlation With Market

Very weak diversification

The correlation between Enbridge and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Enbridge. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For information on how to trade Enbridge Stock refer to our How to Trade Enbridge Stock guide.

Moving together with Enbridge Stock

0.66	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.61	TK	Teekay	Pair Corr
0.8	FLNG	FLEX LNG	Pair Corr
0.69	DHT	DHT Holdings	Pair Corr
0.63	EPD	Enterprise Products	Pair Corr
0.71	FRO	Frontline	Pair Corr
0.63	PAA	Plains All American Sell-off Trend	Pair Corr
0.68	WES	Western Midstream	Pair Corr
0.63	WMB	Williams Companies	Pair Corr

Moving against Enbridge Stock

0.61	PXSAW	Pyxis Tankers	Pair Corr
0.42	BPT	BP Prudhoe Bay	Pair Corr
0.56	MMLP	Martin Midstream Partners	Pair Corr

Related Correlations Analysis

	ET	MMP	KMI	MPLX	PBA	WMB	EPD	OKE
ET		0.0	0.61	0.27	-0.42	0.6	0.35	0.49	ET
MMP	0.0		0.0	0.0	0.0	0.0	0.0	0.0	MMP
KMI	0.61	0.0		-0.04	0.03	0.69	0.21	0.69	KMI
MPLX	0.27	0.0	-0.04		0.15	0.57	0.91	-0.44	MPLX
PBA	-0.42	0.0	0.03	0.15		0.12	0.22	-0.05	PBA
WMB	0.6	0.0	0.69	0.57	0.12		0.7	0.35	WMB
EPD	0.35	0.0	0.21	0.91	0.22	0.7		-0.2	EPD
OKE	0.49	0.0	0.69	-0.44	-0.05	0.35	-0.2		OKE
	ET	MMP	KMI	MPLX	PBA	WMB	EPD	OKE

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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

EPD	+ 0.91	MPLX
EPD	+ 0.7	WMB
WMB	+ 0.69	KMI
OKE	+ 0.69	KMI
KMI	+ 0.61	ET
WMB	+ 0.6	ET

High negative correlations

OKE	- 0.44	MPLX
PBA	- 0.42	ET
OKE	- 0.2	EPD
OKE	- 0.05	PBA
MPLX	- 0.04	KMI
OKE	- 0.0	MMP

Risk-Adjusted Indicators

There is a big difference between Enbridge Stock performing well and Enbridge 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 Enbridge'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
ET	1.39	0.09	0.07	0.05	1.87	(1.35)	3.08	(2.76)	9.12
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KMI	1.16	0.10	0.07	0.15	2.07	(1.17)	2.62	(2.23)	12.28
MPLX	1.13	0.28	0.23	0.31	1.11	(1.32)	2.48	(2.19)	5.75
PBA	0.90	0.08	0.10	0.05	1.15	(0.89)	1.46	(1.92)	8.26
WMB	1.41	0.19	0.12	0.21	1.86	(1.65)	3.24	(2.36)	12.05
EPD	0.85	0.13	0.17	0.19	0.92	(0.97)	1.80	(1.43)	5.35
OKE	1.26	(0.03)	0.00	(0.13)	0.00	0.00	2.48	(3.24)	7.50

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