EnLink Midstream Correlations

Summary

ENLCDelisted Stock

USD 14.12 0.11 0.77%

The current 90-days correlation between EnLink Midstream LLC and Plains All American is 0.03 (i.e., Significant diversification). The correlation of EnLink Midstream 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.

EnLink Midstream Correlation With Market

Very good diversification

The correlation between EnLink Midstream LLC and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EnLink Midstream LLC and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with EnLink Stock

0.64

CAT

Caterpillar

Pair Corr

Moving against EnLink Stock

0.73	MCD	McDonalds	Pair Corr
0.69	LION	Lionsgate Studios Corp Downward Rally	Pair Corr
0.67	IBM	International Business	Pair Corr
0.67	DD	Dupont De Nemours	Pair Corr
0.66	T	ATT Inc Sell-off Trend	Pair Corr
0.58	DOX	Amdocs	Pair Corr
0.56	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.54	INTC	Intel Sell-off Trend	Pair Corr
0.52	CSCO	Cisco Systems	Pair Corr
0.52	VZ	Verizon Communications	Pair Corr
0.36	WMT	Walmart	Pair Corr

Related Correlations Analysis

	PAA	HEP	HESM	WES	DCP	PAGP	AM	MPLX	CEQP
PAA		0.0	0.9	0.88	0.0	1.0	0.77	0.87	0.0	PAA
HEP	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HEP
HESM	0.9	0.0		0.85	0.0	0.91	0.93	0.91	0.0	HESM
WES	0.88	0.0	0.85		0.0	0.88	0.74	0.76	0.0	WES
DCP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	DCP
PAGP	1.0	0.0	0.91	0.88	0.0		0.79	0.88	0.0	PAGP
AM	0.77	0.0	0.93	0.74	0.0	0.79		0.89	0.0	AM
MPLX	0.87	0.0	0.91	0.76	0.0	0.88	0.89		0.0	MPLX
CEQP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CEQP
	PAA	HEP	HESM	WES	DCP	PAGP	AM	MPLX	CEQP

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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	+ 1.0	PAA
AM	+ 0.93	HESM
PAGP	+ 0.91	HESM
MPLX	+ 0.91	HESM
HESM	+ 0.9	PAA
MPLX	+ 0.89	AM

High negative correlations

CEQP	- 0.0	MPLX
CEQP	- 0.0	AM
CEQP	- 0.0	PAGP
CEQP	- 0.0	DCP
MPLX	- 0.0	DCP
AM	- 0.0	DCP

Risk-Adjusted Indicators

There is a big difference between EnLink Stock performing well and EnLink Midstream 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 EnLink Midstream'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
HEP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HESM	1.25	0.31	0.19	0.54	1.31	(1.24)	2.60	(2.51)	6.71
WES	1.31	0.14	0.10	0.19	1.44	(1.39)	2.77	(2.50)	7.33
DCP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PAGP	1.10	0.24	0.18	0.42	1.18	(1.18)	2.42	(2.19)	9.41
AM	1.27	0.34	0.21	0.44	1.41	(1.41)	3.35	(1.75)	10.18
MPLX	1.08	0.24	0.20	0.34	1.01	(1.34)	2.48	(2.08)	5.75
CEQP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

EnLink Midstream Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with EnLink Midstream stock to make a market-neutral strategy. Peer analysis of EnLink Midstream could also be used in its relative valuation, which is a method of valuing EnLink Midstream by comparing valuation metrics with similar companies.

Plains All American Holly Energy Partners Hess Midstream Partners Western Midstream Partners DCP Midstream LP Plains GP Holdings Antero Midstream Partners MPLX LP Crestwood Equity Partners American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

Correlation

Still Interested in EnLink Midstream LLC?

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