El Paso Correlations
| EP-PC Preferred Stock | USD 48.99 0.05 0.10% |
The correlation of El Paso 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.
El Paso Correlation With Market
Average diversification
The correlation between El Paso Energy and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding El Paso Energy and DJI in the same portfolio, assuming nothing else is changed.
EP-PC |
The ability to find closely correlated positions to El Paso could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace El Paso when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back El Paso - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling El Paso Energy to buy it.
Moving together with EP-PC Preferred Stock
| 0.86 | AM | Antero Midstream Partners | PairCorr |
| 0.79 | ET | Energy Transfer LP Sell-off Trend | PairCorr |
| 0.62 | FLNG | FLEX LNG Earnings Call Tomorrow | PairCorr |
| 0.9 | CQP | Cheniere Energy Partners | PairCorr |
| 0.83 | DHT | DHT Holdings | PairCorr |
| 0.68 | ENB | Enbridge | PairCorr |
| 0.82 | EPD | Enterprise Products | PairCorr |
| 0.93 | PAA | Plains All American | PairCorr |
| 0.68 | GLOP-PB | GasLog Partners LP Earnings Call This Week | PairCorr |
| 0.67 | GLOP-PC | GasLog Partners LP Earnings Call This Week | PairCorr |
| 0.91 | SMC | Summit Midstream Symbol Change | PairCorr |
| 0.86 | WES | Western Midstream | PairCorr |
Moving against EP-PC Preferred Stock
| 0.73 | PXSAW | Pyxis Tankers | PairCorr |
| 0.64 | ENLC | EnLink Midstream LLC | PairCorr |
| 0.47 | BPT | BP Prudhoe Bay | PairCorr |
| 0.37 | VNOM | Viper Energy Ut | PairCorr |
| 0.43 | PBA | Pembina Pipeline Corp | PairCorr |
| 0.43 | PBT | Permian Basin Royalty Earnings Call Today | PairCorr |
| 0.37 | OKE | ONEOK Inc | PairCorr |
| 0.57 | MMLP | Martin Midstream Partners | PairCorr |
| 0.36 | IMPP | Imperial Petroleum | PairCorr |
Related Correlations Analysis
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Be your own money manager
Our tools can tell you how much better you can do entering a position in El Paso without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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