Global Partners Correlations

GLP Stock

USD 53.11 1.37 2.51%

The correlation of Global Partners 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.

Global Partners Correlation With Market

Weak diversification

The correlation between Global Partners LP and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global Partners LP and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Global Partners LP. 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 Global Stock

0.69	AM	Antero Midstream Partners	Pair Corr
0.88	CQP	Cheniere Energy Partners	Pair Corr
0.69	DHT	DHT Holdings	Pair Corr
0.79	EPD	Enterprise Products	Pair Corr
0.81	PAA	Plains All American	Pair Corr
0.75	SMC	Summit Midstream Symbol Change	Pair Corr
0.67	WES	Western Midstream	Pair Corr
0.76	EP-PC	El Paso Energy	Pair Corr
0.75	HESM	Hess Midstream Partners	Pair Corr

Moving against Global Stock

0.7	DLNG	Dynagas LNG Partners	Pair Corr
0.43	LPG	Dorian LPG	Pair Corr
0.37	OKE	ONEOK Inc	Pair Corr
0.37	PBT	Permian Basin Royalty	Pair Corr
0.32	EE	Excelerate Energy	Pair Corr
0.6	STNG	Scorpio Tankers	Pair Corr
0.53	IMPP	Imperial Petroleum	Pair Corr
0.38	GLNG	Golar LNG Limited	Pair Corr
0.32	KNOP	KNOT Offshore Partners	Pair Corr

Related Correlations Analysis

	PAA	NS	GEL	WES	HESM	CEQP	DTM	MPLX	HEP	AM
PAA		0.0	0.51	0.88	0.9	0.0	0.01	0.87	0.0	0.78	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		0.45	0.76	0.0	-0.54	0.74	0.0	0.86	GEL
WES	0.88	0.0	0.45		0.85	0.0	0.22	0.76	0.0	0.74	WES
HESM	0.9	0.0	0.76	0.85		0.0	-0.12	0.91	0.0	0.93	HESM
CEQP	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	CEQP
DTM	0.01	0.0	-0.54	0.22	-0.12	0.0		-0.27	0.0	-0.18	DTM
MPLX	0.87	0.0	0.74	0.76	0.91	0.0	-0.27		0.0	0.9	MPLX
HEP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	HEP
AM	0.78	0.0	0.86	0.74	0.93	0.0	-0.18	0.9	0.0		AM
	PAA	NS	GEL	WES	HESM	CEQP	DTM	MPLX	HEP	AM

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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

AM	+ 0.93	HESM
MPLX	+ 0.91	HESM
HESM	+ 0.9	PAA
AM	+ 0.9	MPLX
WES	+ 0.88	PAA
MPLX	+ 0.87	PAA

High negative correlations

DTM	- 0.54	GEL
MPLX	- 0.27	DTM
AM	- 0.18	DTM
DTM	- 0.12	HESM
AM	- 0.0	HEP
HEP	- 0.0	MPLX

Risk-Adjusted Indicators

There is a big difference between Global Stock performing well and Global Partners 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 Global Partners' 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	1.24	0.24	0.17	0.31	1.43	(1.34)	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	1.85	0.65	0.38	1.42	1.37	(2.28)	4.32	(3.04)	17.19
WES	1.33	0.14	0.10	0.14	1.47	(1.43)	2.77	(2.50)	7.33
HESM	1.27	0.30	0.19	0.46	1.31	(1.26)	2.60	(2.51)	6.71
CEQP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DTM	1.68	0.04	0.00	(0.02)	0.00	0.00	3.39	(2.29)	15.93
MPLX	1.12	0.22	0.19	0.25	1.11	(1.37)	2.48	(2.19)	5.75
HEP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AM	1.29	0.33	0.20	0.37	1.45	(1.42)	3.35	(1.75)	10.18

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