Hess Midstream Correlations

HESM Stock

USD 42.88 0.10 0.23%

The current 90-days correlation between Hess Midstream Partners and Western Midstream Partners is 0.68 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hess Midstream moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hess Midstream Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hess Midstream Correlation With Market

Weak diversification

The correlation between Hess Midstream Partners and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hess Midstream Partners 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 Hess Midstream 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 state.

Moving together with Hess Stock

0.93	AM	Antero Midstream Partners	Pair Corr
0.9	CQP	Cheniere Energy Partners	Pair Corr
0.79	DHT	DHT Holdings	Pair Corr
0.95	EPD	Enterprise Products	Pair Corr
0.61	FRO	Frontline	Pair Corr
0.76	GEL	Genesis Energy LP	Pair Corr
0.75	GLP	Global Partners LP	Pair Corr
0.9	PAA	Plains All American	Pair Corr
0.74	GLOP-PB	GasLog Partners LP	Pair Corr
0.77	GLOP-PC	GasLog Partners LP	Pair Corr
0.85	WES	Western Midstream	Pair Corr
0.74	WMB	Williams Companies	Pair Corr
0.78	EP-PC	El Paso Energy	Pair Corr

Moving against Hess Stock

0.57	DLNG	Dynagas LNG Partners	Pair Corr
0.45	PBT	Permian Basin Royalty	Pair Corr
0.41	VNOM	Viper Energy Ut	Pair Corr
0.38	BPT	BP Prudhoe Bay	Pair Corr
0.55	STNG	Scorpio Tankers	Pair Corr
0.52	GLNG	Golar LNG Limited	Pair Corr
0.49	IMPP	Imperial Petroleum	Pair Corr

Related Correlations Analysis

	MPLX	WES	PAA	AM	HEP	CEQP	KNTK	ENLC	DCP	MMP
MPLX		0.76	0.87	0.89	0.0	0.0	0.02	-0.49	0.0	0.0	MPLX
WES	0.76		0.88	0.74	0.0	0.0	0.36	-0.1	0.0	0.0	WES
PAA	0.87	0.88		0.77	0.0	0.0	0.32	-0.2	0.0	0.0	PAA
AM	0.89	0.74	0.77		0.0	0.0	-0.14	-0.32	0.0	0.0	AM
HEP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HEP
CEQP	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	CEQP
KNTK	0.02	0.36	0.32	-0.14	0.0	0.0		0.27	0.0	0.0	KNTK
ENLC	-0.49	-0.1	-0.2	-0.32	0.0	0.0	0.27		0.0	0.0	ENLC
DCP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	DCP
MMP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		MMP
	MPLX	WES	PAA	AM	HEP	CEQP	KNTK	ENLC	DCP	MMP

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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	+ 0.89	MPLX
PAA	+ 0.88	WES
PAA	+ 0.87	MPLX
AM	+ 0.77	PAA
WES	+ 0.76	MPLX
AM	+ 0.74	WES

High negative correlations

ENLC	- 0.49	MPLX
ENLC	- 0.32	AM
ENLC	- 0.2	PAA
KNTK	- 0.14	AM
ENLC	- 0.1	WES
MMP	- 0.0	DCP

Risk-Adjusted Indicators

There is a big difference between Hess Stock performing well and Hess 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 Hess 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
MPLX	1.08	0.24	0.20	0.34	1.01	(1.34)	2.48	(2.08)	5.75
WES	1.31	0.14	0.10	0.19	1.44	(1.39)	2.77	(2.50)	7.33
PAA	1.22	0.27	0.17	0.39	1.37	(1.33)	2.54	(2.69)	10.03
AM	1.27	0.34	0.21	0.44	1.41	(1.41)	3.35	(1.75)	10.18
HEP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CEQP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KNTK	1.79	(0.02)	0.00	(0.06)	0.00	0.00	3.65	(3.57)	13.36
ENLC	1.09	(0.07)	0.00	0.12	0.00	0.00	1.99	(3.17)	6.59
DCP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Hess Midstream Corporate Management

Michael Frailey	VP LLC	Profile
Jennifer Gordon	IR Contact Officer	Profile
Timothy Goodell	General Counsel, Secretary of the General Partner	Profile
Timothy JD	General LLC	Profile

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