New Fortress Correlations

NFE Stock

USD 11.17 0.82 7.92%

The current 90-days correlation between New Fortress Energy and Coterra Energy is 0.44 (i.e., Very weak diversification). The correlation of New Fortress 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.

New Fortress Correlation With Market

Weak diversification

The correlation between New Fortress Energy and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Fortress Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in New Fortress Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with New Stock

0.79	OPAL	OPAL Fuels	Pair Corr
0.78	CTRI	Centuri Holdings,	Pair Corr
0.66	RNWWW	ReNew Energy Global	Pair Corr

Moving against New Stock

0.84	HE	Hawaiian Electric	Pair Corr
0.84	SO	Southern	Pair Corr
0.82	ED	Consolidated Edison	Pair Corr
0.79	NWN	Northwest Natural Gas	Pair Corr
0.76	ATO	Atmos Energy	Pair Corr
0.76	ES	Eversource Energy	Pair Corr
0.75	SR	Spire Inc	Pair Corr
0.74	OGS	One Gas	Pair Corr
0.73	BKH	Black Hills	Pair Corr
0.73	DUKB	Duke Energy Corp	Pair Corr
0.71	CPK	Chesapeake Utilities	Pair Corr
0.68	CMS-PB	Consumers Energy	Pair Corr
0.67	NI	NiSource	Pair Corr
0.65	UGI	UGI Corporation	Pair Corr
0.54	NJR	NewJersey Resources	Pair Corr
0.46	SPH	Suburban Propane Partners	Pair Corr
0.46	SWX	Southwest Gas Holdings	Pair Corr
0.46	D	Dominion Energy	Pair Corr
0.34	SR-PA	Spire Inc	Pair Corr
0.85	CMS	CMS Energy	Pair Corr
0.84	AWK	American Water Works	Pair Corr
0.83	WTRG	Essential Utilities	Pair Corr
0.81	AVA	Avista	Pair Corr
0.81	DTE	DTE Energy	Pair Corr
0.79	DUK	Duke Energy	Pair Corr
0.76	ENIC	Enel Chile SA	Pair Corr
0.76	CNP	CenterPoint Energy	Pair Corr
0.73	EVRG	Evergy,	Pair Corr
0.73	AEP	American Electric Power	Pair Corr
0.73	AQN	Algonquin Power Utilities	Pair Corr
0.72	CWT	California Water Service	Pair Corr
0.71	EBR	Centrais Electricas	Pair Corr

Related Correlations Analysis

	FLNG	CTRA	GLNG	EE	EQT
FLNG		0.77	0.33	0.42	0.73	FLNG
CTRA	0.77		-0.09	0.13	0.93	CTRA
GLNG	0.33	-0.09		0.69	-0.08	GLNG
EE	0.42	0.13	0.69		0.12	EE
EQT	0.73	0.93	-0.08	0.12		EQT
	FLNG	CTRA	GLNG	EE	EQT

Click cells to compare fundamentals

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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

EQT	+ 0.93	CTRA
CTRA	+ 0.77	FLNG
EQT	+ 0.73	FLNG
EE	+ 0.69	GLNG
EE	+ 0.42	FLNG
GLNG	+ 0.33	FLNG

High negative correlations

GLNG	- 0.09	CTRA
EQT	- 0.08	GLNG

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Fortress 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 New Fortress' 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
FLNG	1.48	0.06	0.06	(1.05)	1.91	(1.60)	3.25	(3.95)	10.07
CTRA	1.44	0.23	0.14	0.59	1.62	(1.45)	3.01	(2.61)	7.66
GLNG	1.81	(0.12)	0.00	(0.18)	0.00	0.00	3.58	(4.13)	11.01
EE	1.70	(0.06)	0.00	(0.15)	0.00	0.00	3.55	(4.21)	10.52
EQT	1.81	0.30	0.10	0.40	2.92	(1.75)	3.46	(4.41)	14.83

New Fortress Corporate Management

Wesley Edens	Chairman Founder	Profile
Sam Abdalla	Head Development	Profile
Kenneth Nicholson	Executive Officer	Profile
Joshua Kane	Vice Relations	Profile
Cameron Esq	Secretary	Profile
Yunyoung Shin	Chief Officer	Profile
Brett Magill	Head MD	Profile

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