National Fuel Correlations

NFG Stock  EUR 67.50  1.00  1.46%   
The current 90-days correlation between National Fuel Gas and Suntory Beverage Food is -0.1 (i.e., Good diversification). The correlation of National Fuel 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.

National Fuel Correlation With Market

Significant diversification

The correlation between National Fuel Gas and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding National Fuel Gas and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to National Fuel could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace National Fuel 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 National Fuel - 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 National Fuel Gas to buy it.

Moving together with National Stock

  0.89TOTA TotalEnergies SEPairCorr
  0.89TOTB TotalEnergies SEPairCorr
  0.79BPE5 BP plcPairCorr
  0.77BSU BP plcPairCorr
  0.79BSU BP plcPairCorr
  0.75BPE BP PLC DZ1PairCorr
  0.83ECHA Ecopetrol SAPairCorr
  0.738C9 China Sanjiang FinePairCorr
  0.73RY4C Ryanair Holdings plcPairCorr
  0.899EE ZINZINO AB BPairCorr
  0.68GOB Compagnie de SaintPairCorr
  0.84HM Vicat SAPairCorr
  0.83TCW TOKYU STRUCTIONPairCorr
  0.89LX6 AUSTAL LIMITEDPairCorr
  0.77SEBA S E BANKENPairCorr
  0.85BRU mBank SAPairCorr
  0.73AC1 AstronicsPairCorr
  0.89E908 Lyxor 1PairCorr
  0.89DBPE Xtrackers LevDAXPairCorr

Moving against National Stock

  0.69TCID Telkom Indonesia TbkPairCorr
  0.61TCID Telkom Indonesia TbkPairCorr
  0.59PTI Perusahaan PerseroanPairCorr
  0.49TCID Telkom Indonesia TbkPairCorr
  0.46TCID Telkom Indonesia TbkPairCorr
  0.89DBPD Xtrackers ShortDAXPairCorr
  0.54D5LA REATO GROUP ABPairCorr

Related Correlations Analysis

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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   
AZUWCLA
HAMWCLA
AZU07M
07MWCLA
AZUHAM
HAM07M
  
High negative correlations   
HAM7SN
7SNWCLA
AZU7SN
HAM0M7
7SN07M
0M7WCLA

Risk-Adjusted Indicators

There is a big difference between National Stock performing well and National Fuel 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 National Fuel'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in National Fuel 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.

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