NGL Energy Correlations

NGL Stock

USD 4.66 0.01 0.22%

The current 90-days correlation between NGL Energy Partners and NGL Energy Partners is 0.29 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as NGL Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NGL Energy Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

NGL Energy Correlation With Market

Significant diversification

The correlation between NGL Energy Partners and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NGL Energy Partners 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 NGL Energy 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 price.

Moving together with NGL Stock

0.67	ET	Energy Transfer LP	Pair Corr
0.63	TK	Teekay	Pair Corr
0.62	DLNG	Dynagas LNG Partners	Pair Corr
0.73	FLNG	FLEX LNG	Pair Corr
0.63	DTM	DT Midstream	Pair Corr
0.64	LPG	Dorian LPG	Pair Corr
0.67	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.63	TNK	Teekay Tankers	Pair Corr

Moving against NGL Stock

0.47	GEL	Genesis Energy LP	Pair Corr
0.43	GLOP-PA	GasLog Partners LP	Pair Corr
0.41	BPT	BP Prudhoe Bay	Pair Corr
0.38	GLOP-PB	GasLog Partners LP	Pair Corr
0.36	PBA	Pembina Pipeline Corp	Pair Corr
0.45	DLNG-PB	Dynagas LNG Partners	Pair Corr
0.41	MMLP	Martin Midstream Partners	Pair Corr
0.37	SOBO	South Bow	Pair Corr

Related Correlations Analysis

	NGL-PC	DLNG-PA	MMLP	KNTK	GEL	SMLP	BROG
NGL-PC		0.39	-0.56	0.29	0.49	0.0	-0.55	NGL-PC
DLNG-PA	0.39		-0.15	-0.23	0.57	0.0	-0.17	DLNG-PA
MMLP	-0.56	-0.15		-0.35	0.06	0.0	0.19	MMLP
KNTK	0.29	-0.23	-0.35		-0.54	0.0	-0.38	KNTK
GEL	0.49	0.57	0.06	-0.54		0.0	-0.18	GEL
SMLP	0.0	0.0	0.0	0.0	0.0		0.0	SMLP
BROG	-0.55	-0.17	0.19	-0.38	-0.18	0.0		BROG
	NGL-PC	DLNG-PA	MMLP	KNTK	GEL	SMLP	BROG

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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

GEL	+ 0.57	DLNG-PA
GEL	+ 0.49	NGL-PC
DLNG-PA	+ 0.39	NGL-PC
KNTK	+ 0.29	NGL-PC
BROG	+ 0.19	MMLP
GEL	+ 0.06	MMLP

High negative correlations

MMLP	- 0.56	NGL-PC
BROG	- 0.55	NGL-PC
GEL	- 0.54	KNTK
BROG	- 0.38	KNTK
KNTK	- 0.35	MMLP
KNTK	- 0.23	DLNG-PA

Risk-Adjusted Indicators

There is a big difference between NGL Stock performing well and NGL Energy 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 NGL Energy'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
NGL-PC	0.31	0.05	0.33	0.70	0.20	(0.37)	0.74	(0.46)	2.34
DLNG-PA	0.28	0.02	0.19	0.70	0.36	(0.30)	0.72	(0.71)	1.95
MMLP	1.54	(0.04)	0.00	(0.11)	0.00	0.00	2.79	(3.48)	11.47
KNTK	1.78	(0.03)	0.00	(0.11)	0.00	0.00	3.65	(3.57)	13.36
GEL	1.85	0.65	0.38	1.42	1.37	(2.28)	4.32	(3.04)	17.19
SMLP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BROG	4.82	(0.20)	0.00	(0.52)	0.00	0.00	9.01	(12.59)	36.49

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