Navigator Holdings Correlations

NVGS Stock

USD 15.52 0.06 0.39%

The current 90-days correlation between Navigator Holdings and Scorpio Tankers is 0.61 (i.e., Poor diversification). The correlation of Navigator Holdings 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.

Navigator Holdings Correlation With Market

Significant diversification

The correlation between Navigator Holdings and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Navigator Holdings 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 Navigator Holdings. 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.

For more information on how to buy Navigator Stock please use our How to Invest in Navigator Holdings guide.

Moving together with Navigator Stock

0.71	AM	Antero Midstream Partners	Pair Corr
0.7	ET	Energy Transfer LP	Pair Corr
0.84	TK	Teekay	Pair Corr
0.86	FLNG	FLEX LNG Earnings Call Today	Pair Corr
0.85	DHT	DHT Holdings	Pair Corr
0.82	ENB	Enbridge	Pair Corr
0.67	FRO	Frontline	Pair Corr
0.63	LNG	Cheniere Energy	Pair Corr
0.69	PAA	Plains All American	Pair Corr
0.62	SMC	Summit Midstream Symbol Change	Pair Corr
0.75	TEN	Tsakos Energy Navigation Symbol Change	Pair Corr
0.83	TNK	Teekay Tankers	Pair Corr
0.66	EP-PC	El Paso Energy	Pair Corr
0.69	HESM	Hess Midstream Partners	Pair Corr
0.81	INSW	International Seaways	Pair Corr

Moving against Navigator Stock

0.65	ENLC	EnLink Midstream LLC	Pair Corr
0.63	MMLP	Martin Midstream Partners	Pair Corr

Related Correlations Analysis

	STNG	TNK	EURN	TNP	INSW	FRO	DHT	FLNG	TRMD
STNG		0.58	0.0	0.0	0.45	0.23	-0.11	0.24	0.81	STNG
TNK	0.58		0.0	0.0	0.89	0.67	0.68	0.75	0.82	TNK
EURN	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	EURN
TNP	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	TNP
INSW	0.45	0.89	0.0	0.0		0.83	0.73	0.81	0.81	INSW
FRO	0.23	0.67	0.0	0.0	0.83		0.71	0.86	0.61	FRO
DHT	-0.11	0.68	0.0	0.0	0.73	0.71		0.81	0.29	DHT
FLNG	0.24	0.75	0.0	0.0	0.81	0.86	0.81		0.59	FLNG
TRMD	0.81	0.82	0.0	0.0	0.81	0.61	0.29	0.59		TRMD
	STNG	TNK	EURN	TNP	INSW	FRO	DHT	FLNG	TRMD

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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

INSW	+ 0.89	TNK
FLNG	+ 0.86	FRO
FRO	+ 0.83	INSW
TRMD	+ 0.82	TNK
TRMD	+ 0.81	STNG
FLNG	+ 0.81	INSW

High negative correlations

DHT	- 0.11	STNG
TRMD	- 0.0	TNP
FLNG	- 0.0	TNP
DHT	- 0.0	TNP
FRO	- 0.0	TNP
INSW	- 0.0	TNP

Risk-Adjusted Indicators

There is a big difference between Navigator Stock performing well and Navigator Holdings 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 Navigator Holdings' 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
STNG	1.80	(0.44)	0.00	1.24	0.00	0.00	3.52	(3.23)	19.16
TNK	1.83	(0.10)	0.00	0.22	0.00	0.00	4.44	(3.07)	13.49
EURN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
INSW	2.00	(0.13)	0.00	(0.84)	0.00	0.00	5.03	(3.46)	14.68
FRO	2.67	(0.28)	0.00	(0.32)	0.00	0.00	7.52	(5.39)	17.89
DHT	1.83	0.08	0.04	3.68	1.82	(2.16)	3.84	(2.93)	11.66
FLNG	1.60	(0.08)	0.00	(0.11)	0.00	0.00	3.25	(3.96)	10.07
TRMD	1.97	(0.27)	0.00	1.75	0.00	0.00	4.64	(3.98)	12.23

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