Plains All Correlations

PAA Stock

USD 19.97 0.27 1.33%

The current 90-days correlation between Plains All American and Western Midstream Partners is 0.64 (i.e., Poor diversification). The correlation of Plains All 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.

Plains All Correlation With Market

Weak diversification

The correlation between Plains All American and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Plains All American and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Plains All American. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Plains Stock

0.78	AM	Antero Midstream Partners	Pair Corr
0.9	CQP	Cheniere Energy Partners	Pair Corr
0.88	DHT	DHT Holdings	Pair Corr
0.63	ENB	Enbridge	Pair Corr
0.95	EPD	Enterprise Products	Pair Corr
0.76	FRO	Frontline	Pair Corr
0.81	GLP	Global Partners LP	Pair Corr
0.75	SMC	Summit Midstream Symbol Change	Pair Corr
0.88	WES	Western Midstream	Pair Corr
0.68	WMB	Williams Companies	Pair Corr
0.85	EP-PC	El Paso Energy	Pair Corr
0.9	HESM	Hess Midstream Partners	Pair Corr

Moving against Plains Stock

0.47	BPT	BP Prudhoe Bay	Pair Corr
0.46	DLNG	Dynagas LNG Partners	Pair Corr
0.39	STNG	Scorpio Tankers	Pair Corr
0.38	GLNG	Golar LNG Limited	Pair Corr
0.36	IMPP	Imperial Petroleum	Pair Corr

Related Correlations Analysis

	NS	GEL	WES	HESM	MMP	EPD	ET	CEQP	HEP	MPLX
NS		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	NS
GEL	0.0		0.45	0.76	0.0	0.67	-0.38	0.0	0.0	0.74	GEL
WES	0.0	0.45		0.85	0.0	0.85	0.53	0.0	0.0	0.76	WES
HESM	0.0	0.76	0.85		0.0	0.95	0.22	0.0	0.0	0.91	HESM
MMP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MMP
EPD	0.0	0.67	0.85	0.95	0.0		0.27	0.0	0.0	0.92	EPD
ET	0.0	-0.38	0.53	0.22	0.0	0.27		0.0	0.0	0.17	ET
CEQP	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CEQP
HEP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	HEP
MPLX	0.0	0.74	0.76	0.91	0.0	0.92	0.17	0.0	0.0		MPLX
	NS	GEL	WES	HESM	MMP	EPD	ET	CEQP	HEP	MPLX

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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

EPD	+ 0.95	HESM
MPLX	+ 0.92	EPD
MPLX	+ 0.91	HESM
HESM	+ 0.85	WES
EPD	+ 0.85	WES
HESM	+ 0.76	GEL

High negative correlations

ET	- 0.38	GEL
MPLX	- 0.0	HEP
MPLX	- 0.0	CEQP
HEP	- 0.0	CEQP
HEP	- 0.0	ET
CEQP	- 0.0	ET

Risk-Adjusted Indicators

There is a big difference between Plains Stock performing well and Plains All 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 Plains All'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
NS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GEL	1.85	0.65	0.38	1.42	1.37	(2.28)	4.32	(3.04)	17.19
WES	1.33	0.14	0.10	0.14	1.47	(1.43)	2.77	(2.50)	7.33
HESM	1.27	0.30	0.19	0.46	1.31	(1.26)	2.60	(2.51)	6.71
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPD	0.85	0.13	0.16	0.21	0.92	(0.95)	1.80	(1.43)	5.35
ET	1.40	0.04	0.03	(0.01)	1.87	(1.36)	3.08	(2.76)	9.12
CEQP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HEP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MPLX	1.12	0.22	0.19	0.25	1.11	(1.37)	2.48	(2.19)	5.75

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