Permian Basin Correlations

PBT Stock

USD 10.07 0.09 0.89%

The current 90-days correlation between Permian Basin Royalty and Dorian LPG is 0.21 (i.e., Modest diversification). The correlation of Permian Basin 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.

Permian Basin Correlation With Market

Modest diversification

The correlation between Permian Basin Royalty and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Permian Basin Royalty 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 Permian Basin Royalty. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Permian Stock

0.66	EE	Excelerate Energy	Pair Corr
0.67	DLNG	Dynagas LNG Partners	Pair Corr
0.84	VNOM	Viper Energy Ut	Pair Corr
0.73	DTM	DT Midstream	Pair Corr
0.65	LPG	Dorian LPG	Pair Corr
0.76	OKE	ONEOK Inc	Pair Corr
0.72	PXS	Pyxis Tankers	Pair Corr
0.8	GLNG	Golar LNG Limited	Pair Corr

Moving against Permian Stock

0.72	GEL	Genesis Energy LP	Pair Corr
0.55	AM	Antero Midstream Partners	Pair Corr
0.44	CQP	Cheniere Energy Partners	Pair Corr
0.37	GLP	Global Partners LP	Pair Corr
0.34	EPD	Enterprise Products	Pair Corr
0.75	GLOP-PC	GasLog Partners LP	Pair Corr
0.64	GLOP-PB	GasLog Partners LP	Pair Corr
0.62	GLOP-PA	GasLog Partners LP	Pair Corr
0.52	PBA	Pembina Pipeline Corp	Pair Corr
0.51	MPLX	MPLX LP	Pair Corr
0.48	SEAL-PA	Seapeak LLC	Pair Corr
0.47	HESM	Hess Midstream Partners	Pair Corr
0.37	EP-PC	El Paso Energy	Pair Corr

Related Correlations Analysis

	LPG	FRO	TRMD	PAA	HESM	PAGP	HEP	WES	GLNG	LNG
LPG		0.33	0.89	-0.16	-0.25	-0.19	0.0	0.05	0.72	0.46	LPG
FRO	0.33		0.53	0.76	0.63	0.75	0.0	0.65	-0.02	0.57	FRO
TRMD	0.89	0.53		0.01	-0.06	-0.02	0.0	0.11	0.53	0.52	TRMD
PAA	-0.16	0.76	0.01		0.9	1.0	0.0	0.88	-0.38	0.48	PAA
HESM	-0.25	0.63	-0.06	0.9		0.91	0.0	0.85	-0.55	0.41	HESM
PAGP	-0.19	0.75	-0.02	1.0	0.91		0.0	0.88	-0.41	0.47	PAGP
HEP	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HEP
WES	0.05	0.65	0.11	0.88	0.85	0.88	0.0		-0.21	0.5	WES
GLNG	0.72	-0.02	0.53	-0.38	-0.55	-0.41	0.0	-0.21		0.17	GLNG
LNG	0.46	0.57	0.52	0.48	0.41	0.47	0.0	0.5	0.17		LNG
	LPG	FRO	TRMD	PAA	HESM	PAGP	HEP	WES	GLNG	LNG

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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

PAGP	+ 1.0	PAA
PAGP	+ 0.91	HESM
HESM	+ 0.9	PAA
TRMD	+ 0.89	LPG
WES	+ 0.88	PAA
WES	+ 0.88	PAGP

High negative correlations

GLNG	- 0.55	HESM
GLNG	- 0.41	PAGP
GLNG	- 0.38	PAA
HESM	- 0.25	LPG
GLNG	- 0.21	WES
PAGP	- 0.19	LPG

Risk-Adjusted Indicators

There is a big difference between Permian Stock performing well and Permian Basin 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 Permian Basin'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
LPG	2.02	0.03	0.03	0.04	2.68	(2.11)	4.25	(5.55)	11.00
FRO	2.61	0.27	0.10	1.75	2.99	(2.95)	6.23	(4.99)	20.10
TRMD	2.38	0.06	0.04	0.16	2.90	(2.51)	5.73	(4.80)	18.19
PAA	1.24	0.24	0.17	0.31	1.43	(1.34)	2.54	(2.69)	10.03
HESM	1.27	0.30	0.19	0.46	1.31	(1.26)	2.60	(2.51)	6.71
PAGP	1.12	0.23	0.18	0.34	1.22	(1.19)	2.42	(2.19)	9.41
HEP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WES	1.33	0.14	0.10	0.14	1.47	(1.43)	2.77	(2.50)	7.33
GLNG	1.81	(0.12)	0.00	(0.18)	0.00	0.00	3.58	(4.13)	11.01
LNG	1.58	0.15	0.07	0.16	2.25	(1.48)	3.30	(3.37)	12.47

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