Transportadora Correlations

TGS Stock

USD 26.07 0.92 3.41%

The current 90-days correlation between Transportadora de Gas and TotalEnergies SE ADR is -0.06 (i.e., Good diversification). The correlation of Transportadora 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.

Transportadora Correlation With Market

Significant diversification

The correlation between Transportadora de Gas and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Transportadora de Gas and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Transportadora de Gas. 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 Transportadora Stock

0.61	YPF	YPF Sociedad Anonima Earnings Call This Week	Pair Corr
0.68	DLNG	Dynagas LNG Partners	Pair Corr
0.64	DMLP	Dorchester Minerals	Pair Corr

Moving against Transportadora Stock

0.56	NFG	National Fuel Gas	Pair Corr
0.49	EC	Ecopetrol SA ADR Earnings Call Today	Pair Corr
0.46	TTE	TotalEnergies SE ADR	Pair Corr
0.38	BP	BP PLC ADR	Pair Corr
0.36	SLNG	Stabilis Solutions Earnings Call This Week	Pair Corr
0.35	PBR	Petroleo Brasileiro Earnings Call This Week	Pair Corr
0.33	AM	Antero Midstream Partners	Pair Corr
0.49	DNOW	Now Inc	Pair Corr
0.34	BKR	Baker Hughes	Pair Corr

Related Correlations Analysis

	PBR	EC	PBR-A	EQNR	E	TTE	NFG	YPF	SHEL	BP
PBR		0.88	0.56	0.27	0.77	0.84	0.89	-0.42	0.89	0.83	PBR
EC	0.88		0.44	0.04	0.66	0.79	0.89	-0.44	0.78	0.91	EC
PBR-A	0.56	0.44		0.0	0.7	0.59	0.33	-0.71	0.56	0.26	PBR-A
EQNR	0.27	0.04	0.0		0.35	0.23	0.1	0.21	0.46	0.18	EQNR
E	0.77	0.66	0.7	0.35		0.92	0.63	-0.57	0.89	0.62	E
TTE	0.84	0.79	0.59	0.23	0.92		0.82	-0.64	0.91	0.76	TTE
NFG	0.89	0.89	0.33	0.1	0.63	0.82		-0.42	0.8	0.87	NFG
YPF	-0.42	-0.44	-0.71	0.21	-0.57	-0.64	-0.42		-0.48	-0.32	YPF
SHEL	0.89	0.78	0.56	0.46	0.89	0.91	0.8	-0.48		0.8	SHEL
BP	0.83	0.91	0.26	0.18	0.62	0.76	0.87	-0.32	0.8		BP
	PBR	EC	PBR-A	EQNR	E	TTE	NFG	YPF	SHEL	BP

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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

TTE	+ 0.92	E
BP	+ 0.91	EC
SHEL	+ 0.91	TTE
NFG	+ 0.89	PBR
SHEL	+ 0.89	PBR
NFG	+ 0.89	EC

High negative correlations

YPF	- 0.71	PBR-A
YPF	- 0.64	TTE
YPF	- 0.57	E
SHEL	- 0.48	YPF
YPF	- 0.44	EC
YPF	- 0.42	NFG

Risk-Adjusted Indicators

There is a big difference between Transportadora Stock performing well and Transportadora 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 Transportadora'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
PBR	1.23	0.11	0.07	2.78	1.51	(1.28)	2.95	(2.36)	10.24
EC	1.66	0.43	0.20	(26.59)	1.54	(1.92)	4.99	(3.28)	11.63
PBR-A	1.31	(0.01)	(0.01)	(0.03)	1.88	(1.32)	2.35	(3.17)	9.33
EQNR	1.61	(0.02)	0.00	(0.08)	0.00	0.00	3.68	(3.59)	9.90
E	0.77	0.00	0.00	(0.10)	1.00	(0.72)	1.57	(1.50)	3.71
TTE	0.90	0.01	0.01	0.10	1.17	(0.93)	1.87	(1.69)	4.62
NFG	0.92	0.27	0.24	0.55	0.80	(1.04)	2.32	(1.89)	5.50
YPF	2.01	0.20	0.07	(3.66)	2.50	(2.05)	4.92	(3.92)	14.98
SHEL	0.89	0.02	0.02	0.06	1.09	(0.87)	2.23	(1.91)	5.34
BP	1.07	0.21	0.16	1.74	1.05	(1.18)	2.50	(1.88)	8.85

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