TC Energy Correlations

TRP Stock

USD 48.99 0.17 0.35%

The current 90-days correlation between TC Energy Corp and Enterprise Products Partners is 0.26 (i.e., Modest diversification). The correlation of TC Energy 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.

TC Energy Correlation With Market

Modest diversification

The correlation between TC Energy Corp and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TC Energy Corp 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 TC Energy Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with TRP Stock

0.63

ENB

Enbridge

Pair Corr

Moving against TRP Stock

0.39

MMLP

Martin Midstream Partners

Pair Corr

Related Correlations Analysis

	EPD	KMI	ET	OKE	MPLX	MMP	WMB	ENB
EPD		0.21	0.31	-0.18	0.92	0.0	0.71	0.64	EPD
KMI	0.21		0.59	0.72	-0.04	0.0	0.68	0.59	KMI
ET	0.31	0.59		0.54	0.21	0.0	0.53	0.63	ET
OKE	-0.18	0.72	0.54		-0.41	0.0	0.38	0.27	OKE
MPLX	0.92	-0.04	0.21	-0.41		0.0	0.58	0.49	MPLX
MMP	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MMP
WMB	0.71	0.68	0.53	0.38	0.58	0.0		0.63	WMB
ENB	0.64	0.59	0.63	0.27	0.49	0.0	0.63		ENB
	EPD	KMI	ET	OKE	MPLX	MMP	WMB	ENB

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

MPLX	+ 0.92	EPD
OKE	+ 0.72	KMI
WMB	+ 0.71	EPD
WMB	+ 0.68	KMI
ENB	+ 0.64	EPD
ENB	+ 0.63	ET

High negative correlations

MPLX	- 0.41	OKE
OKE	- 0.18	EPD
MPLX	- 0.04	KMI
ENB	- 0.0	MMP
WMB	- 0.0	MMP
MMP	- 0.0	MPLX

Risk-Adjusted Indicators

There is a big difference between TRP Stock performing well and TC 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 TC 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
EPD	0.84	0.13	0.17	0.20	0.91	(0.97)	1.80	(1.43)	5.35
KMI	1.18	0.10	0.07	0.17	2.03	(1.19)	2.62	(2.23)	12.28
ET	1.38	0.06	0.04	0.02	1.88	(1.32)	3.08	(2.76)	9.12
OKE	1.28	0.00	0.00	(0.07)	0.00	0.00	2.48	(3.24)	7.50
MPLX	1.11	0.26	0.21	0.31	1.10	(1.33)	2.48	(2.19)	5.75
MMP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WMB	1.41	0.19	0.11	0.21	1.86	(1.60)	3.24	(2.36)	12.05
ENB	0.90	0.11	0.11	0.12	1.23	(0.90)	1.80	(2.18)	5.69

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC