NGL Energy Correlations

NGL Stock

USD 9.39 0.47 4.77%

The current 90-days correlation between NGL Energy Partners and Global Partners LP is 0.09 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as NGL Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NGL Energy Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

NGL Energy Correlation With Market

Average diversification

The correlation between NGL Energy Partners and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NGL Energy Partners and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NGL Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NGL Energy Partners. 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 NGL Stock

0.77	TK	Teekay	Pair Corr
0.72	DLNG	Dynagas LNG Partners	Pair Corr
0.75	TPZ	Topaz Energy Corp	Pair Corr
0.68	DHT	DHT Holdings	Pair Corr
0.76	DKL	Delek Logistics Partners	Pair Corr
0.78	DTM	DT Midstream	Pair Corr
0.86	EPD	Enterprise Products	Pair Corr
0.69	ETP	Energy Transfer Partners	Pair Corr
0.7	NAT	Nordic American Tankers	Pair Corr
0.72	PAA	Plains All American	Pair Corr
0.84	SFL	SFL Corporation	Pair Corr
0.81	SMC	Summit Midstream	Pair Corr
0.62	SUN	Sunoco LP	Pair Corr
0.69	TEN	Tsakos Energy Navigation	Pair Corr
0.82	TGS	Transportadora de Gas	Pair Corr
0.76	GASS	StealthGas	Pair Corr

Moving against NGL Stock

0.37	AM	Antero Midstream Partners	Pair Corr
0.78	LNG	Cheniere Energy	Pair Corr
0.71	LPG	Dorian LPG	Pair Corr
0.63	GLP	Global Partners LP	Pair Corr
0.33	PBA	Pembina Pipeline Corp	Pair Corr
0.66	GLNG	Golar LNG Limited	Pair Corr
0.65	KNTK	Kinetik Holdings	Pair Corr
0.46	000669	PetroChina Jinhong Energy	Pair Corr
0.4	UFG	Uni Fuels Holdings	Pair Corr

Related Correlations Analysis

	GLP	TK	ACDC	WBI	PDS	TTI	DEC	TNP	TEN-PE	NBR
GLP		-0.55	0.07	0.29	-0.19	-0.56	-0.15	0.0	-0.49	-0.4	GLP
TK	-0.55		0.1	-0.41	0.29	0.54	0.51	0.0	0.79	0.65	TK
ACDC	0.07	0.1		0.19	0.08	0.02	-0.29	0.0	0.32	0.39	ACDC
WBI	0.29	-0.41	0.19		-0.78	-0.74	-0.43	0.0	-0.49	-0.55	WBI
PDS	-0.19	0.29	0.08	-0.78		0.78	0.57	0.0	0.6	0.8	PDS
TTI	-0.56	0.54	0.02	-0.74	0.78		0.39	0.0	0.69	0.77	TTI
DEC	-0.15	0.51	-0.29	-0.43	0.57	0.39		0.0	0.47	0.56	DEC
TNP	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	TNP
TEN-PE	-0.49	0.79	0.32	-0.49	0.6	0.69	0.47	0.0		0.86	TEN-PE
NBR	-0.4	0.65	0.39	-0.55	0.8	0.77	0.56	0.0	0.86		NBR
	GLP	TK	ACDC	WBI	PDS	TTI	DEC	TNP	TEN-PE	NBR

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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

NBR	+ 0.86	TEN-PE
NBR	+ 0.8	PDS
TEN-PE	+ 0.79	TK
TTI	+ 0.78	PDS
NBR	+ 0.77	TTI
TEN-PE	+ 0.69	TTI

High negative correlations

PDS	- 0.78	WBI
TTI	- 0.74	WBI
TTI	- 0.56	GLP
NBR	- 0.55	WBI
TK	- 0.55	GLP
TEN-PE	- 0.49	WBI

Risk-Adjusted Indicators

There is a big difference between NGL Stock performing well and NGL 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 NGL 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
GLP	1.27	(0.28)	0.00	(0.40)	0.00	0.00	3.06	(2.38)	8.47
TK	1.52	0.08	0.01	1.23	1.71	(1.58)	3.06	(2.48)	9.41
ACDC	3.85	0.02	0.01	0.09	5.00	(4.69)	8.98	(7.58)	44.42
WBI	2.05	(0.31)	0.00	(0.09)	0.00	0.00	3.99	(4.35)	10.75
PDS	1.54	0.18	0.09	0.23	1.85	(1.64)	2.93	(3.23)	7.44
TTI	3.07	0.69	0.23	0.45	2.93	(3.69)	8.52	(4.96)	21.19
DEC	1.73	0.00	(0.02)	0.07	2.28	(1.76)	3.58	(4.18)	12.72
TNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TEN-PE	0.29	(0.01)	(0.17)	0.05	0.32	(0.31)	0.58	(0.68)	1.98
NBR	2.80	0.30	0.11	0.22	3.03	(3.30)	9.68	(5.70)	17.72

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