Correlation Between Clean Energy and Tsakos Energy
Can any of the company-specific risk be diversified away by investing in both Clean Energy and Tsakos Energy at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Clean Energy and Tsakos Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clean Energy Fuels and Tsakos Energy Navigation, you can compare the effects of market volatilities on Clean Energy and Tsakos Energy and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Clean Energy with a short position of Tsakos Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clean Energy and Tsakos Energy.
Diversification Opportunities for Clean Energy and Tsakos Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Clean and Tsakos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Clean Energy Fuels and Tsakos Energy Navigation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tsakos Energy Navigation and Clean Energy is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Clean Energy Fuels are associated (or correlated) with Tsakos Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tsakos Energy Navigation has no effect on the direction of Clean Energy i.e., Clean Energy and Tsakos Energy go up and down completely randomly.
Pair Corralation between Clean Energy and Tsakos Energy
If you would invest (100.00) in Tsakos Energy Navigation on August 18, 2025 and sell it today you would earn a total of 100.00 from holding Tsakos Energy Navigation or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Clean Energy Fuels vs. Tsakos Energy Navigation
Performance |
| Timeline |
| Clean Energy Fuels |
| Tsakos Energy Navigation |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Clean Energy and Tsakos Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clean Energy and Tsakos Energy
The main advantage of trading using opposite Clean Energy and Tsakos Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clean Energy position performs unexpectedly, Tsakos Energy can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Tsakos Energy will offset losses from the drop in Tsakos Energy's long position.| Clean Energy vs. Vital Energy | Clean Energy vs. NGL Energy Partners | Clean Energy vs. Kosmos Energy | Clean Energy vs. Sable Offshore Corp |
| Tsakos Energy vs. Innovex International, | Tsakos Energy vs. Solaris Energy Infrastructure, | Tsakos Energy vs. GasLog Partners LP | Tsakos Energy vs. NPK International |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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