Correlation Between Tsakos Energy and Teekay
Can any of the company-specific risk be diversified away by investing in both Tsakos Energy and Teekay 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 Tsakos Energy and Teekay into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tsakos Energy Navigation and Teekay, you can compare the effects of market volatilities on Tsakos Energy and Teekay 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 Tsakos Energy with a short position of Teekay. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsakos Energy and Teekay.
Diversification Opportunities for Tsakos Energy and Teekay
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tsakos and Teekay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tsakos Energy Navigation and Teekay in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teekay and Tsakos 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 Tsakos Energy Navigation are associated (or correlated) with Teekay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teekay has no effect on the direction of Tsakos Energy i.e., Tsakos Energy and Teekay go up and down completely randomly.
Pair Corralation between Tsakos Energy and Teekay
If you would invest (100.00) in Tsakos Energy Navigation on October 6, 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 |
Tsakos Energy Navigation vs. Teekay
Performance |
| Timeline |
| Tsakos Energy Navigation |
Risk-Adjusted Performance
Weakest
Weak | Strong |
| Teekay |
Tsakos Energy and Teekay Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsakos Energy and Teekay
The main advantage of trading using opposite Tsakos Energy and Teekay positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsakos Energy position performs unexpectedly, Teekay 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 Teekay will offset losses from the drop in Teekay's long position.| Tsakos Energy vs. Octave Specialty Group | Tsakos Energy vs. Innovex International | Tsakos Energy vs. Solaris Energy Infrastructure | Tsakos Energy vs. GasLog Partners LP |
| Teekay vs. Global Partners LP | Teekay vs. Precision Drilling | Teekay vs. Borr Drilling | Teekay vs. NGL Energy Partners |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |