Teekay Correlations

Stocks . USA . 
Stock . Teekay
TK Stock  USD 7.45  0.21  2.74%   
The current 90-days correlation between Teekay and Teekay Tankers is 0.67 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Teekay moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Teekay moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Teekay Correlation With Market

Average diversification

The correlation between Teekay and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Teekay 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 Teekay. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.
For more information on how to buy Teekay Stock please use our How to buy in Teekay Stock guide.

Moving together with Teekay Stock

  0.83DHT DHT HoldingsPairCorr
  0.84FRO Frontline Earnings Call TomorrowPairCorr
  0.62LPG Dorian LPGPairCorr
  0.84TEN Tsakos Energy Navigation Symbol ChangePairCorr
  0.84TNK Teekay TankersPairCorr
  0.87INSW International SeawaysPairCorr

Moving against Teekay Stock

  0.53DTM DT MidstreamPairCorr
  0.51KMI Kinder Morgan Sell-off TrendPairCorr
  0.5OKE ONEOK IncPairCorr
  0.49ET Energy Transfer LP Aggressive PushPairCorr
  0.49VNOM Viper Energy UtPairCorr
  0.46LNG Cheniere Energy Sell-off TrendPairCorr
  0.42EPD Enterprise ProductsPairCorr
  0.41CQP Cheniere Energy PartnersPairCorr
  0.39ENLC EnLink Midstream LLCPairCorr
  0.38EE Excelerate EnergyPairCorr
  0.37ENB EnbridgePairCorr
  0.36DLNG Dynagas LNG Partners Earnings Call TomorrowPairCorr
  0.33GLP Global Partners LPPairCorr
  0.55WMB Williams CompaniesPairCorr
  0.53GLP-PB Global Partners LPPairCorr
  0.53TRGP Targa ResourcesPairCorr
  0.49TRP TC Energy CorpPairCorr
  0.48KNTK Kinetik HoldingsPairCorr
  0.47DLNG-PB Dynagas LNG Partners Earnings Call TomorrowPairCorr
  0.46ET-PI Energy Transfer LP Potential GrowthPairCorr
  0.39MMLP Martin Midstream PartnersPairCorr
  0.36MPLX MPLX LPPairCorr

Related Correlations Analysis

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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   
INSW
+ 0.99
TNK
STNG
+ 0.98
TNK
STNG
+ 0.97
INSW
INSW
+ 0.95
FRO
FRO
+ 0.94
TNK
STNG
+ 0.93
FRO
  
High negative correlations   
TNP
- 0.71
STNG
TNP
- 0.68
FRO
TNP
- 0.66
INSW
TNP
- 0.64
TNK
EURN
- 0.6
STNG
EURN
- 0.5
TNK

Risk-Adjusted Indicators

There is a big difference between Teekay Stock performing well and Teekay 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 Teekay'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.

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