TOP Ships Correlations
| TOPS Stock | USD 12.51 0.14 1.11% |
The correlation of TOP Ships 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as TOP Ships moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if TOP Ships moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Average diversification
The correlation between TOP Ships and NYA is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TOP Ships and NYA in the same portfolio, assuming nothing else is changed.
TOP |
The ability to find closely correlated positions to TOP Ships could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace TOP Ships when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back TOP Ships - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling TOP Ships to buy it.
Moving against TOP Stock
| 0.77 | LPG | Dorian LPG Financial Report 22nd of May 2024 | PairCorr |
| 0.75 | DLNG | Dynagas LNG Partners Financial Report 18th of June 2024 | PairCorr |
| 0.74 | ETRN | Equitrans Midstream Corp | PairCorr |
| 0.7 | GEL | Genesis Energy LP | PairCorr |
| 0.69 | EE | Excelerate Energy | PairCorr |
| 0.66 | DTM | DT Midstream | PairCorr |
| 0.66 | KMI | Kinder Morgan Aggressive Push | PairCorr |
| 0.58 | ET | Energy Transfer LP Aggressive Push | PairCorr |
| 0.58 | IMPPP | Imperial Petroleum | PairCorr |
| 0.56 | AM | Antero Midstream Partners | PairCorr |
| 0.54 | PAA | Plains All American | PairCorr |
| 0.51 | OKE | ONEOK Inc | PairCorr |
| 0.51 | PBA | Pembina Pipeline Corp | PairCorr |
| 0.5 | ENLC | EnLink Midstream LLC | PairCorr |
| 0.49 | VNOM | Viper Energy Ut | PairCorr |
| 0.49 | FLNG | FLEX LNG Financial Report 21st of May 2024 | PairCorr |
| 0.46 | FRO | Frontline Financial Report 29th of May 2024 | PairCorr |
| 0.43 | DHT | DHT Holdings | PairCorr |
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
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Risk-Adjusted Indicators
There is a big difference between TOP Stock performing well and TOP Ships 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 TOP Ships' 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.Be your own money manager
Our tools can tell you how much better you can do entering a position in TOP Ships without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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The danger of trading TOP Ships is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of TOP Ships is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than TOP Ships. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile TOP Ships is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether TOP Ships is a strong investment it is important to analyze TOP Ships' competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact TOP Ships' future performance. For an informed investment choice regarding TOP Stock, refer to the following important reports: Check out World Market Map to better understand how to build diversified portfolios, which includes a position in TOP Ships. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in american community survey. For more information on how to buy TOP Stock please use our How to Invest in TOP Ships guide.You can also try the Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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When running TOP Ships' price analysis, check to measure TOP Ships' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy TOP Ships is operating at the current time. Most of TOP Ships' value examination focuses on studying past and present price action to predict the probability of TOP Ships' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move TOP Ships' price. Additionally, you may evaluate how the addition of TOP Ships to your portfolios can decrease your overall portfolio volatility.
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Is TOP Ships' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of TOP Ships. If investors know TOP will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about TOP Ships listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.57) | Earnings Share (12.44) | Revenue Per Share 46.115 | Return On Assets 0.0387 | Return On Equity 0.0319 |
The market value of TOP Ships is measured differently than its book value, which is the value of TOP that is recorded on the company's balance sheet. Investors also form their own opinion of TOP Ships' value that differs from its market value or its book value, called intrinsic value, which is TOP Ships' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because TOP Ships' market value can be influenced by many factors that don't directly affect TOP Ships' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between TOP Ships' value and its price as these two are different measures arrived at by different means. Investors typically determine if TOP Ships is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, TOP Ships' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.