Algonquin Power Correlations

AQN Stock

USD 5.93 0.06 1.02%

The current 90-days correlation between Algonquin Power Utilities and Brookfield Renewable Corp is 0.39 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Algonquin Power moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Algonquin Power Utilities moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Algonquin Power Correlation With Market

Significant diversification

The correlation between Algonquin Power Utilities and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Algonquin Power Utilities and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Algonquin Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Algonquin Power Utilities. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Algonquin Stock

0.71	ELPC	Companhia Paranaense	Pair Corr
0.77	BIP	Brookfield Infrastructure	Pair Corr
0.7	CIG	Companhia Energetica	Pair Corr
0.65	BIP-PA	Brookfield Infrastructure	Pair Corr
0.65	BIP-PB	Brookfield Infrastructure	Pair Corr
0.73	D	Dominion Energy	Pair Corr
0.81	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.81	VG	Venture Global,	Pair Corr
0.75	ENLT	Enlight Renewable Energy	Pair Corr
0.83	BEP	Brookfield Renewable	Pair Corr
0.77	CEG	Constellation Energy Corp	Pair Corr

Moving against Algonquin Stock

0.78	UTL	UNITIL	Pair Corr
0.77	AVA	Avista	Pair Corr
0.75	ED	Consolidated Edison	Pair Corr
0.56	FE	FirstEnergy	Pair Corr
0.4	SR	Spire Inc	Pair Corr
0.75	CWT	California Water Service	Pair Corr
0.7	BKH	Black Hills	Pair Corr
0.69	WTRG	Essential Utilities	Pair Corr
0.67	CPK	Chesapeake Utilities	Pair Corr
0.66	EIX	Edison International Earnings Call This Week	Pair Corr
0.56	AWR	American States Water	Pair Corr
0.55	CNP	CenterPoint Energy	Pair Corr
0.52	EDN	Empresa Distribuidora	Pair Corr
0.51	CMS	CMS Energy Earnings Call This Week	Pair Corr
0.5	ATO	Atmos Energy	Pair Corr
0.49	AWK	American Water Works	Pair Corr
0.41	AEE	Ameren Corp	Pair Corr
0.39	DUK	Duke Energy	Pair Corr
0.31	AEP	American Electric Power	Pair Corr

Related Correlations Analysis

	BEP	BEPC	RNW	FTS	CWEN	TU
BEP		0.97	0.82	-0.4	0.93	0.89	BEP
BEPC	0.97		0.85	-0.46	0.94	0.86	BEPC
RNW	0.82	0.85		-0.33	0.79	0.83	RNW
FTS	-0.4	-0.46	-0.33		-0.39	-0.31	FTS
CWEN	0.93	0.94	0.79	-0.39		0.87	CWEN
TU	0.89	0.86	0.83	-0.31	0.87		TU
	BEP	BEPC	RNW	FTS	CWEN	TU

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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

BEPC	+ 0.97	BEP
CWEN	+ 0.94	BEPC
CWEN	+ 0.93	BEP
TU	+ 0.89	BEP
TU	+ 0.87	CWEN
TU	+ 0.86	BEPC

High negative correlations

FTS	- 0.46	BEPC
FTS	- 0.4	BEP
CWEN	- 0.39	FTS
FTS	- 0.33	RNW
TU	- 0.31	FTS

Risk-Adjusted Indicators

There is a big difference between Algonquin Stock performing well and Algonquin Power 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 Algonquin Power'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
BEP	1.41	0.35	0.14	1.56	1.49	(1.54)	3.02	(2.31)	10.09
BEPC	1.51	0.44	0.20	1.45	1.39	(1.70)	3.45	(2.39)	9.89
RNW	1.43	0.28	0.16	0.60	1.24	(1.75)	3.31	(2.24)	12.16
FTS	0.71	0.01	(0.13)	(0.15)	0.93	(0.72)	1.41	(1.55)	4.26
CWEN	1.24	0.14	0.05	0.34	1.57	(1.32)	2.56	(2.33)	7.51
TU	0.76	0.19	0.04	(0.95)	0.56	(0.90)	1.48	(1.12)	8.83

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