Atmos Energy Correlations

ATO Stock

USD 156.66 1.39 0.90%

The current 90-days correlation between Atmos Energy and NewJersey Resources is 0.77 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Atmos Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Atmos Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Atmos Energy Correlation With Market

Modest diversification

The correlation between Atmos Energy and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Atmos Energy and DJI in the same portfolio, assuming nothing else is changed.

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

To learn how to invest in Atmos Stock, please use our How to Invest in Atmos Energy guide.

Moving together with Atmos Stock

0.63	SR	Spire Inc	Pair Corr
0.82	BKH	Black Hills	Pair Corr
0.76	CPK	Chesapeake Utilities	Pair Corr
0.78	NJR	NewJersey Resources	Pair Corr
0.86	NWN	Northwest Natural Gas	Pair Corr
0.89	OGS	One Gas	Pair Corr
0.69	SPH	Suburban Propane Partners	Pair Corr
0.76	ED	Consolidated Edison	Pair Corr
0.83	FE	FirstEnergy	Pair Corr
0.87	WTRG	Essential Utilities	Pair Corr
0.81	AEE	Ameren Corp	Pair Corr
0.7	AEP	American Electric Power	Pair Corr

Moving against Atmos Stock

0.69	VG	Venture Global,	Pair Corr
0.6	BIPC	Brookfield Infrastructure	Pair Corr
0.59	CTRI	Centuri Holdings,	Pair Corr
0.55	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.54	OPAL	OPAL Fuels	Pair Corr
0.53	UGI	UGI Corporation	Pair Corr
0.36	D	Dominion Energy	Pair Corr
0.59	BEP	Brookfield Renewable	Pair Corr
0.53	ELPC	Companhia Paranaense	Pair Corr
0.53	ENLT	Enlight Renewable Energy	Pair Corr
0.5	AQN	Algonquin Power Utilities	Pair Corr

Related Correlations Analysis

	NJR	OGS	NWN	CPK	NIMC	UGIC	UGI	SR	SPH
NJR		0.85	0.91	0.96	0.0	0.0	-0.87	0.8	0.85	NJR
OGS	0.85		0.88	0.84	0.0	0.0	-0.72	0.69	0.74	OGS
NWN	0.91	0.88		0.88	0.0	0.0	-0.71	0.8	0.69	NWN
CPK	0.96	0.84	0.88		0.0	0.0	-0.84	0.83	0.81	CPK
NIMC	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	NIMC
UGIC	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	UGIC
UGI	-0.87	-0.72	-0.71	-0.84	0.0	0.0		-0.57	-0.81	UGI
SR	0.8	0.69	0.8	0.83	0.0	0.0	-0.57		0.56	SR
SPH	0.85	0.74	0.69	0.81	0.0	0.0	-0.81	0.56		SPH
	NJR	OGS	NWN	CPK	NIMC	UGIC	UGI	SR	SPH

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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

CPK	+ 0.96	NJR
NWN	+ 0.91	NJR
NWN	+ 0.88	OGS
CPK	+ 0.88	NWN
OGS	+ 0.85	NJR
SPH	+ 0.85	NJR

High negative correlations

UGI	- 0.87	NJR
UGI	- 0.84	CPK
SPH	- 0.81	UGI
UGI	- 0.72	OGS
UGI	- 0.71	NWN
SR	- 0.57	UGI

Risk-Adjusted Indicators

There is a big difference between Atmos Stock performing well and Atmos Energy 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 Atmos Energy'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
NJR	0.78	(0.12)	0.00	(0.30)	0.00	0.00	1.62	(1.70)	4.75
OGS	1.02	(0.08)	0.00	(0.13)	0.00	0.00	2.18	(2.34)	6.71
NWN	0.93	(0.04)	(0.10)	(0.01)	1.36	(0.91)	2.20	(1.94)	6.27
CPK	1.11	(0.19)	0.00	(0.33)	0.00	0.00	1.77	(2.90)	6.81
NIMC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
UGIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
UGI	0.78	0.18	0.05	0.97	1.01	(0.78)	2.02	(2.14)	7.74
SR	0.82	(0.03)	(0.11)	(0.05)	1.21	(0.76)	1.55	(2.11)	4.84
SPH	1.13	(0.19)	0.00	(0.28)	0.00	0.00	2.23	(2.99)	8.16

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