Consolidated Edison Correlations

ED Stock

USD 96.60 0.38 0.39%

The current 90-days correlation between Consolidated Edison and WEC Energy Group is 0.66 (i.e., Poor diversification). The correlation of Consolidated Edison 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Consolidated Edison Correlation With Market

Good diversification

The correlation between Consolidated Edison and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Consolidated Edison and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Consolidated Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Consolidated Edison. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

For information on how to trade Consolidated Stock refer to our How to Trade Consolidated Stock guide.

Moving together with Consolidated Stock

0.66	D	Dominion Energy	Pair Corr
0.82	AEE	Ameren Corp	Pair Corr
0.8	CMS	CMS Energy	Pair Corr
0.62	DTE	DTE Energy	Pair Corr
0.69	WEC	WEC Energy Group	Pair Corr

Moving against Consolidated Stock

0.52	SOJE	Southern Company	Pair Corr
0.48	SOJC	Southern	Pair Corr
0.37	DTW	DTE Energy	Pair Corr
0.47	RVLV	Revolve Group LLC	Pair Corr

Related Correlations Analysis

	WEC	PCG	FE	PEG	DTE	AEE	FTS	ETR	CMS	ES
WEC		0.66	0.66	0.64	0.9	0.76	0.36	0.64	0.65	0.71	WEC
PCG	0.66		0.78	0.53	0.5	0.79	0.66	0.82	0.81	0.69	PCG
FE	0.66	0.78		0.43	0.44	0.91	0.86	0.92	0.92	0.57	FE
PEG	0.64	0.53	0.43		0.62	0.66	0.4	0.42	0.59	0.41	PEG
DTE	0.9	0.5	0.44	0.62		0.65	0.17	0.42	0.48	0.62	DTE
AEE	0.76	0.79	0.91	0.66	0.65		0.8	0.84	0.94	0.63	AEE
FTS	0.36	0.66	0.86	0.4	0.17	0.8		0.76	0.88	0.36	FTS
ETR	0.64	0.82	0.92	0.42	0.42	0.84	0.76		0.83	0.74	ETR
CMS	0.65	0.81	0.92	0.59	0.48	0.94	0.88	0.83		0.53	CMS
ES	0.71	0.69	0.57	0.41	0.62	0.63	0.36	0.74	0.53		ES
	WEC	PCG	FE	PEG	DTE	AEE	FTS	ETR	CMS	ES

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Risk-Adjusted Indicators

There is a big difference between Consolidated Stock performing well and Consolidated Edison 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 Consolidated Edison'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
WEC	0.75	(0.02)	0.00	(0.23)	0.00	0.00	1.45	(1.39)	4.32
PCG	1.35	(0.05)	(0.04)	0.00	1.70	(1.28)	3.09	(2.66)	7.13
FE	0.68	0.05	(0.01)	0.41	0.98	(0.63)	1.10	(1.62)	5.40
PEG	0.95	(0.05)	0.00	(0.14)	0.00	0.00	1.76	(2.11)	5.52
DTE	0.73	(0.08)	0.00	(0.12)	0.00	0.00	1.25	(1.81)	4.73
AEE	0.69	(0.03)	0.00	(0.04)	0.00	0.00	1.31	(1.45)	5.74
FTS	0.55	0.05	(0.03)	(1.33)	0.53	(0.60)	1.27	(0.91)	3.22
ETR	0.89	0.07	0.03	0.20	1.07	(0.93)	1.90	(1.71)	5.19
CMS	0.78	(0.02)	(0.06)	(0.01)	1.15	(0.68)	1.29	(1.56)	5.00
ES	1.17	0.07	0.01	0.22	2.59	(1.07)	2.13	(1.91)	17.34

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