MGE Energy Correlations

MGEE Stock

USD 85.89 0.36 0.42%

The current 90-days correlation between MGE Energy and IDACORP is 0.61 (i.e., Poor diversification). The correlation of MGE Energy 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.

MGE Energy Correlation With Market

Very weak diversification

The correlation between MGE Energy and DJI is 0.45 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MGE Energy and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with MGE Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in MGE 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 income.

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

Moving together with MGE Stock

0.65	FE	FirstEnergy	Pair Corr
0.66	EDN	Empresa Distribuidora	Pair Corr
0.64	EIX	Edison International Earnings Call This Week	Pair Corr
0.62	NWE	NorthWestern	Pair Corr
0.76	PCG	PGE Corp	Pair Corr
0.63	POR	Portland General Electric Earnings Call This Week	Pair Corr

Moving against MGE Stock

0.56	EMA	Emera Incorporated	Pair Corr
0.48	CMS-PC	CMS Energy Earnings Call This Week	Pair Corr
0.44	D	Dominion Energy	Pair Corr
0.42	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.39	SO	Southern	Pair Corr
0.6	KEP	Korea Electric Power	Pair Corr
0.55	TLN	Talen Energy Upward Rally	Pair Corr
0.48	NEE	Nextera Energy Earnings Call This Week	Pair Corr
0.47	SCE-PJ	SCE Trust IV	Pair Corr
0.43	GNE	Genie Energy	Pair Corr
0.43	PEG	Public Service Enterprise	Pair Corr

Related Correlations Analysis

	LNT	IDA	POR	CMS	TXNM	MSEX	BKH	MGRC	CTBI
LNT		0.62	0.12	0.15	0.39	-0.27	0.01	0.44	0.54	LNT
IDA	0.62		0.39	0.46	0.08	0.19	0.39	-0.08	0.07	IDA
POR	0.12	0.39		0.65	-0.57	0.72	0.74	-0.48	-0.46	POR
CMS	0.15	0.46	0.65		-0.68	0.8	0.86	-0.66	-0.45	CMS
TXNM	0.39	0.08	-0.57	-0.68		-0.77	-0.68	0.75	0.62	TXNM
MSEX	-0.27	0.19	0.72	0.8	-0.77		0.88	-0.86	-0.81	MSEX
BKH	0.01	0.39	0.74	0.86	-0.68	0.88		-0.72	-0.64	BKH
MGRC	0.44	-0.08	-0.48	-0.66	0.75	-0.86	-0.72		0.87	MGRC
CTBI	0.54	0.07	-0.46	-0.45	0.62	-0.81	-0.64	0.87		CTBI
	LNT	IDA	POR	CMS	TXNM	MSEX	BKH	MGRC	CTBI

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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

BKH	+ 0.88	MSEX
CTBI	+ 0.87	MGRC
BKH	+ 0.86	CMS
MSEX	+ 0.8	CMS
MGRC	+ 0.75	TXNM
BKH	+ 0.74	POR

High negative correlations

MGRC	- 0.86	MSEX
CTBI	- 0.81	MSEX
MSEX	- 0.77	TXNM
MGRC	- 0.72	BKH
BKH	- 0.68	TXNM
TXNM	- 0.68	CMS

Risk-Adjusted Indicators

There is a big difference between MGE Stock performing well and MGE 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 MGE 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
LNT	0.91	0.01	(0.05)	0.15	1.25	(0.87)	1.58	(2.03)	6.57
IDA	0.86	(0.03)	(0.09)	0.05	1.14	(0.83)	1.72	(1.70)	4.66
POR	0.96	(0.18)	0.00	(0.17)	0.00	0.00	1.56	(2.01)	6.75
CMS	0.88	(0.07)	0.00	(0.08)	0.00	0.00	1.51	(1.83)	5.27
TXNM	0.56	0.06	(0.01)	0.28	0.63	(0.66)	1.02	(0.73)	7.66
MSEX	1.15	(0.26)	0.00	(0.61)	0.00	0.00	2.31	(3.86)	8.31
BKH	0.78	(0.12)	0.00	(0.16)	0.00	0.00	1.32	(1.79)	6.46
MGRC	1.27	(0.01)	(0.01)	0.12	1.34	(1.35)	2.35	(2.51)	6.36
CTBI	1.11	0.22	0.18	0.38	0.84	(1.33)	2.63	(1.71)	5.86

MGE Energy Corporate Management

Tamara Johnson	VP Officer	Profile
Lynn Hobbie	Executive Communications	Profile
Ken Frassetto	Director Management	Profile
Jenny Lagerwall	Assistant Controller	Profile
Melissa Garner	Assistant Resources	Profile
James Lorenz	Vice Operations	Profile

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