Pinnacle West Correlations

PNW Stock

USD 93.10 1.35 1.43%

The current 90-days correlation between Pinnacle West Capital and Alliant Energy Corp is 0.8 (i.e., Very poor diversification). The correlation of Pinnacle West 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Pinnacle West Correlation With Market

Weak diversification

The correlation between Pinnacle West Capital and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pinnacle West Capital and DJI in the same portfolio, assuming nothing else is changed.

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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Pinnacle West Capital. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Pinnacle Stock

0.82	ED	Consolidated Edison	Pair Corr
0.72	FE	FirstEnergy Earnings Call This Week	Pair Corr
0.91	AEE	Ameren Corp	Pair Corr
0.86	AEP	American Electric Power Earnings Call This Week	Pair Corr
0.94	CMS	CMS Energy Earnings Call Today	Pair Corr
0.75	CNP	CenterPoint Energy Earnings Call This Week	Pair Corr
0.67	DTE	DTE Energy Earnings Call Today	Pair Corr
0.86	DUK	Duke Energy	Pair Corr
0.65	ETR	Entergy Earnings Call This Week	Pair Corr
0.89	EXC	Exelon Earnings Call This Week	Pair Corr
0.61	FTS	Fortis Inc	Pair Corr
0.83	NWE	NorthWestern Earnings Call This Week	Pair Corr
0.86	OGE	OGE Energy Earnings Call This Week	Pair Corr
0.63	POR	Portland General Electric Earnings Call Tomorrow	Pair Corr
0.93	PPL	PPL Corporation	Pair Corr
0.89	WEC	WEC Energy Group Earnings Call This Week	Pair Corr
0.8	XEL	Xcel Energy	Pair Corr

Moving against Pinnacle Stock

0.75	ELP	Companhia Paranaense	Pair Corr
0.54	ES	Eversource Energy Earnings Call Tomorrow	Pair Corr
0.51	ENIC	Enel Chile SA	Pair Corr
0.75	GNE	Genie Energy	Pair Corr
0.57	TLN	Talen Energy	Pair Corr
0.41	SCE-PJ	SCE Trust IV	Pair Corr
0.4	NEE	Nextera Energy Downward Rally	Pair Corr
0.39	KEP	Korea Electric Power	Pair Corr

Related Correlations Analysis

	LNT	CMS	ETR	EVRG	TXNM	NI	DTE	PEG
LNT		0.28	0.7	0.29	0.43	0.68	0.7	0.29	LNT
CMS	0.28		0.64	0.26	-0.57	0.21	0.68	-0.01	CMS
ETR	0.7	0.64		0.39	0.04	0.72	0.8	0.32	ETR
EVRG	0.29	0.26	0.39		0.2	0.66	0.11	0.68	EVRG
TXNM	0.43	-0.57	0.04	0.2		0.49	-0.05	0.42	TXNM
NI	0.68	0.21	0.72	0.66	0.49		0.46	0.71	NI
DTE	0.7	0.68	0.8	0.11	-0.05	0.46		-0.07	DTE
PEG	0.29	-0.01	0.32	0.68	0.42	0.71	-0.07		PEG
	LNT	CMS	ETR	EVRG	TXNM	NI	DTE	PEG

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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

DTE	+ 0.8	ETR
NI	+ 0.72	ETR
PEG	+ 0.71	NI
ETR	+ 0.7	LNT
DTE	+ 0.7	LNT
NI	+ 0.68	LNT

High negative correlations

TXNM	- 0.57	CMS
PEG	- 0.07	DTE
DTE	- 0.05	TXNM
PEG	- 0.01	CMS

Risk-Adjusted Indicators

There is a big difference between Pinnacle Stock performing well and Pinnacle West 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 Pinnacle West'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	0.90	0.07	(0.02)	0.34	1.19	(0.88)	1.65	(2.03)	6.57
CMS	0.88	(0.02)	(0.10)	0.12	1.17	(0.85)	1.54	(1.83)	5.27
ETR	0.97	0.03	(0.04)	0.21	1.05	(1.09)	2.03	(1.99)	5.53
EVRG	0.89	0.00	(0.08)	0.17	1.22	(0.84)	1.91	(1.74)	6.52
TXNM	0.57	0.06	(0.04)	0.31	0.63	(0.66)	1.02	(0.73)	7.66
NI	0.93	0.05	(0.03)	0.29	1.13	(0.95)	2.15	(1.95)	6.03
DTE	0.81	0.03	(0.07)	0.26	1.00	(0.78)	1.70	(1.66)	5.27
PEG	0.95	(0.03)	(0.08)	0.11	1.28	(0.96)	1.87	(1.99)	4.51

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