Quanta Services Correlations

PWR Stock

USD 403.31 5.41 1.36%

The current 90-days correlation between Quanta Services and EMCOR Group is 0.69 (i.e., Poor diversification). The correlation of Quanta Services 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.

Quanta Services Correlation With Market

Very weak diversification

The correlation between Quanta Services 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 Quanta Services 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 Quanta Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

To learn how to invest in Quanta Stock, please use our How to Invest in Quanta Services guide.

Moving together with Quanta Stock

0.92	J	Jacobs Solutions	Pair Corr
0.94	DY	Dycom Industries	Pair Corr
0.9	WLDN	Willdan Group	Pair Corr
0.89	ACA	Arcosa Inc	Pair Corr
0.97	ACM	Aecom Technology	Pair Corr
0.88	AGX	Argan Inc	Pair Corr
0.99	APG	Api Group Corp	Pair Corr
0.96	ECG	Everus Construction	Pair Corr
0.97	EME	EMCOR Group Earnings Call This Week	Pair Corr
0.99	FIX	Comfort Systems USA Earnings Call This Week	Pair Corr
0.9	FLR	Fluor	Pair Corr
0.96	GVA	Granite Construction	Pair Corr
0.96	LMB	Limbach Holdings	Pair Corr
0.99	MTZ	MasTec Inc	Pair Corr
0.92	ORN	Orion Group Holdings Earnings Call This Week	Pair Corr
0.85	TIC	Acuren	Pair Corr
0.96	TPC	Tutor Perini	Pair Corr
0.89	GLDD	Great Lakes Dredge	Pair Corr
0.69	ZDAI	Primega Group Holdings Symbol Change	Pair Corr
0.98	IESC	IES Holdings	Pair Corr
0.9	MTRX	Matrix Service	Pair Corr
0.99	MYRG	MYR Group	Pair Corr
0.93	NVEE	NV5 Global	Pair Corr
0.97	PRIM	Primoris Services	Pair Corr
0.94	ROAD	Construction Partners	Pair Corr
0.95	AMRC	Ameresco	Pair Corr
0.61	SHIM	Shimmick Common	Pair Corr
0.9	SLND	Southland Holdings	Pair Corr

Moving against Quanta Stock

0.86	FGL	Founder Group Limited	Pair Corr
0.68	EXPO	Exponent Earnings Call This Week	Pair Corr
0.62	WLGS	Wang Lee Group,	Pair Corr
0.54	VATE	Innovate Corp	Pair Corr
0.73	SKK	PROSHARES ULTRASHORT	Pair Corr
0.51	SKBL	Skyline Builders	Pair Corr

Related Correlations Analysis

	MYRG	DY	EME	FIX	ACM	KBR	FLR	TTEK	GVA	MTZ
MYRG		0.9	0.96	0.97	0.96	-0.41	0.85	0.89	0.93	0.98	MYRG
DY	0.9		0.92	0.96	0.95	-0.51	0.92	0.91	0.97	0.93	DY
EME	0.96	0.92		0.97	0.94	-0.57	0.91	0.89	0.96	0.95	EME
FIX	0.97	0.96	0.97		0.98	-0.43	0.9	0.92	0.98	0.99	FIX
ACM	0.96	0.95	0.94	0.98		-0.36	0.88	0.94	0.97	0.98	ACM
KBR	-0.41	-0.51	-0.57	-0.43	-0.36		-0.65	-0.33	-0.48	-0.36	KBR
FLR	0.85	0.92	0.91	0.9	0.88	-0.65		0.84	0.91	0.87	FLR
TTEK	0.89	0.91	0.89	0.92	0.94	-0.33	0.84		0.93	0.93	TTEK
GVA	0.93	0.97	0.96	0.98	0.97	-0.48	0.91	0.93		0.96	GVA
MTZ	0.98	0.93	0.95	0.99	0.98	-0.36	0.87	0.93	0.96		MTZ
	MYRG	DY	EME	FIX	ACM	KBR	FLR	TTEK	GVA	MTZ

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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

MTZ	+ 0.99	FIX
MTZ	+ 0.98	MYRG
ACM	+ 0.98	FIX
GVA	+ 0.98	FIX
MTZ	+ 0.98	ACM
FIX	+ 0.97	MYRG

High negative correlations

FLR	- 0.65	KBR
KBR	- 0.57	EME
KBR	- 0.51	DY
GVA	- 0.48	KBR
KBR	- 0.43	FIX
KBR	- 0.41	MYRG

Risk-Adjusted Indicators

There is a big difference between Quanta Stock performing well and Quanta Services 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 Quanta Services' 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
MYRG	1.63	0.70	0.45	0.79	0.78	(2.01)	3.33	(2.33)	22.62
DY	1.22	0.81	0.67	(9.47)	0.00	(1.62)	3.29	(1.39)	17.82
EME	1.31	0.44	0.27	0.51	1.20	(1.56)	3.84	(1.97)	7.37
FIX	1.58	0.52	0.30	0.51	1.25	(1.83)	4.51	(2.60)	8.48
ACM	0.80	0.18	0.16	0.39	0.55	(0.89)	1.90	(1.39)	4.41
KBR	1.23	(0.20)	0.00	(0.17)	0.00	0.00	2.59	(2.66)	12.35
FLR	2.03	0.65	0.40	0.80	1.09	(2.66)	5.44	(2.80)	13.87
TTEK	1.02	0.37	0.26	(3.12)	0.47	(1.29)	2.14	(1.42)	14.58
GVA	1.00	0.19	0.15	0.37	0.71	(1.21)	2.26	(1.36)	5.35
MTZ	1.27	0.49	0.31	0.59	1.02	(1.55)	3.64	(2.17)	8.20

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