ReNew Energy Correlations
| RNWWW Stock | USD 0.17 0.03 21.43% |
The current 90-days correlation between ReNew Energy Global and Valneva SE ADR is 0.05 (i.e., Significant diversification). The correlation of ReNew 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. If the correlation is 0, the equities are not correlated; they are entirely random.
ReNew Energy Correlation With Market
Significant diversification
The correlation between ReNew Energy Global and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ReNew Energy Global and DJI in the same portfolio, assuming nothing else is changed.
Moving together with ReNew Stock
| 0.77 | CEG | Constellation Energy Corp | PairCorr |
| 0.82 | RNW | Renew Energy Global Upward Rally | PairCorr |
| 0.68 | D | Dominion Energy | PairCorr |
| 0.73 | ES | Eversource Energy | PairCorr |
| 0.75 | ELPC | Companhia Paranaense | PairCorr |
| 0.72 | ENIC | Enel Chile SA | PairCorr |
Moving against ReNew Stock
| 0.75 | SUUN | SolarBank Common | PairCorr |
| 0.75 | BNRG | Brenmiller Energy | PairCorr |
| 0.67 | ALCE | Alternus Energy Group | PairCorr |
| 0.47 | ED | Consolidated Edison | PairCorr |
| 0.6 | CMS-PB | Consumers Energy | PairCorr |
| 0.52 | AVA | Avista | PairCorr |
| 0.44 | CMS | CMS Energy | PairCorr |
| 0.35 | SR | Spire Inc | PairCorr |
| 0.33 | CDZIP | Cadiz Depositary Shares | PairCorr |
| 0.31 | AWK | American Water Works | PairCorr |
Related Correlations Analysis
| 0.0 | 0.3 | -0.65 | -0.47 | -0.6 | VALN | ||
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | MDXHF | ||
| 0.3 | 0.0 | 0.12 | 0.09 | 0.08 | CPRX | ||
| -0.65 | 0.0 | 0.12 | 0.48 | 0.83 | TFII | ||
| -0.47 | 0.0 | 0.09 | 0.48 | 0.23 | BEDU | ||
| -0.6 | 0.0 | 0.08 | 0.83 | 0.23 | APGE | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between ReNew Stock performing well and ReNew 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 ReNew 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| VALN | 2.36 | (0.30) | 0.00 | (0.12) | 0.00 | 4.35 | 18.89 | |||
| MDXHF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| CPRX | 1.87 | (0.26) | 0.00 | (0.18) | 0.00 | 2.75 | 11.93 | |||
| TFII | 1.95 | 0.23 | 0.10 | 0.33 | 2.00 | 4.76 | 17.34 | |||
| BEDU | 3.08 | 0.16 | 0.02 | 0.49 | 3.32 | 8.07 | 27.73 | |||
| APGE | 3.15 | 0.29 | 0.09 | 0.29 | 3.55 | 7.29 | 20.15 |
ReNew Energy Corporate Management
| Ajay Bhardwaj | Pres Bus | Profile | |
| Balram Mehta | Group Business | Profile | |
| Muthukumaran | Chief Officer | Profile | |
| Kailash Vaswani | Chief Officer | Profile | |
| Vikas Jain | Group CS | Profile | |
| Mayank Bansal | Group Business | Profile | |
| Nathan Judge | Investor Officer | Profile |