Spire Correlations

SR Stock

USD 75.32 0.09 0.12%

The current 90-days correlation between Spire Inc and NewJersey Resources is -0.08 (i.e., Good diversification). The correlation of Spire 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.

Spire Correlation With Market

Average diversification

The correlation between Spire Inc and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Spire Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Spire Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Spire Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Spire Stock

0.63	ATO	Atmos Energy	Pair Corr
0.83	CPK	Chesapeake Utilities	Pair Corr
0.72	NJR	NewJersey Resources	Pair Corr
0.8	NWN	Northwest Natural Gas	Pair Corr
0.69	OGS	One Gas	Pair Corr
0.61	ED	Consolidated Edison	Pair Corr
0.61	SO	Southern	Pair Corr
0.62	WTRG	Essential Utilities	Pair Corr
0.77	AEE	Ameren Corp	Pair Corr
0.89	AEP	American Electric Power	Pair Corr

Moving against Spire Stock

0.6	OPAL	OPAL Fuels	Pair Corr
0.57	UGI	UGI Corporation	Pair Corr
0.57	CTRI	Centuri Holdings,	Pair Corr
0.54	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.53	BIPC	Brookfield Infrastructure	Pair Corr
0.41	VG	Venture Global,	Pair Corr
0.76	ENIC	Enel Chile SA Earnings Call This Week	Pair Corr
0.73	ELPC	Companhia Paranaense	Pair Corr
0.4	AQN	Algonquin Power Utilities	Pair Corr
0.4	BEP	Brookfield Renewable	Pair Corr

Related Correlations Analysis

	NJR	OGS	NI	CPK	NWN	NWE	SWX	ALE
NJR		0.84	-0.24	0.91	0.91	0.91	-0.06	-0.15	NJR
OGS	0.84		-0.06	0.84	0.88	0.89	-0.07	-0.05	OGS
NI	-0.24	-0.06		-0.06	0.0	-0.36	0.75	0.11	NI
CPK	0.91	0.84	-0.06		0.88	0.85	0.1	-0.3	CPK
NWN	0.91	0.88	0.0	0.88		0.84	0.18	0.04	NWN
NWE	0.91	0.89	-0.36	0.85	0.84		-0.31	-0.14	NWE
SWX	-0.06	-0.07	0.75	0.1	0.18	-0.31		0.14	SWX
ALE	-0.15	-0.05	0.11	-0.3	0.04	-0.14	0.14		ALE
	NJR	OGS	NI	CPK	NWN	NWE	SWX	ALE

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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

CPK	+ 0.91	NJR
NWN	+ 0.91	NJR
NWE	+ 0.91	NJR
NWE	+ 0.89	OGS
NWN	+ 0.88	OGS
NWN	+ 0.88	CPK

High negative correlations

NWE	- 0.36	NI
SWX	- 0.31	NWE
ALE	- 0.3	CPK
NI	- 0.24	NJR
ALE	- 0.15	NJR
ALE	- 0.14	NWE

Risk-Adjusted Indicators

There is a big difference between Spire Stock performing well and Spire 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 Spire'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
NJR	0.81	(0.04)	0.00	0.59	0.00	0.00	1.64	(1.70)	4.75
OGS	1.02	(0.08)	0.00	(0.13)	0.00	0.00	2.18	(2.34)	6.71
NI	0.91	0.01	(0.05)	0.16	1.19	(0.92)	2.15	(1.95)	6.03
CPK	1.11	(0.19)	0.00	(0.33)	0.00	0.00	1.77	(2.90)	6.81
NWN	0.93	(0.04)	(0.10)	(0.01)	1.36	(0.91)	2.20	(1.94)	6.27
NWE	0.86	(0.17)	0.00	(0.30)	0.00	0.00	1.40	(2.16)	4.57
SWX	1.21	0.11	0.00	0.75	1.84	(1.26)	2.55	(2.32)	11.50
ALE	0.26	0.00	(0.32)	0.16	0.23	(0.28)	0.59	(0.51)	2.42

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