Southwest Gas Correlations

SWX Stock

USD 77.98 1.01 1.31%

The current 90-days correlation between Southwest Gas Holdings and NewJersey Resources is -0.04 (i.e., Good diversification). The correlation of Southwest Gas 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.

Southwest Gas Correlation With Market

Average diversification

The correlation between Southwest Gas Holdings and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Southwest Gas Holdings and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Southwest Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Southwest Gas Holdings. 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.

Moving together with Southwest Stock

0.75	NI	NiSource	Pair Corr
0.82	SO	Southern	Pair Corr
0.66	CMS-PC	CMS Energy Earnings Call This Week	Pair Corr
0.61	ENLT	Enlight Renewable Energy	Pair Corr
0.7	EVRG	Evergy,	Pair Corr

Moving against Southwest Stock

0.37	FE	FirstEnergy	Pair Corr
0.31	SPH	Suburban Propane Partners	Pair Corr

Related Correlations Analysis

	NJR	NWN	NWE	CPK	SR
NJR		0.91	0.91	0.91	0.72	NJR
NWN	0.91		0.84	0.88	0.8	NWN
NWE	0.91	0.84		0.85	0.62	NWE
CPK	0.91	0.88	0.85		0.83	CPK
SR	0.72	0.8	0.62	0.83		SR
	NJR	NWN	NWE	CPK	SR

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Risk-Adjusted Indicators

There is a big difference between Southwest Stock performing well and Southwest Gas 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 Southwest Gas' 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
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
CPK	1.11	(0.19)	0.00	(0.33)	0.00	0.00	1.77	(2.90)	6.81
SR	0.82	(0.03)	(0.11)	(0.05)	1.21	(0.76)	1.55	(2.11)	4.84

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