TransAlta Corp Correlations

TAC Stock

USD 13.57 0.91 6.28%

The current 90-days correlation between TransAlta Corp and Companhia Paranaense de is -0.07 (i.e., Good diversification). The correlation of TransAlta Corp 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.

TransAlta Corp Correlation With Market

Significant diversification

The correlation between TransAlta Corp and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TransAlta Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with TransAlta Stock

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

For information on how to trade TransAlta Stock refer to our How to Trade TransAlta Stock guide.

Moving together with TransAlta Stock

0.85	BEPC	Brookfield Renewable Corp	Pair Corr
0.61	D3E	D3 Energy	Pair Corr
0.84	002039	Guizhou Qianyuan Power	Pair Corr
0.94	INOXGREEN	Inox Green Energy	Pair Corr
0.65	ELLO	Ellomay Capital	Pair Corr
0.79	ENLT	Enlight Renewable Energy Earnings Call This Week	Pair Corr
0.88	600236	Guangxi Guiguan Electric	Pair Corr
0.75	AES	AES	Pair Corr
0.87	BEP	Brookfield Renewable Sell-off Trend	Pair Corr
0.85	ORA	Ormat Technologies	Pair Corr
0.81	600021	Shanghai Electric Power	Pair Corr
0.79	EOSEW	Eos Energy Enterprises	Pair Corr
0.93	600025	Huaneng Lancang River	Pair Corr
0.68	ADANIGREEN	Adani Green Energy	Pair Corr
0.66	SVIIR	Spring Valley Acquisition	Pair Corr

Moving against TransAlta Stock

0.73	200539	Guangdong Electric Power	Pair Corr
0.64	601778	Jinko Power Technology	Pair Corr
0.52	600744	Datang HuaYin Electric	Pair Corr
0.5	VVPR	VivoPower International	Pair Corr
0.5	603693	Jiangsu New Energy	Pair Corr
0.43	GEV	GE Vernova LLC	Pair Corr
0.83	INDOWIND	Indowind Energy	Pair Corr
0.65	REVV	ReVolve Renewable Power Earnings Call This Week	Pair Corr
0.56	GIP	Green Impact Partners Earnings Call This Week	Pair Corr
0.37	DEL	Delorean	Pair Corr

Related Correlations Analysis

	ELP	IDA	KEN	NRG	PAM	POR	TXNM	UTL	VST
ELP		0.23	0.78	0.68	0.75	0.9	0.83	0.51	-0.48	ELP
IDA	0.23		0.3	0.56	-0.01	0.34	0.13	0.68	0.1	IDA
KEN	0.78	0.3		0.45	0.84	0.92	0.9	0.66	-0.65	KEN
NRG	0.68	0.56	0.45		0.32	0.52	0.42	0.43	0.2	NRG
PAM	0.75	-0.01	0.84	0.32		0.83	0.83	0.48	-0.69	PAM
POR	0.9	0.34	0.92	0.52	0.83		0.93	0.64	-0.67	POR
TXNM	0.83	0.13	0.9	0.42	0.83	0.93		0.45	-0.66	TXNM
UTL	0.51	0.68	0.66	0.43	0.48	0.64	0.45		-0.41	UTL
VST	-0.48	0.1	-0.65	0.2	-0.69	-0.67	-0.66	-0.41		VST
	ELP	IDA	KEN	NRG	PAM	POR	TXNM	UTL	VST

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

TXNM	+ 0.93	POR
POR	+ 0.92	KEN
POR	+ 0.9	ELP
TXNM	+ 0.9	KEN
PAM	+ 0.84	KEN
TXNM	+ 0.83	ELP

High negative correlations

VST	- 0.69	PAM
VST	- 0.67	POR
VST	- 0.66	TXNM
VST	- 0.65	KEN
VST	- 0.48	ELP
VST	- 0.41	UTL

Risk-Adjusted Indicators

There is a big difference between TransAlta Stock performing well and TransAlta Corp 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 TransAlta Corp'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
ELP	1.11	0.22	0.13	0.29	1.29	(1.15)	2.49	(2.63)	6.04
IDA	0.63	0.00	(0.02)	0.01	0.80	(0.64)	1.31	(1.40)	3.68
KEN	1.61	0.32	0.12	0.38	2.21	(1.62)	4.53	(4.37)	12.59
NRG	1.87	0.12	0.06	0.16	1.87	(2.21)	4.02	(3.35)	10.53
PAM	3.09	0.40	0.10	0.51	3.72	(3.60)	6.97	(5.80)	26.30
POR	0.83	0.23	0.23	0.46	0.65	(0.95)	2.09	(1.36)	4.84
TXNM	0.16	0.03	0.08	0.28	0.00	(0.20)	0.47	(0.35)	1.15
UTL	0.95	0.03	0.00	(0.13)	1.20	(1.01)	2.08	(2.19)	5.59
VST	2.29	(0.14)	0.00	(0.17)	0.00	0.00	4.61	(4.84)	14.24

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