Algonquin Power Correlations

751 Stock

EUR 4.55 0.14 2.99%

The current 90-days correlation between Algonquin Power Utilities and COMPUTERSHARE is 0.25 (i.e., Modest diversification). The correlation of Algonquin Power 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.

Algonquin Power Correlation With Market

Good diversification

The correlation between Algonquin Power Utilities and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Algonquin Power Utilities and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Algonquin Power could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Algonquin Power when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Algonquin Power - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Algonquin Power Utilities to buy it.

Moving together with Algonquin Stock

0.64	1YL	PROSUS NV ADR	Pair Corr
0.77	ISHA	INTERSHOP Communications	Pair Corr
0.72	KGHA	KGHM Polska Miedz	Pair Corr

Moving against Algonquin Stock

0.42	HEH	Power Assets Holdings	Pair Corr
0.33	TOMA	Toyota Motor	Pair Corr

Related Correlations Analysis

	5ZO	QCH	9JD	M0G	CVB	TQI1	SMA	QCH
5ZO		-0.13	0.14	-0.17	0.13	-0.19	-0.2	-0.13	5ZO
QCH	-0.13		-0.57	0.85	0.27	0.65	0.67	1.0	QCH
9JD	0.14	-0.57		-0.69	0.22	-0.74	-0.47	-0.57	9JD
M0G	-0.17	0.85	-0.69		0.05	0.8	0.59	0.84	M0G
CVB	0.13	0.27	0.22	0.05		-0.21	0.24	0.27	CVB
TQI1	-0.19	0.65	-0.74	0.8	-0.21		0.47	0.65	TQI1
SMA	-0.2	0.67	-0.47	0.59	0.24	0.47		0.67	SMA
QCH	-0.13	1.0	-0.57	0.84	0.27	0.65	0.67		QCH
	5ZO	QCH	9JD	M0G	CVB	TQI1	SMA	QCH

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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

QCH	+ 1.0	QCH
M0G	+ 0.85	QCH
QCH	+ 0.84	M0G
TQI1	+ 0.8	M0G
SMA	+ 0.67	QCH
QCH	+ 0.67	SMA

High negative correlations

TQI1	- 0.74	9JD
M0G	- 0.69	9JD
QCH	- 0.57	9JD
9JD	- 0.57	QCH
SMA	- 0.47	9JD
TQI1	- 0.21	CVB

Risk-Adjusted Indicators

There is a big difference between Algonquin Stock performing well and Algonquin Power 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 Algonquin Power'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
5ZO	2.00	0.16	0.00	0.23	0.00	0.00	2.56	(3.64)	85.89
QCH	1.39	0.43	0.22	1.80	1.41	(1.74)	2.57	(2.89)	17.00
9JD	2.26	(0.46)	0.00	1.19	0.00	0.00	4.12	(4.96)	21.40
M0G	2.39	0.48	0.20	0.51	2.03	(3.20)	6.52	(3.51)	14.45
CVB	1.82	0.21	0.03	0.18	2.28	(7.71)	6.25	(5.56)	22.29
TQI1	1.55	0.21	0.09	(0.40)	1.86	(1.99)	3.68	(2.74)	12.30
SMA	1.29	0.13	0.05	0.27	1.47	(2.50)	4.08	(2.04)	10.14
QCH	1.54	0.45	0.23	1.11	1.47	(1.95)	2.61	(3.01)	18.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in Algonquin Power without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Algonquin Power Corporate Management

Elected by the shareholders, the Algonquin Power's board of directors comprises two types of representatives: Algonquin Power inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Algonquin. The board's role is to monitor Algonquin Power's management team and ensure that shareholders' interests are well served. Algonquin Power's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Algonquin Power's outside directors are responsible for providing unbiased perspectives on the board's policies.

Jeffery Norman	Chief Officer	Profile
Stephanie Bose	Director Communications	Profile
Anthony Johnston	Chief Officer	Profile
Arthur Kacprzak	Advisor	Profile
Arun Banskota	CEO Pres	Profile
Jennifer Tindale	Chief Legal Officer	Profile
Darren Myers	Chief Officer	Profile

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