AES Correlations

AES Stock

USD 13.05 0.74 6.01%

The current 90-days correlation between AES and Allete Inc is 0.24 (i.e., Modest diversification). The correlation of AES 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.

AES Correlation With Market

Average diversification

The correlation between The AES and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The AES and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in The AES. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving against AES Stock

0.77	ALE	Allete Inc	Pair Corr
0.67	NI	NiSource Sell-off Trend	Pair Corr
0.59	SR	Spire Inc	Pair Corr
0.47	D	Dominion Energy	Pair Corr
0.44	CIG	Companhia Energetica Earnings Call Tomorrow	Pair Corr
0.44	ES	Eversource Energy	Pair Corr
0.41	SO	Southern	Pair Corr
0.39	ED	Consolidated Edison	Pair Corr
0.38	AQN	Algonquin Power Utilities	Pair Corr
0.85	CDZIP	Cadiz Depositary Shares	Pair Corr
0.73	ELPC	Companhia Paranaense	Pair Corr
0.72	ENIC	Enel Chile SA	Pair Corr
0.71	AEE	Ameren Corp	Pair Corr
0.69	AEP	American Electric Power	Pair Corr
0.67	EVRG	Evergy,	Pair Corr
0.61	CEG	Constellation Energy Corp	Pair Corr
0.56	ATO	Atmos Energy	Pair Corr
0.52	DUKB	Duke Energy Corp	Pair Corr
0.38	CMS	CMS Energy	Pair Corr

Related Correlations Analysis

	ALE	AVA	NWE	BIP	BKH	OTTR	ELP	MNTK	AESC
ALE		0.66	0.72	-0.24	0.37	0.8	0.83	-0.2	0.0	ALE
AVA	0.66		0.78	-0.56	0.73	0.74	0.59	-0.69	0.0	AVA
NWE	0.72	0.78		-0.5	0.46	0.69	0.57	-0.52	0.0	NWE
BIP	-0.24	-0.56	-0.5		-0.09	-0.27	-0.09	0.83	0.0	BIP
BKH	0.37	0.73	0.46	-0.09		0.66	0.55	-0.43	0.0	BKH
OTTR	0.8	0.74	0.69	-0.27	0.66		0.8	-0.4	0.0	OTTR
ELP	0.83	0.59	0.57	-0.09	0.55	0.8		-0.19	0.0	ELP
MNTK	-0.2	-0.69	-0.52	0.83	-0.43	-0.4	-0.19		0.0	MNTK
AESC	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		AESC
	ALE	AVA	NWE	BIP	BKH	OTTR	ELP	MNTK	AESC

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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

ELP	+ 0.83	ALE
MNTK	+ 0.83	BIP
OTTR	+ 0.8	ALE
ELP	+ 0.8	OTTR
NWE	+ 0.78	AVA
OTTR	+ 0.74	AVA

High negative correlations

MNTK	- 0.69	AVA
BIP	- 0.56	AVA
MNTK	- 0.52	NWE
BIP	- 0.5	NWE
MNTK	- 0.43	BKH
MNTK	- 0.4	OTTR

Risk-Adjusted Indicators

There is a big difference between AES Stock performing well and AES 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 AES'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
ALE	0.22	0.04	0.46	0.40	0.18	(0.22)	0.50	(0.48)	1.28
AVA	1.02	0.16	0.14	0.36	1.54	(1.02)	2.36	(3.47)	6.64
NWE	1.14	0.15	0.14	0.32	1.45	(1.16)	2.32	(2.57)	7.16
BIP	1.39	(0.19)	0.00	(0.30)	0.00	0.00	2.19	(3.39)	8.95
BKH	0.89	0.04	0.08	(0.01)	1.32	(0.90)	1.58	(2.11)	7.57
OTTR	1.25	0.17	0.14	0.29	1.49	(1.31)	2.36	(2.12)	8.55
ELP	1.73	0.31	0.15	0.60	2.24	(1.77)	3.42	(4.03)	8.80
MNTK	3.95	(0.75)	0.00	(1.30)	0.00	0.00	6.16	(10.21)	27.24
AESC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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