Allete Correlations

ALE Stock

USD 65.67 0.28 0.43%

The current 90-days correlation between Allete Inc and Avista is 0.36 (i.e., Weak diversification). The correlation of Allete 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.

Allete Correlation With Market

Good diversification

The correlation between Allete Inc and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allete Inc 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 Allete 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 bureau of economic analysis.

Moving together with Allete Stock

0.71	ELPC	Companhia Paranaense Earnings Call Today	Pair Corr
0.67	ELP	Companhia Paranaense Earnings Call Today	Pair Corr
0.74	NI	NiSource	Pair Corr
0.7	SR	Spire Inc	Pair Corr
0.89	CDZIP	Cadiz Depositary Shares	Pair Corr
0.83	ENIC	Enel Chile SA Earnings Call Today	Pair Corr
0.67	EVRG	Evergy, Earnings Call Today	Pair Corr
0.79	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.76	AEP	American Electric Power	Pair Corr

Moving against Allete Stock

0.9	AES	AES Aggressive Push	Pair Corr
0.6	SRE	Sempra Energy	Pair Corr
0.59	CMS-PC	CMS Energy	Pair Corr
0.48	RNWWW	ReNew Energy Global	Pair Corr
0.46	BIP-PB	Brookfield Infrastructure	Pair Corr
0.37	VGAS	Verde Clean Fuels	Pair Corr
0.89	EIX	Edison International	Pair Corr
0.66	AWR	American States Water	Pair Corr
0.64	WAVE	Eco Wave Power	Pair Corr
0.54	BEP	Brookfield Renewable	Pair Corr
0.53	EDN	Empresa Distribuidora	Pair Corr
0.51	WTRG	Essential Utilities	Pair Corr
0.49	CWT	California Water Service Earnings Call Today	Pair Corr

Related Correlations Analysis

	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL
AVA		0.84	0.19	0.41	0.66	0.0	0.66	0.2	0.7	0.85	AVA
BKH	0.84		0.05	0.35	0.49	0.0	0.67	0.34	0.8	0.94	BKH
MNTK	0.19	0.05		0.41	0.34	0.0	0.32	-0.36	0.3	0.08	MNTK
ELP	0.41	0.35	0.41		0.37	0.0	0.69	-0.63	0.4	0.37	ELP
NWE	0.66	0.49	0.34	0.37		0.0	0.52	-0.14	0.44	0.37	NWE
AESC	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AESC
OTTR	0.66	0.67	0.32	0.69	0.52	0.0		-0.27	0.63	0.7	OTTR
AES	0.2	0.34	-0.36	-0.63	-0.14	0.0	-0.27		0.24	0.32	AES
BIP	0.7	0.8	0.3	0.4	0.44	0.0	0.63	0.24		0.75	BIP
UTL	0.85	0.94	0.08	0.37	0.37	0.0	0.7	0.32	0.75		UTL
	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL

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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

UTL	+ 0.94	BKH
UTL	+ 0.85	AVA
BKH	+ 0.84	AVA
BIP	+ 0.8	BKH
UTL	+ 0.75	BIP
BIP	+ 0.7	AVA

High negative correlations

AES	- 0.63	ELP
AES	- 0.36	MNTK
AES	- 0.27	OTTR
AES	- 0.14	NWE
UTL	- 0.0	AESC
BIP	- 0.0	AESC

Risk-Adjusted Indicators

There is a big difference between Allete Stock performing well and Allete 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 Allete'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
AVA	0.96	0.04	0.02	(0.45)	1.61	(0.86)	2.27	(3.48)	6.64
BKH	0.84	(0.07)	0.00	(0.14)	0.00	0.00	1.58	(1.96)	7.57
MNTK	3.03	0.15	0.04	0.11	3.42	(3.62)	6.16	(5.61)	23.95
ELP	1.78	0.14	0.05	3.41	2.47	(1.70)	3.42	(4.40)	11.66
NWE	1.07	0.00	(0.01)	0.03	1.60	(1.01)	2.21	(2.75)	7.15
AESC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTTR	1.17	0.04	0.02	0.06	1.43	(1.25)	2.06	(2.09)	8.09
AES	1.68	(0.32)	0.00	(1.73)	0.00	0.00	3.56	(4.24)	9.76
BIP	1.25	(0.07)	0.00	(0.08)	0.00	0.00	2.19	(2.26)	8.32
UTL	0.91	(0.02)	0.00	(0.04)	0.00	0.00	2.15	(2.06)	5.84

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