Algonquin Power Correlations

AQN Stock

USD 5.11 0.04 0.78%

The current 90-days correlation between Algonquin Power Utilities and Brookfield Renewable Corp is 0.09 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Algonquin Power moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Algonquin Power Utilities moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Algonquin Power Correlation With Market

Modest diversification

The correlation between Algonquin Power Utilities and DJI is 0.25 (i.e., Modest 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.

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

Moving together with Algonquin Stock

0.86	ELPC	Companhia Paranaense	Pair Corr
0.8	ALE	Allete Inc	Pair Corr
0.84	AVA	Avista	Pair Corr
0.71	CIG	Companhia Energetica	Pair Corr
0.86	ELP	Companhia Paranaense	Pair Corr
0.8	UTL	UNITIL	Pair Corr
0.81	OTTR	Otter Tail	Pair Corr
0.88	ED	Consolidated Edison	Pair Corr
0.87	ES	Eversource Energy	Pair Corr
0.86	HE	Hawaiian Electric	Pair Corr
0.82	NI	NiSource	Pair Corr
0.87	SO	Southern	Pair Corr
0.9	SR	Spire Inc	Pair Corr
0.67	CMS-PB	Consumers Energy	Pair Corr
0.9	ENIC	Enel Chile SA	Pair Corr
0.87	EVRG	Evergy,	Pair Corr
0.74	WTRG	Essential Utilities	Pair Corr
0.81	AEE	Ameren Corp	Pair Corr
0.84	AEP	American Electric Power	Pair Corr
0.86	ATO	Atmos Energy	Pair Corr
0.82	AWK	American Water Works	Pair Corr

Moving against Algonquin Stock

0.64	SRE	Sempra Energy	Pair Corr
0.64	MNTK	Montauk Renewables	Pair Corr
0.47	CMS-PC	CMS Energy	Pair Corr
0.46	BIP	Brookfield Infrastructure	Pair Corr
0.77	RNWWW	ReNew Energy Global	Pair Corr
0.6	WAVE	Eco Wave Power	Pair Corr
0.38	ELLO	Ellomay Capital Earnings Call This Week	Pair Corr
0.38	ADN	Advent Technologies	Pair Corr
0.34	CEG	Constellation Energy Corp	Pair Corr

Related Correlations Analysis

	BEPC	NEP	CWEN	AY	CWEN-A	AQNU	BEP	AMPS	AZRE
BEPC		-0.3	0.62	0.0	0.6	0.0	0.91	0.58	0.0	BEPC
NEP	-0.3		-0.6	0.0	-0.59	0.0	-0.32	-0.33	0.0	NEP
CWEN	0.62	-0.6		0.0	1.0	0.0	0.65	0.69	0.0	CWEN
AY	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	AY
CWEN-A	0.6	-0.59	1.0	0.0		0.0	0.64	0.69	0.0	CWEN-A
AQNU	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AQNU
BEP	0.91	-0.32	0.65	0.0	0.64	0.0		0.59	0.0	BEP
AMPS	0.58	-0.33	0.69	0.0	0.69	0.0	0.59		0.0	AMPS
AZRE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		AZRE
	BEPC	NEP	CWEN	AY	CWEN-A	AQNU	BEP	AMPS	AZRE

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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

CWEN-A	+ 1.0	CWEN
BEP	+ 0.91	BEPC
AMPS	+ 0.69	CWEN
AMPS	+ 0.69	CWEN-A
BEP	+ 0.65	CWEN
BEP	+ 0.64	CWEN-A

High negative correlations

CWEN	- 0.6	NEP
CWEN-A	- 0.59	NEP
AMPS	- 0.33	NEP
BEP	- 0.32	NEP
NEP	- 0.3	BEPC
AZRE	- 0.0	AMPS

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
BEPC	1.73	0.01	0.00	(0.02)	2.34	(1.61)	2.73	(3.46)	9.49
NEP	2.80	(0.88)	0.00	(1.42)	0.00	0.00	4.13	(6.77)	37.72
CWEN	1.19	0.26	0.17	2.01	1.32	(1.35)	2.64	(2.67)	9.09
AY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CWEN-A	1.18	0.26	0.17	1.90	1.29	(1.30)	2.63	(2.60)	9.04
AQNU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BEP	1.53	0.03	0.01	0.74	1.97	(1.57)	2.91	(3.69)	10.07
AMPS	2.30	0.49	0.16	(0.57)	2.07	(2.91)	6.49	(5.51)	27.76
AZRE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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