Algonquin Power Correlations

AQNB Stock

USD 25.51 0.25 0.97%

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

Average diversification

The correlation between Algonquin Power Utilities and DJI is 0.11 (i.e., Average 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 board of governors.

Moving together with Algonquin Stock

0.84	DUKB	Duke Energy Corp	Pair Corr
0.89	ED	Consolidated Edison	Pair Corr
0.77	ES	Eversource Energy	Pair Corr
0.78	HE	Hawaiian Electric	Pair Corr
0.73	NI	NiSource	Pair Corr
0.8	SO	Southern	Pair Corr
0.84	SR	Spire Inc	Pair Corr
0.73	CMS-PB	Consumers Energy	Pair Corr
0.84	ELPC	Companhia Paranaense	Pair Corr
0.8	ENIC	Enel Chile SA	Pair Corr
0.84	EVRG	Evergy,	Pair Corr
0.72	WTRG	Essential Utilities	Pair Corr
0.78	AEE	Ameren Corp	Pair Corr
0.79	AEP	American Electric Power	Pair Corr
0.71	ALE	Allete Inc	Pair Corr
0.87	AQN	Algonquin Power Utilities	Pair Corr
0.8	ATO	Atmos Energy	Pair Corr
0.82	AVA	Avista	Pair Corr
0.79	AWK	American Water Works	Pair Corr
0.73	BKH	Black Hills	Pair Corr

Moving against Algonquin Stock

0.81	NOVA	Sunnova Energy Inter	Pair Corr
0.68	RNWWW	ReNew Energy Global	Pair Corr
0.46	CMS-PC	CMS Energy	Pair Corr
0.42	ELLO	Ellomay Capital Earnings Call This Week	Pair Corr
0.69	XIFR	XPLR Infrastructure Symbol Change	Pair Corr
0.57	EDN	Empresa Distribuidora	Pair Corr
0.49	BIP	Brookfield Infrastructure	Pair Corr
0.43	EIX	Edison International	Pair Corr
0.42	GEV	GE Vernova LLC	Pair Corr
0.37	CEG	Constellation Energy Corp	Pair Corr

Related Correlations Analysis

	AQNA	CMSD	AFGB	ARGD	AEFC
AQNA		0.0	0.0	0.0	0.0	AQNA
CMSD	0.0		0.6	0.04	0.69	CMSD
AFGB	0.0	0.6		0.2	0.83	AFGB
ARGD	0.0	0.04	0.2		0.03	ARGD
AEFC	0.0	0.69	0.83	0.03		AEFC
	AQNA	CMSD	AFGB	ARGD	AEFC

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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

AEFC	+ 0.83	AFGB
AEFC	+ 0.69	CMSD
AFGB	+ 0.6	CMSD
ARGD	+ 0.2	AFGB
ARGD	+ 0.04	CMSD
AEFC	+ 0.03	ARGD

High negative correlations

AEFC	- 0.0	AQNA
ARGD	- 0.0	AQNA
AFGB	- 0.0	AQNA
CMSD	- 0.0	AQNA

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
AQNA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CMSD	0.52	(0.05)	0.00	(0.14)	0.00	0.00	1.44	(0.83)	3.33
AFGB	0.58	(0.07)	0.00	(0.22)	0.00	0.00	1.42	(1.32)	3.75
ARGD	0.57	0.00	(0.01)	(0.01)	0.73	(0.56)	0.84	(1.26)	4.40
AEFC	0.71	(0.07)	0.00	(0.21)	0.00	0.00	1.82	(1.41)	4.94

Algonquin Power Corporate Management

David Laney	Independent Director	Profile
George Trisic	Chief Governance Officer, Corporate Secretary	Profile
Dilek Samil	Independent Director	Profile
Jennifer Tindale	Chief Legal Officer	Profile
Mary Paravalos	Chief Compliance and Risk Officer	Profile

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