Avista Correlations

AVA Stock

USD 39.99 0.04 0.10%

The current 90-days correlation between Avista and Allete Inc is 0.38 (i.e., Weak diversification). The correlation of Avista 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.

Avista Correlation With Market

Modest diversification

The correlation between Avista and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avista 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 Avista. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

For information on how to trade Avista Stock refer to our How to Trade Avista Stock guide.

Moving together with Avista Stock

0.66	ALE	Allete Inc	Pair Corr
0.77	AQN	Algonquin Power Utilities	Pair Corr
0.63	D	Dominion Energy	Pair Corr
0.92	ED	Consolidated Edison	Pair Corr
0.76	ES	Eversource Energy	Pair Corr
0.77	HE	Hawaiian Electric	Pair Corr
0.76	NI	NiSource Sell-off Trend	Pair Corr
0.92	SO	Southern	Pair Corr
0.87	SR	Spire Inc	Pair Corr
0.71	DUKB	Duke Energy Corp	Pair Corr
0.71	ENIC	Enel Chile SA	Pair Corr
0.79	EVRG	Evergy,	Pair Corr
0.75	WTRG	Essential Utilities	Pair Corr
0.78	AEE	Ameren Corp	Pair Corr
0.79	AEP	American Electric Power	Pair Corr
0.88	ATO	Atmos Energy	Pair Corr
0.91	AWK	American Water Works	Pair Corr
0.73	BKH	Black Hills	Pair Corr
0.93	CMS	CMS Energy	Pair Corr

Moving against Avista Stock

0.76	SRE	Sempra Energy	Pair Corr
0.69	MNTK	Montauk Renewables	Pair Corr
0.63	RNWWW	ReNew Energy Global	Pair Corr
0.56	BIP	Brookfield Infrastructure	Pair Corr
0.52	EDN	Empresa Distribuidora	Pair Corr
0.41	CEG	Constellation Energy Corp	Pair Corr
0.4	EIX	Edison International	Pair Corr

Related Correlations Analysis

	ALE	BKH	MNTK	ELP	NWE	OTTR	AES	BIP	UTL
ALE		0.37	-0.2	0.83	0.72	0.8	-0.77	-0.24	0.34	ALE
BKH	0.37		-0.43	0.55	0.46	0.66	-0.1	-0.09	0.86	BKH
MNTK	-0.2	-0.43		-0.19	-0.52	-0.4	-0.16	0.83	-0.24	MNTK
ELP	0.83	0.55	-0.19		0.57	0.8	-0.74	-0.09	0.53	ELP
NWE	0.72	0.46	-0.52	0.57		0.69	-0.43	-0.5	0.2	NWE
OTTR	0.8	0.66	-0.4	0.8	0.69		-0.51	-0.27	0.63	OTTR
AES	-0.77	-0.1	-0.16	-0.74	-0.43	-0.51		-0.06	-0.08	AES
BIP	-0.24	-0.09	0.83	-0.09	-0.5	-0.27	-0.06		0.04	BIP
UTL	0.34	0.86	-0.24	0.53	0.2	0.63	-0.08	0.04		UTL
	ALE	BKH	MNTK	ELP	NWE	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	+ 0.86	BKH
ELP	+ 0.83	ALE
BIP	+ 0.83	MNTK
OTTR	+ 0.8	ALE
OTTR	+ 0.8	ELP
NWE	+ 0.72	ALE

High negative correlations

AES	- 0.77	ALE
AES	- 0.74	ELP
NWE	- 0.52	MNTK
AES	- 0.51	OTTR
BIP	- 0.5	NWE
AES	- 0.43	NWE

Risk-Adjusted Indicators

There is a big difference between Avista Stock performing well and Avista 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 Avista'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
BKH	0.89	0.04	0.08	(0.01)	1.32	(0.90)	1.58	(2.11)	7.57
MNTK	3.95	(0.75)	0.00	(1.30)	0.00	0.00	6.16	(10.21)	27.24
ELP	1.73	0.31	0.15	0.60	2.24	(1.77)	3.42	(4.03)	8.80
NWE	1.14	0.15	0.14	0.32	1.45	(1.16)	2.32	(2.57)	7.16
OTTR	1.25	0.17	0.14	0.29	1.49	(1.31)	2.36	(2.12)	8.55
AES	2.04	0.02	0.00	(0.08)	0.00	0.00	4.20	(4.24)	15.11
BIP	1.39	(0.19)	0.00	(0.30)	0.00	0.00	2.19	(3.39)	8.95
UTL	1.05	0.02	0.00	(0.07)	0.00	0.00	2.15	(3.06)	6.36

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