Azure Power Correlations

Summary

AZREDelisted Stock

USD 0.34 1.24 78.48%

The current 90-days correlation between Azure Power Global and Altus Power is 0.1 (i.e., Average diversification). The correlation of Azure 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.

Azure Power Correlation With Market

Good diversification

The correlation between Azure Power Global and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Azure Power Global and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Azure Stock

0.65	SOJE	Southern Company	Pair Corr
0.63	SOJC	Southern	Pair Corr
0.68	DTW	DTE Energy	Pair Corr
0.64	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.64	PFE	Pfizer Inc Aggressive Push	Pair Corr

Moving against Azure Stock

0.79	AMZN	Amazon Inc Aggressive Push	Pair Corr
0.73	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.72	BAC	Bank of America Aggressive Push	Pair Corr
0.69	TLN	Talen Energy	Pair Corr
0.63	GOOG	Alphabet Class C Sell-off Trend	Pair Corr
0.62	CNL	Collective Mining	Pair Corr
0.59	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.57	BMYMP	Bristol Myers Squibb	Pair Corr
0.54	NVDA	NVIDIA	Pair Corr
0.69	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.68	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.67	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.66	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.63	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.6	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.57	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.36	HD	Home Depot	Pair Corr
0.34	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	AMPS	ORA	ENLT	FLNC	RNW	NRGV	HLGN	CWEN	BEPC	CWEN-A
AMPS		0.64	0.34	0.09	-0.11	0.56	0.14	-0.06	0.38	0.05	AMPS
ORA	0.64		-0.05	0.23	-0.39	0.89	-0.32	-0.23	0.54	-0.11	ORA
ENLT	0.34	-0.05		-0.09	0.1	-0.05	0.24	0.2	0.14	0.21	ENLT
FLNC	0.09	0.23	-0.09		0.34	-0.01	-0.08	0.34	0.44	0.35	FLNC
RNW	-0.11	-0.39	0.1	0.34		-0.49	0.33	0.53	0.24	0.48	RNW
NRGV	0.56	0.89	-0.05	-0.01	-0.49		-0.44	-0.42	0.4	-0.3	NRGV
HLGN	0.14	-0.32	0.24	-0.08	0.33	-0.44		0.55	-0.43	0.55	HLGN
CWEN	-0.06	-0.23	0.2	0.34	0.53	-0.42	0.55		0.08	0.99	CWEN
BEPC	0.38	0.54	0.14	0.44	0.24	0.4	-0.43	0.08		0.13	BEPC
CWEN-A	0.05	-0.11	0.21	0.35	0.48	-0.3	0.55	0.99	0.13		CWEN-A
	AMPS	ORA	ENLT	FLNC	RNW	NRGV	HLGN	CWEN	BEPC	CWEN-A

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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	+ 0.99	CWEN
NRGV	+ 0.89	ORA
ORA	+ 0.64	AMPS
NRGV	+ 0.56	AMPS
CWEN	+ 0.55	HLGN
CWEN-A	+ 0.55	HLGN

High negative correlations

NRGV	- 0.49	RNW
HLGN	- 0.44	NRGV
BEPC	- 0.43	HLGN
CWEN	- 0.42	NRGV
RNW	- 0.39	ORA
HLGN	- 0.32	ORA

Risk-Adjusted Indicators

There is a big difference between Azure Stock performing well and Azure 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 Azure 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
AMPS	4.23	0.61	0.12	0.74	4.45	(4.94)	9.97	(8.53)	37.65
ORA	0.97	0.10	0.02	0.34	1.23	(1.00)	2.30	(1.41)	8.41
ENLT	2.10	0.07	(0.03)	(0.19)	3.30	(1.87)	4.64	(5.21)	13.41
FLNC	3.35	0.14	0.01	0.64	5.50	(3.09)	6.75	(5.63)	30.62
RNW	1.43	0.11	0.00	0.62	2.13	(1.42)	3.74	(3.52)	9.41
NRGV	6.77	1.61	0.18	(39.05)	6.69	(8.18)	21.77	(11.36)	56.58
HLGN	3.40	(0.06)	(0.01)	0.06	3.92	(5.97)	7.69	(7.69)	27.05
CWEN	1.42	0.11	(0.02)	(0.27)	2.21	(1.29)	2.72	(2.89)	14.79
BEPC	1.92	0.24	0.04	(1.35)	2.07	(2.27)	4.48	(2.87)	16.86
CWEN-A	1.43	0.14	(0.01)	(0.31)	2.30	(1.25)	2.78	(2.78)	15.50

Azure Power Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Azure Power stock to make a market-neutral strategy. Peer analysis of Azure Power could also be used in its relative valuation, which is a method of valuing Azure Power by comparing valuation metrics with similar companies.

Altus Power Ormat Technologies Enlight Renewable Energy Fluence Energy Renew Energy Global Energy Vault Holdings Heliogen Clearway Energy Class Brookfield Renewable Corp Clearway Energy Nextera Energy Partners Algonquin Power Utilities Atlantica Sustainable Infrastructure Brookfield Renewable Partners American Airlines Group

Risk & Return

Correlation

Still Interested in Azure Power Global?

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