Brookfield Renewable Correlations

BEP-PA Preferred Stock  USD 19.30  0.07  0.36%   
The current 90-days correlation between Brookfield Renewable and Brookfield Property Partners is 0.34 (i.e., Weak diversification). The correlation of Brookfield Renewable 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.

Brookfield Renewable Correlation With Market

Average diversification

The correlation between Brookfield Renewable Partners and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Brookfield Renewable Partners and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Brookfield Renewable could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Brookfield Renewable when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Brookfield Renewable - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Brookfield Renewable Partners to buy it.

Moving together with Brookfield Preferred Stock

  0.67BEP Brookfield RenewablePairCorr
  0.68DUKB Duke Energy CorpPairCorr
  0.8CMS-PB Consumers EnergyPairCorr
  0.85CMS-PC CMS EnergyPairCorr

Moving against Brookfield Preferred Stock

  0.61HLGN HeliogenPairCorr
  0.5ADN Advent Technologies Downward RallyPairCorr
  0.31ELLO Ellomay CapitalPairCorr
  0.55CIG Companhia EnergeticaPairCorr
  0.39SR Spire IncPairCorr
  0.38HE Hawaiian ElectricPairCorr
  0.34EVRG Evergy,PairCorr
  0.31AGR AvangridPairCorr

Related Correlations Analysis

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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   
BIP-PBBIP-PA
BPYPOETI-P
ETI-PBIP-PB
BPYPOBIP-PB
ETI-PBIP-PA
DUK-PABIP-PA
  
High negative correlations   
BPYPODUK-PA

Risk-Adjusted Indicators

There is a big difference between Brookfield Preferred Stock performing well and Brookfield Renewable 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 Brookfield Renewable'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Brookfield Renewable without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Brookfield Renewable Corporate Management

Jeffrey MartinVP ServicesProfile
Connor TeskeyCEO PartnerProfile
Ralf RankEurope, EquityProfile
Mitchell DavidsonManaging TransitionProfile
Divya BiyaniDirector RelationsProfile
Wyatt HartleyCFO TransitionProfile
Claire HollandVP CommunicationsProfile