Brookfield Renewable Correlations

BEPC Stock

USD 32.68 0.82 2.57%

The current 90-days correlation between Brookfield Renewable Corp and Algonquin Power Utilities is 0.38 (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

Good diversification

The correlation between Brookfield Renewable Corp and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Brookfield Renewable Corp 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 Brookfield Renewable Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Brookfield Stock

0.8	BEP	Brookfield Renewable	Pair Corr
0.76	CEG	Constellation Energy Corp Downward Rally	Pair Corr
0.72	D	Dominion Energy	Pair Corr
0.72	SO	Southern	Pair Corr
0.65	CMS-PB	Consumers Energy	Pair Corr

Moving against Brookfield Stock

0.5	HLGN	Heliogen	Pair Corr
0.48	ALCE	Alternus Energy Group Symbol Change	Pair Corr
0.38	EBR	Centrais Electricas	Pair Corr
0.56	HE	Hawaiian Electric	Pair Corr
0.39	BNRG	Brenmiller Energy	Pair Corr
0.36	ELPC	Companhia Paranaense Downward Rally	Pair Corr

Related Correlations Analysis

	NEP	AQN	CWEN	AY	CWEN-A	BEP	AQNU	RNW
NEP		0.89	0.52	-0.71	0.32	0.37	-0.24	0.7	NEP
AQN	0.89		0.62	-0.71	0.49	0.22	-0.42	0.7	AQN
CWEN	0.52	0.62		-0.1	0.85	0.22	-0.62	0.52	CWEN
AY	-0.71	-0.71	-0.1		0.1	0.1	0.2	-0.32	AY
CWEN-A	0.32	0.49	0.85	0.1		0.1	-0.56	0.47	CWEN-A
BEP	0.37	0.22	0.22	0.1	0.1		0.27	0.48	BEP
AQNU	-0.24	-0.42	-0.62	0.2	-0.56	0.27		-0.16	AQNU
RNW	0.7	0.7	0.52	-0.32	0.47	0.48	-0.16		RNW
	NEP	AQN	CWEN	AY	CWEN-A	BEP	AQNU	RNW

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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

AQN	+ 0.89	NEP
CWEN-A	+ 0.85	CWEN
RNW	+ 0.7	NEP
RNW	+ 0.7	AQN
CWEN	+ 0.62	AQN
CWEN	+ 0.52	NEP

High negative correlations

AY	- 0.71	AQN
AY	- 0.71	NEP
AQNU	- 0.62	CWEN
AQNU	- 0.56	CWEN-A
AQNU	- 0.42	AQN
RNW	- 0.32	AY

Risk-Adjusted Indicators

There is a big difference between Brookfield 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NEP	2.12	(0.58)	0.00	(0.67)	0.00	0.00	3.19	(5.54)	19.99
AQN	1.15	(0.19)	0.00	(0.21)	0.00	0.00	2.06	(2.52)	5.75
CWEN	1.45	0.05	(0.03)	1.66	2.23	(1.29)	2.72	(2.89)	14.79
AY	0.09	0.02	(0.82)	(0.69)	0.00	(0.11)	0.23	(0.18)	0.59
CWEN-A	1.43	0.13	(0.01)	(0.31)	2.30	(1.25)	2.78	(2.78)	15.50
BEP	1.60	0.03	(0.02)	0.19	1.83	(1.85)	3.97	(2.89)	15.83
AQNU	1.36	0.00	0.00	0.11	0.00	0.00	2.49	(3.18)	8.45
RNW	1.45	0.07	(0.01)	0.41	2.14	(1.44)	3.74	(3.52)	9.41

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