Black Hills Correlations

BKH Stock

USD 60.62 0.13 0.21%

The current 90-days correlation between Black Hills and NorthWestern is 0.64 (i.e., Poor diversification). The correlation of Black Hills 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.

Black Hills Correlation With Market

Modest diversification

The correlation between Black Hills and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Black Hills 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 Black Hills. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

For more detail on how to invest in Black Stock please use our How to Invest in Black Hills guide.

Moving together with Black Stock

0.67	NI	NiSource	Pair Corr
0.75	SR	Spire Inc	Pair Corr
0.78	ATO	Atmos Energy	Pair Corr
0.92	CPK	Chesapeake Utilities	Pair Corr
0.73	NJR	NewJersey Resources	Pair Corr
0.93	NWN	Northwest Natural Gas	Pair Corr
0.81	OGS	One Gas	Pair Corr
0.67	SWX	Southwest Gas Holdings	Pair Corr
0.62	UGI	UGI Corporation	Pair Corr
0.78	ED	Consolidated Edison Sell-off Trend	Pair Corr
0.79	ES	Eversource Energy	Pair Corr
0.82	HE	Hawaiian Electric	Pair Corr
0.75	SO	Southern	Pair Corr
0.8	DUKB	Duke Energy Corp	Pair Corr
0.68	CMS-PB	Consumers Energy	Pair Corr
0.61	ENIC	Enel Chile SA	Pair Corr
0.73	EVRG	Evergy,	Pair Corr
0.78	WTRG	Essential Utilities	Pair Corr
0.71	AEE	Ameren Corp	Pair Corr
0.67	AEP	American Electric Power Sell-off Trend	Pair Corr
0.67	AQN	Algonquin Power Utilities	Pair Corr

Moving against Black Stock

0.69	NFE	New Fortress Energy	Pair Corr
0.54	OPAL	OPAL Fuels	Pair Corr
0.43	CTRI	Centuri Holdings,	Pair Corr
0.46	ELLO	Ellomay Capital Potential Growth	Pair Corr

Related Correlations Analysis

	NWE	AVA	OTTR	ELP	ALE	AESC	MNTK	SRE	AES
NWE		0.81	0.73	0.61	0.72	0.0	-0.6	-0.71	-0.29	NWE
AVA	0.81		0.76	0.64	0.69	0.0	-0.73	-0.79	-0.14	AVA
OTTR	0.73	0.76		0.83	0.83	0.0	-0.49	-0.61	-0.42	OTTR
ELP	0.61	0.64	0.83		0.83	0.0	-0.32	-0.52	-0.6	ELP
ALE	0.72	0.69	0.83	0.83		0.0	-0.27	-0.66	-0.68	ALE
AESC	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AESC
MNTK	-0.6	-0.73	-0.49	-0.32	-0.27	0.0		0.73	-0.25	MNTK
SRE	-0.71	-0.79	-0.61	-0.52	-0.66	0.0	0.73		0.22	SRE
AES	-0.29	-0.14	-0.42	-0.6	-0.68	0.0	-0.25	0.22		AES
	NWE	AVA	OTTR	ELP	ALE	AESC	MNTK	SRE	AES

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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

ELP	+ 0.83	OTTR
ALE	+ 0.83	OTTR
ALE	+ 0.83	ELP
AVA	+ 0.81	NWE
OTTR	+ 0.76	AVA
OTTR	+ 0.73	NWE

High negative correlations

SRE	- 0.79	AVA
MNTK	- 0.73	AVA
SRE	- 0.71	NWE
AES	- 0.68	ALE
SRE	- 0.66	ALE
SRE	- 0.61	OTTR

Risk-Adjusted Indicators

There is a big difference between Black Stock performing well and Black Hills 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 Black Hills' 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
NWE	1.13	0.16	0.14	0.36	1.47	(1.14)	2.32	(2.57)	7.16
AVA	1.02	0.15	0.13	0.34	1.52	(1.01)	2.36	(3.47)	6.64
OTTR	1.22	0.14	0.12	0.24	1.47	(1.29)	2.36	(2.12)	8.55
ELP	1.71	0.31	0.15	0.61	2.24	(1.72)	3.42	(4.03)	8.80
ALE	0.22	0.03	0.39	0.32	0.20	(0.22)	0.50	(0.48)	1.28
AESC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MNTK	4.08	(0.78)	0.00	(1.03)	0.00	0.00	7.25	(10.21)	30.69
SRE	1.48	(0.24)	0.00	(0.48)	0.00	0.00	1.90	(3.60)	24.49
AES	2.08	0.03	0.00	(0.05)	0.00	0.00	4.49	(4.24)	15.11

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