Companhia Energetica Correlations

CIG Stock

USD 1.83 0.01 0.54%

The current 90-days correlation between Companhia Energetica and NorthWestern is 0.29 (i.e., Modest diversification). The correlation of Companhia Energetica 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.

Companhia Energetica Correlation With Market

Significant diversification

The correlation between Companhia Energetica de and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia Energetica de 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 Companhia Energetica de. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Companhia Stock

0.66	ALE	Allete Inc	Pair Corr
0.74	AQN	Algonquin Power Utilities	Pair Corr
0.72	UTL	UNITIL	Pair Corr
0.65	BIP-PA	Brookfield Infrastructure	Pair Corr
0.69	ED	Consolidated Edison	Pair Corr
0.78	ES	Eversource Energy Sell-off Trend	Pair Corr
0.73	HE	Hawaiian Electric	Pair Corr
0.7	NI	NiSource	Pair Corr
0.71	SO	Southern	Pair Corr
0.76	SR	Spire Inc	Pair Corr
0.82	DUKB	Duke Energy Corp	Pair Corr
0.86	ELPC	Companhia Paranaense	Pair Corr
0.84	ENIC	Enel Chile SA	Pair Corr
0.78	EVRG	Evergy,	Pair Corr
0.74	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.75	AEP	American Electric Power	Pair Corr
0.7	ATO	Atmos Energy	Pair Corr
0.68	BKH	Black Hills	Pair Corr
0.68	CMS	CMS Energy	Pair Corr

Moving against Companhia Stock

0.6	RNWWW	ReNew Energy Global	Pair Corr
0.44	SRE	Sempra Energy	Pair Corr
0.44	ELLO	Ellomay Capital Earnings Call This Week	Pair Corr
0.37	AES	AES	Pair Corr
0.34	MNTK	Montauk Renewables	Pair Corr
0.84	XIFR	XPLR Infrastructure Symbol Change	Pair Corr
0.7	NFE	New Fortress Energy Buyout Trend	Pair Corr
0.59	EIX	Edison International	Pair Corr
0.4	GEV	GE Vernova LLC	Pair Corr
0.4	GNE	Genie Energy	Pair Corr
0.33	EDN	Empresa Distribuidora	Pair Corr

Related Correlations Analysis

	NWE	MNTK	ALE	EONGY	ELP	OTTR	AVA	CMNR	ACLLF	RWEOY
NWE		-0.7	0.72	0.0	0.67	0.79	0.87	0.0	0.51	0.82	NWE
MNTK	-0.7		-0.39	0.0	-0.47	-0.56	-0.77	0.0	-0.57	-0.86	MNTK
ALE	0.72	-0.39		0.0	0.85	0.86	0.73	0.0	0.51	0.61	ALE
EONGY	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	EONGY
ELP	0.67	-0.47	0.85	0.0		0.85	0.69	0.0	0.6	0.65	ELP
OTTR	0.79	-0.56	0.86	0.0	0.85		0.78	0.0	0.65	0.68	OTTR
AVA	0.87	-0.77	0.73	0.0	0.69	0.78		0.0	0.7	0.84	AVA
CMNR	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CMNR
ACLLF	0.51	-0.57	0.51	0.0	0.6	0.65	0.7	0.0		0.63	ACLLF
RWEOY	0.82	-0.86	0.61	0.0	0.65	0.68	0.84	0.0	0.63		RWEOY
	NWE	MNTK	ALE	EONGY	ELP	OTTR	AVA	CMNR	ACLLF	RWEOY

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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

AVA	+ 0.87	NWE
OTTR	+ 0.86	ALE
ELP	+ 0.85	ALE
OTTR	+ 0.85	ELP
RWEOY	+ 0.84	AVA
RWEOY	+ 0.82	NWE

High negative correlations

RWEOY	- 0.86	MNTK
AVA	- 0.77	MNTK
MNTK	- 0.7	NWE
ACLLF	- 0.57	MNTK
OTTR	- 0.56	MNTK
ELP	- 0.47	MNTK

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia Energetica 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 Companhia Energetica'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
NWE	1.12	0.17	0.12	0.47	1.51	(1.12)	2.32	(2.57)	7.16
MNTK	4.09	(0.63)	0.00	(0.64)	0.00	0.00	7.25	(10.21)	30.69
ALE	0.21	0.03	0.23	0.44	0.17	(0.23)	0.50	(0.48)	1.28
EONGY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ELP	1.63	0.34	0.17	0.78	1.83	(1.74)	3.42	(2.53)	8.80
OTTR	1.22	0.12	0.09	0.29	1.48	(1.27)	2.36	(2.12)	8.55
AVA	1.00	0.16	0.11	0.49	1.49	(1.00)	2.36	(3.47)	6.64
CMNR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ACLLF	0.91	0.03	0.05	0.06	1.07	(0.91)	1.83	(1.74)	4.60
RWEOY	1.20	0.29	0.15	0.54	1.66	(1.18)	2.72	(2.82)	7.81

Companhia Energetica Corporate Management

Thadeu Silva	Chief Board	Profile
Paulo Guimares	Head Finance	Profile
Cristiana Pereira	Deputy Sustainability	Profile
Jose Magalhaes	Director	Profile
Paulo Silva	Director	Profile

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