California Water Correlations

CWT Stock

USD 46.97 0.88 1.91%

The current 90-days correlation between California Water Service and SJW Group Common is 0.82 (i.e., Very poor diversification). The correlation of California Water 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. If the correlation is 0, the equities are not correlated; they are entirely random.

California Water Correlation With Market

Weak diversification

The correlation between California Water Service and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Water Service 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 California Water Service. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with California Stock

0.97	WTRG	Essential Utilities	Pair Corr
0.87	AWK	American Water Works	Pair Corr
0.94	AWR	American States Water	Pair Corr
0.84	SJW	SJW Group Common	Pair Corr
0.77	GWRS	Global Water Resources Earnings Call This Week	Pair Corr
0.95	YORW	York Water Earnings Call This Week	Pair Corr
0.96	ARTNA	Artesian Resources	Pair Corr
0.94	MSEX	Middlesex Water Earnings Call Tomorrow	Pair Corr
0.86	PCYO	Pure Cycle	Pair Corr
0.61	ES	Eversource Energy	Pair Corr
0.61	FE	FirstEnergy	Pair Corr
0.72	HE	Hawaiian Electric	Pair Corr
0.68	CMS-PB	Consumers Energy	Pair Corr
0.66	CMS-PC	CMS Energy	Pair Corr
0.67	AVA	Avista	Pair Corr

Moving against California Stock

0.68	CDZI	Cadiz Inc	Pair Corr
0.63	CDZIP	Cadiz Depositary Shares	Pair Corr
0.54	ELLO	Ellomay Capital	Pair Corr
0.52	CEG	Constellation Energy Corp	Pair Corr
0.39	ALE	Allete Inc	Pair Corr
0.32	ENIC	Enel Chile SA Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	SJW	ARTNA	YORW	AWR	MSEX	GWRS	WTRG	AWK	CWCO
SJW		0.86	0.83	0.68	0.66	0.44	0.81	0.8	0.39	SJW
ARTNA	0.86		0.96	0.91	0.91	0.71	0.96	0.88	0.09	ARTNA
YORW	0.83	0.96		0.94	0.9	0.65	0.95	0.81	-0.01	YORW
AWR	0.68	0.91	0.94		0.96	0.78	0.94	0.75	-0.21	AWR
MSEX	0.66	0.91	0.9	0.96		0.88	0.93	0.75	-0.2	MSEX
GWRS	0.44	0.71	0.65	0.78	0.88		0.72	0.62	-0.14	GWRS
WTRG	0.81	0.96	0.95	0.94	0.93	0.72		0.86	-0.01	WTRG
AWK	0.8	0.88	0.81	0.75	0.75	0.62	0.86		0.35	AWK
CWCO	0.39	0.09	-0.01	-0.21	-0.2	-0.14	-0.01	0.35		CWCO
	SJW	ARTNA	YORW	AWR	MSEX	GWRS	WTRG	AWK	CWCO

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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

YORW	+ 0.96	ARTNA
WTRG	+ 0.96	ARTNA
MSEX	+ 0.96	AWR
WTRG	+ 0.95	YORW
AWR	+ 0.94	YORW
WTRG	+ 0.94	AWR

High negative correlations

CWCO	- 0.21	AWR
CWCO	- 0.2	MSEX
CWCO	- 0.14	GWRS
CWCO	- 0.01	WTRG
CWCO	- 0.01	YORW

Risk-Adjusted Indicators

There is a big difference between California Stock performing well and California Water 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 California Water'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
SJW	1.36	(0.01)	0.00	(0.02)	0.00	0.00	3.31	(2.65)	8.48
ARTNA	1.17	(0.07)	0.00	(0.16)	0.00	0.00	2.46	(3.16)	6.25
YORW	0.96	(0.11)	0.00	(0.22)	0.00	0.00	2.52	(3.12)	6.65
AWR	1.09	(0.15)	0.00	(0.19)	0.00	0.00	2.36	(2.90)	6.73
MSEX	1.27	(0.35)	0.00	(0.49)	0.00	0.00	2.71	(2.92)	7.72
GWRS	1.26	(0.25)	0.00	(0.42)	0.00	0.00	2.71	(3.18)	6.71
WTRG	1.05	(0.08)	0.00	(0.14)	0.00	0.00	1.87	(2.65)	7.54
AWK	1.03	0.00	0.00	0.00	1.39	(1.10)	2.72	(2.79)	9.63
CWCO	1.23	0.04	0.02	0.06	1.53	(1.30)	2.38	(2.01)	7.52

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