Centrais Electricas Correlations

EBR Stock

USD 7.16 0.10 1.38%

The current 90-days correlation between Centrais Electricas and Korea Electric Power is 0.12 (i.e., Average diversification). The correlation of Centrais Electricas 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.

Centrais Electricas Correlation With Market

Weak diversification

The correlation between Centrais Electricas Brasileira and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Centrais Electricas Brasileira and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Centrais Electricas Brasileiras. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Centrais Stock

0.93	AQN	Algonquin Power Utilities	Pair Corr
0.74	AMPS	Altus Power	Pair Corr
0.64	SUUN	SolarBank Common	Pair Corr
0.86	CWEN	Clearway Energy Class	Pair Corr
0.95	ED	Consolidated Edison	Pair Corr
0.78	ES	Eversource Energy	Pair Corr
0.79	HE	Hawaiian Electric	Pair Corr
0.8	NI	NiSource	Pair Corr
0.87	SO	Southern	Pair Corr
0.94	SR	Spire Inc	Pair Corr
0.75	CMS-PB	Consumers Energy	Pair Corr
0.76	CDZIP	Cadiz Depositary Shares	Pair Corr
0.93	ELPC	Companhia Paranaense	Pair Corr

Moving against Centrais Stock

0.94	ALCE	Alternus Energy Group	Pair Corr
0.91	HTOO	Fusion Fuel Green	Pair Corr
0.9	FLNC	Fluence Energy	Pair Corr
0.89	NRGV	Energy Vault Holdings	Pair Corr
0.84	RNW	Renew Energy Global	Pair Corr
0.8	XIFR	XPLR Infrastructure Symbol Change	Pair Corr
0.79	HTOOW	Fusion Fuel Green	Pair Corr
0.77	WAVE	Eco Wave Power	Pair Corr
0.75	RNWWW	ReNew Energy Global	Pair Corr
0.54	STEM	Stem Inc	Pair Corr
0.52	ELLO	Ellomay Capital Earnings Call This Week	Pair Corr
0.49	GEV	GE Vernova LLC	Pair Corr
0.38	ADN	Advent Technologies	Pair Corr
0.36	CEG	Constellation Energy Corp	Pair Corr
0.34	VGAS	Verde Clean Fuels	Pair Corr
0.59	CMS-PC	CMS Energy	Pair Corr

Related Correlations Analysis

	GNE	CEPU	KEP	EDN	EQUEY	ELEZY	ETI-P	IDA	MGEE
GNE		0.3	-0.3	0.37	-0.28	-0.09	-0.4	-0.12	0.51	GNE
CEPU	0.3		-0.78	0.76	-0.75	-0.7	-0.69	-0.84	-0.13	CEPU
KEP	-0.3	-0.78		-0.6	0.73	0.67	0.61	0.74	0.06	KEP
EDN	0.37	0.76	-0.6		-0.6	-0.64	-0.63	-0.6	0.12	EDN
EQUEY	-0.28	-0.75	0.73	-0.6		0.79	0.75	0.67	-0.06	EQUEY
ELEZY	-0.09	-0.7	0.67	-0.64	0.79		0.64	0.68	0.05	ELEZY
ETI-P	-0.4	-0.69	0.61	-0.63	0.75	0.64		0.7	-0.23	ETI-P
IDA	-0.12	-0.84	0.74	-0.6	0.67	0.68	0.7		0.33	IDA
MGEE	0.51	-0.13	0.06	0.12	-0.06	0.05	-0.23	0.33		MGEE
	GNE	CEPU	KEP	EDN	EQUEY	ELEZY	ETI-P	IDA	MGEE

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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

ELEZY	+ 0.79	EQUEY
EDN	+ 0.76	CEPU
ETI-P	+ 0.75	EQUEY
IDA	+ 0.74	KEP
EQUEY	+ 0.73	KEP
IDA	+ 0.7	ETI-P

High negative correlations

IDA	- 0.84	CEPU
KEP	- 0.78	CEPU
EQUEY	- 0.75	CEPU
ELEZY	- 0.7	CEPU
ETI-P	- 0.69	CEPU
ELEZY	- 0.64	EDN

Risk-Adjusted Indicators

There is a big difference between Centrais Stock performing well and Centrais Electricas 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 Centrais Electricas' 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
GNE	1.40	0.10	0.06	0.10	1.76	(1.53)	3.44	(3.59)	9.40
CEPU	2.51	(0.14)	0.00	(0.24)	0.00	0.00	6.23	(5.51)	14.76
KEP	1.39	0.10	0.05	0.17	1.91	(1.63)	3.50	(2.44)	12.25
EDN	3.10	(0.30)	0.00	(0.20)	0.00	0.00	5.55	(8.15)	21.66
EQUEY	2.69	0.40	0.07	(69.15)	3.23	(5.33)	8.01	(8.59)	19.68
ELEZY	1.23	0.23	0.14	(4.84)	1.46	(1.20)	2.52	(2.99)	5.79
ETI-P	0.69	0.08	0.11	1.27	0.75	(0.82)	1.65	(1.31)	4.55
IDA	0.87	0.09	0.08	0.28	1.28	(0.84)	1.57	(1.79)	6.15
MGEE	1.12	(0.01)	0.00	(0.05)	0.00	0.00	2.35	(2.37)	9.22

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