Companhia Paranaense Correlations

ELP Stock

USD 7.28 0.02 0.27%

The current 90-days correlation between Companhia Paranaense and Energy of Minas is 0.45 (i.e., Very weak diversification). The correlation of Companhia Paranaense 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.

Companhia Paranaense Correlation With Market

Average diversification

The correlation between Companhia Paranaense de and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia Paranaense de 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 Companhia Paranaense 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 bureau of economic analysis.

Moving together with Companhia Stock

0.65	D	Dominion Energy	Pair Corr
0.84	ED	Consolidated Edison	Pair Corr
0.85	ES	Eversource Energy Sell-off Trend	Pair Corr
0.71	HE	Hawaiian Electric	Pair Corr
0.79	SO	Southern	Pair Corr
0.92	ENIC	Enel Chile SA	Pair Corr
0.92	EVRG	Evergy,	Pair Corr
0.89	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.89	AEP	American Electric Power	Pair Corr
0.77	CMS	CMS Energy	Pair Corr
0.83	CNP	CenterPoint Energy Sell-off Trend	Pair Corr
0.8	DTE	DTE Energy	Pair Corr
0.88	DUK	Duke Energy	Pair Corr
0.94	EBR	Centrais Electricas	Pair Corr
0.84	ETR	Entergy	Pair Corr
0.91	EXC	Exelon	Pair Corr
0.92	FTS	Fortis Inc	Pair Corr
0.73	IDA	IDACORP	Pair Corr
0.7	KEP	Korea Electric Power	Pair Corr
0.77	LNT	Alliant Energy Corp Sell-off Trend	Pair Corr
0.85	NGG	National Grid PLC	Pair Corr
0.84	OGE	OGE Energy	Pair Corr
0.89	PNW	Pinnacle West Capital	Pair Corr
0.9	PPL	PPL Corporation	Pair Corr
0.89	WEC	WEC Energy Group	Pair Corr
0.75	XEL	Xcel Energy Sell-off Trend	Pair Corr
0.87	DUK-PA	Duke Energy	Pair Corr

Moving against Companhia Stock

0.89	VSTE	Vast Renewables	Pair Corr
0.75	EIX	Edison International	Pair Corr
0.58	EDN	Empresa Distribuidora	Pair Corr
0.45	CMS-PC	CMS Energy	Pair Corr
0.87	VSTEW	Vast Renewables	Pair Corr
0.71	SCE-PG	SCE Trust II	Pair Corr
0.67	PCG	PGE Corp	Pair Corr
0.58	SCE-PJ	SCE Trust IV	Pair Corr
0.58	SCE-PL	SCE Trust VI	Pair Corr
0.45	PEG	Public Service Enterprise	Pair Corr
0.39	GNE	Genie Energy	Pair Corr
0.35	SCE-PK	SCE Trust V	Pair Corr

Related Correlations Analysis

	MNTK	CIG-C	NWE	OTTR	AVA	ALE	BKH	CIG	RWEOY	ENLAY
MNTK		-0.22	-0.7	-0.56	-0.77	-0.39	-0.54	-0.34	-0.86	-0.81	MNTK
CIG-C	-0.22		0.54	0.74	0.6	0.77	0.7	0.89	0.41	0.46	CIG-C
NWE	-0.7	0.54		0.79	0.87	0.72	0.74	0.49	0.82	0.76	NWE
OTTR	-0.56	0.74	0.79		0.78	0.86	0.77	0.7	0.68	0.74	OTTR
AVA	-0.77	0.6	0.87	0.78		0.73	0.83	0.58	0.84	0.81	AVA
ALE	-0.39	0.77	0.72	0.86	0.73		0.64	0.66	0.61	0.67	ALE
BKH	-0.54	0.7	0.74	0.77	0.83	0.64		0.68	0.59	0.64	BKH
CIG	-0.34	0.89	0.49	0.7	0.58	0.66	0.68		0.5	0.54	CIG
RWEOY	-0.86	0.41	0.82	0.68	0.84	0.61	0.59	0.5		0.93	RWEOY
ENLAY	-0.81	0.46	0.76	0.74	0.81	0.67	0.64	0.54	0.93		ENLAY
	MNTK	CIG-C	NWE	OTTR	AVA	ALE	BKH	CIG	RWEOY	ENLAY

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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

ENLAY	+ 0.93	RWEOY
CIG	+ 0.89	CIG-C
AVA	+ 0.87	NWE
ALE	+ 0.86	OTTR
RWEOY	+ 0.84	AVA
BKH	+ 0.83	AVA

High negative correlations

RWEOY	- 0.86	MNTK
ENLAY	- 0.81	MNTK
AVA	- 0.77	MNTK
NWE	- 0.7	MNTK
OTTR	- 0.56	MNTK
BKH	- 0.54	MNTK

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia Paranaense 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 Paranaense'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
MNTK	4.09	(0.63)	0.00	(0.64)	0.00	0.00	7.25	(10.21)	30.69
CIG-C	1.78	(0.02)	0.00	(6.16)	0.00	0.00	3.79	(3.96)	8.04
NWE	1.12	0.17	0.12	0.47	1.51	(1.12)	2.32	(2.57)	7.16
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
ALE	0.21	0.03	0.23	0.44	0.17	(0.23)	0.50	(0.48)	1.28
BKH	0.94	0.00	0.00	(0.04)	0.00	0.00	1.58	(2.11)	7.57
CIG	1.72	0.03	0.02	0.12	2.30	(2.06)	3.78	(3.91)	10.81
RWEOY	1.20	0.29	0.15	0.54	1.66	(1.18)	2.72	(2.82)	7.81
ENLAY	0.89	0.12	0.14	0.84	0.90	(1.11)	1.84	(1.73)	4.48

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