Hawaiian Electric Correlations

HAWEL Stock

USD 15.01 0.49 3.16%

The current 90-days correlation between Hawaiian Electric and Alliant Energy Corp is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hawaiian Electric moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hawaiian Electric moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hawaiian Electric Correlation With Market

Average diversification

The correlation between Hawaiian Electric and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Electric and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Hawaiian Electric could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hawaiian Electric when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Hawaiian Electric - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Hawaiian Electric to buy it.

Moving against Hawaiian Pink Sheet

0.53	LIEN	Chicago Atlantic BDC, Symbol Change	Pair Corr
0.4	BANGN	Emera Maine PFD	Pair Corr
0.36	BLK	BlackRock Fiscal Year End 10th of January 2025	Pair Corr
0.34	RBCAA	Republic Bancorp	Pair Corr
0.35	BKV	BKV Corporation	Pair Corr
0.34	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.32	CBSH	Commerce Bancshares Fiscal Year End 16th of January 2025	Pair Corr

Related Correlations Analysis

	CMS	LNT	IDA	PNW	KEP	DUK	ED	D	AEP	NEE
CMS		0.43	-0.46	0.0	0.19	0.84	0.92	0.8	0.82	0.87	CMS
LNT	0.43		0.48	0.63	0.41	0.53	0.18	0.39	0.28	0.1	LNT
IDA	-0.46	0.48		0.77	0.46	-0.22	-0.6	-0.18	-0.44	-0.71	IDA
PNW	0.0	0.63	0.77		0.61	0.23	-0.09	0.23	0.11	-0.21	PNW
KEP	0.19	0.41	0.46	0.61		0.36	0.17	0.52	0.26	-0.05	KEP
DUK	0.84	0.53	-0.22	0.23	0.36		0.85	0.88	0.82	0.75	DUK
ED	0.92	0.18	-0.6	-0.09	0.17	0.85		0.82	0.87	0.93	ED
D	0.8	0.39	-0.18	0.23	0.52	0.88	0.82		0.72	0.65	D
AEP	0.82	0.28	-0.44	0.11	0.26	0.82	0.87	0.72		0.89	AEP
NEE	0.87	0.1	-0.71	-0.21	-0.05	0.75	0.93	0.65	0.89		NEE
	CMS	LNT	IDA	PNW	KEP	DUK	ED	D	AEP	NEE

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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

NEE	+ 0.93	ED
ED	+ 0.92	CMS
NEE	+ 0.89	AEP
D	+ 0.88	DUK
NEE	+ 0.87	CMS
AEP	+ 0.87	ED

High negative correlations

NEE	- 0.71	IDA
ED	- 0.6	IDA
IDA	- 0.46	CMS
AEP	- 0.44	IDA
DUK	- 0.22	IDA
NEE	- 0.21	PNW

Risk-Adjusted Indicators

There is a big difference between Hawaiian Pink Sheet performing well and Hawaiian Electric 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 Hawaiian Electric'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
CMS	0.74	(0.06)	0.00	(0.29)	0.00	0.00	1.29	(1.88)	3.89
LNT	0.91	(0.02)	0.00	(0.04)	0.00	0.00	2.04	(1.93)	6.14
IDA	0.77	0.09	0.09	0.17	0.75	(0.93)	2.29	(1.34)	6.21
PNW	0.89	(0.07)	0.00	(0.09)	0.00	0.00	1.99	(1.74)	6.31
KEP	1.82	(0.22)	0.00	(1.13)	0.00	0.00	4.16	(4.42)	11.74
DUK	0.94	(0.09)	0.00	(0.26)	0.00	0.00	1.77	(2.24)	4.54
ED	0.85	(0.19)	0.00	(0.59)	0.00	0.00	1.26	(2.05)	4.57
D	1.04	(0.09)	0.00	(0.38)	0.00	0.00	1.83	(2.31)	7.68
AEP	0.90	(0.13)	0.00	1.24	0.00	0.00	1.65	(1.73)	6.17
NEE	1.16	(0.20)	0.00	(7.30)	0.00	0.00	1.93	(2.52)	7.75

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hawaiian Electric without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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