Hawaiian Electric Correlations

HE Stock

USD 10.16 0.19 1.84%

The current 90-days correlation between Hawaiian Electric and Alliant Energy Corp is 0.39 (i.e., Weak diversification). The correlation of Hawaiian Electric 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.

Hawaiian Electric Correlation With Market

Modest diversification

The correlation between Hawaiian Electric Industries and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Electric Industries and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hawaiian Electric Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Hawaiian Stock

0.63	ED	Consolidated Edison	Pair Corr
0.77	ES	Eversource Energy	Pair Corr
0.74	FE	FirstEnergy	Pair Corr
0.68	SO	Southern	Pair Corr
0.63	CMS-PB	Consumers Energy	Pair Corr
0.71	CMS-PC	CMS Energy	Pair Corr
0.71	CMS	CMS Energy	Pair Corr
0.74	FTS	Fortis Inc	Pair Corr
0.79	IDA	IDACORP	Pair Corr
0.65	KEP	Korea Electric Power Earnings Call This Week	Pair Corr
0.77	LNT	Alliant Energy Corp	Pair Corr
0.7	NEE	Nextera Energy	Pair Corr
0.61	NGG	National Grid PLC	Pair Corr
0.78	PNW	Pinnacle West Capital Sell-off Trend	Pair Corr
0.77	POR	Portland General Electric	Pair Corr
0.79	XEL	Xcel Energy	Pair Corr

Related Correlations Analysis

	DTE	LNT	AEE	CNP	PNW	CMS	MGEE	EVRG	POR	PNM
DTE		0.63	0.66	0.65	0.37	0.75	-0.03	0.7	0.03	0.0	DTE
LNT	0.63		0.47	0.27	0.87	0.88	0.62	0.66	0.65	0.0	LNT
AEE	0.66	0.47		0.63	0.4	0.57	-0.25	0.94	-0.26	0.0	AEE
CNP	0.65	0.27	0.63		-0.06	0.23	-0.49	0.52	-0.41	0.0	CNP
PNW	0.37	0.87	0.4	-0.06		0.8	0.73	0.63	0.74	0.0	PNW
CMS	0.75	0.88	0.57	0.23	0.8		0.5	0.73	0.52	0.0	CMS
MGEE	-0.03	0.62	-0.25	-0.49	0.73	0.5		-0.01	0.95	0.0	MGEE
EVRG	0.7	0.66	0.94	0.52	0.63	0.73	-0.01		0.01	0.0	EVRG
POR	0.03	0.65	-0.26	-0.41	0.74	0.52	0.95	0.01		0.0	POR
PNM	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		PNM
	DTE	LNT	AEE	CNP	PNW	CMS	MGEE	EVRG	POR	PNM

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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

POR	+ 0.95	MGEE
EVRG	+ 0.94	AEE
CMS	+ 0.88	LNT
PNW	+ 0.87	LNT
CMS	+ 0.8	PNW
CMS	+ 0.75	DTE

High negative correlations

MGEE	- 0.49	CNP
POR	- 0.41	CNP
POR	- 0.26	AEE
MGEE	- 0.25	AEE
PNW	- 0.06	CNP
MGEE	- 0.03	DTE

Risk-Adjusted Indicators

There is a big difference between Hawaiian Stock 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
DTE	0.78	0.15	0.11	0.38	1.11	(0.75)	1.75	(1.73)	4.93
LNT	0.83	0.10	0.09	0.25	0.99	(0.89)	2.09	(1.88)	6.88
AEE	0.90	0.13	0.13	0.29	0.86	(1.03)	1.92	(1.83)	6.01
CNP	0.87	0.15	0.15	0.29	0.79	(0.97)	2.46	(1.73)	4.85
PNW	0.83	(0.03)	0.00	(0.06)	0.00	0.00	1.56	(1.75)	4.71
CMS	0.72	0.05	0.04	0.26	1.06	(0.66)	1.80	(1.82)	4.61
MGEE	1.15	(0.18)	0.00	(0.33)	0.00	0.00	2.34	(2.99)	11.49
EVRG	0.67	0.11	0.12	0.32	0.74	(0.69)	1.49	(1.59)	3.61
POR	0.82	(0.17)	0.00	(0.27)	0.00	0.00	1.60	(1.86)	6.60
PNM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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