IDACORP Correlations

IDA Stock  USD 115.94  0.02  0.02%   
The correlation of IDACORP 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.

IDACORP Correlation With Market

Modest diversification

The correlation between IDACORP and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDACORP 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 IDACORP. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.
For information on how to trade IDACORP Stock refer to our How to Trade IDACORP Stock guide.

Moving together with IDACORP Stock

  0.68D Dominion EnergyPairCorr
  0.86ED Consolidated EdisonPairCorr
  0.84ES Eversource EnergyPairCorr
  0.87HE Hawaiian ElectricPairCorr
  0.85SO SouthernPairCorr
  0.68CMS-PB Consumers EnergyPairCorr
  0.64ENIC Enel Chile SAPairCorr
  0.78EVRG Evergy,PairCorr
  0.73AEE Ameren CorpPairCorr
  0.72AEP American Electric PowerPairCorr
  0.87CMS CMS EnergyPairCorr
  0.75CNP CenterPoint EnergyPairCorr
  0.83DTE DTE EnergyPairCorr
  0.84DUK Duke EnergyPairCorr
  0.7EXC ExelonPairCorr
  0.84FTS Fortis IncPairCorr
  0.74KEP Korea Electric PowerPairCorr
  0.93LNT Alliant Energy CorpPairCorr
  0.71NGG National Grid PLCPairCorr
  0.81OGE OGE Energy Sell-off TrendPairCorr
  0.92PNW Pinnacle West CapitalPairCorr
  0.72POR Portland General Electric Sell-off TrendPairCorr
  0.81PPL PPL CorporationPairCorr
  0.79WEC WEC Energy GroupPairCorr
  0.91XEL Xcel EnergyPairCorr
  0.71DUK-PA Duke EnergyPairCorr

Moving against IDACORP Stock

  0.69VSTEW Vast RenewablesPairCorr
  0.68CEPU Central Puerto SAPairCorr
  0.62PCG-PI Pacific GasPairCorr
  0.61PCG-PC Pacific GasPairCorr
  0.42PEG Public Service EnterprisePairCorr
  0.33TLN Talen EnergyPairCorr
  0.32PCG-PE Pacific GasPairCorr

Related Correlations Analysis

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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   
DTECMS
EVRGAEE
LNTCMS
LNTPNW
DTELNT
CNPDTE
  
High negative correlations   
EVRGAGR
CNPAGR
AEEAGR
DTEAGR
AGRPOR
AGRLNT

Risk-Adjusted Indicators

There is a big difference between IDACORP Stock performing well and IDACORP 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 IDACORP'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
CMS  0.85  0.15  0.17  0.63  1.16 
 1.80 
 4.73 
PNM  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
PNW  0.90  0.10  0.13  0.09  1.15 
 1.85 
 4.93 
LNT  0.86  0.09  0.13  0.19  1.21 
 1.93 
 5.88 
POR  0.94  0.02  0.00 (0.07) 0.00 
 1.70 
 5.50 
AGR  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
DTE  0.81  0.21  0.20  0.47  1.12 
 1.92 
 5.35 
AEE  0.92  0.18  0.20  0.32  1.03 
 2.08 
 6.55 
CNP  0.89  0.23  0.28  0.40  0.77 
 2.51 
 5.48 
EVRG  0.71  0.14  0.21  0.42  0.91 
 1.28 
 4.65