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

0.68	D	Dominion Energy	Pair Corr
0.86	ED	Consolidated Edison	Pair Corr
0.84	ES	Eversource Energy	Pair Corr
0.87	HE	Hawaiian Electric	Pair Corr
0.85	SO	Southern	Pair Corr
0.68	CMS-PB	Consumers Energy	Pair Corr
0.64	ENIC	Enel Chile SA	Pair Corr
0.78	EVRG	Evergy,	Pair Corr
0.73	AEE	Ameren Corp	Pair Corr
0.72	AEP	American Electric Power	Pair Corr
0.87	CMS	CMS Energy	Pair Corr
0.75	CNP	CenterPoint Energy	Pair Corr
0.83	DTE	DTE Energy	Pair Corr
0.84	DUK	Duke Energy	Pair Corr
0.7	EXC	Exelon	Pair Corr
0.84	FTS	Fortis Inc	Pair Corr
0.74	KEP	Korea Electric Power	Pair Corr
0.93	LNT	Alliant Energy Corp	Pair Corr
0.71	NGG	National Grid PLC	Pair Corr
0.81	OGE	OGE Energy Sell-off Trend	Pair Corr
0.92	PNW	Pinnacle West Capital	Pair Corr
0.72	POR	Portland General Electric Sell-off Trend	Pair Corr
0.81	PPL	PPL Corporation	Pair Corr
0.79	WEC	WEC Energy Group	Pair Corr
0.91	XEL	Xcel Energy	Pair Corr
0.71	DUK-PA	Duke Energy	Pair Corr

Moving against IDACORP Stock

0.69	VSTEW	Vast Renewables	Pair Corr
0.68	CEPU	Central Puerto SA	Pair Corr
0.62	PCG-PI	Pacific Gas	Pair Corr
0.61	PCG-PC	Pacific Gas	Pair Corr
0.42	PEG	Public Service Enterprise	Pair Corr
0.33	TLN	Talen Energy	Pair Corr
0.32	PCG-PE	Pacific Gas	Pair Corr

Related Correlations Analysis

	CMS	PNM	PNW	LNT	POR	AGR	DTE	AEE	CNP	EVRG
CMS		0.0	0.91	0.95	0.57	0.0	0.97	0.85	0.9	0.88	CMS
PNM	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PNM
PNW	0.91	0.0		0.95	0.57	0.0	0.88	0.86	0.84	0.9	PNW
LNT	0.95	0.0	0.95		0.62	0.0	0.93	0.86	0.87	0.9	LNT
POR	0.57	0.0	0.57	0.62		0.0	0.51	0.17	0.39	0.28	POR
AGR	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AGR
DTE	0.97	0.0	0.88	0.93	0.51	0.0		0.85	0.92	0.89	DTE
AEE	0.85	0.0	0.86	0.86	0.17	0.0	0.85		0.88	0.97	AEE
CNP	0.9	0.0	0.84	0.87	0.39	0.0	0.92	0.88		0.88	CNP
EVRG	0.88	0.0	0.9	0.9	0.28	0.0	0.89	0.97	0.88		EVRG
	CMS	PNM	PNW	LNT	POR	AGR	DTE	AEE	CNP	EVRG

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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

DTE	+ 0.97	CMS
EVRG	+ 0.97	AEE
LNT	+ 0.95	CMS
LNT	+ 0.95	PNW
DTE	+ 0.93	LNT
CNP	+ 0.92	DTE

High negative correlations

EVRG	- 0.0	AGR
CNP	- 0.0	AGR
AEE	- 0.0	AGR
DTE	- 0.0	AGR
AGR	- 0.0	POR
AGR	- 0.0	LNT

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CMS	0.85	0.15	0.17	0.63	1.16	(0.78)	1.80	(1.82)	4.73
PNM	0.00	0.00	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	(0.91)	1.85	(2.21)	4.93
LNT	0.86	0.09	0.13	0.19	1.21	(0.88)	1.93	(2.39)	5.88
POR	0.94	0.02	0.00	(0.07)	0.00	0.00	1.70	(1.86)	5.50
AGR	0.00	0.00	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	(0.78)	1.92	(2.44)	5.35
AEE	0.92	0.18	0.20	0.32	1.03	(0.98)	2.08	(1.98)	6.55
CNP	0.89	0.23	0.28	0.40	0.77	(0.97)	2.51	(1.74)	5.48
EVRG	0.71	0.14	0.21	0.42	0.91	(0.72)	1.28	(1.66)	4.65

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