Kenon Holdings Correlations

KEN Stock

USD 32.55 0.33 1.00%

The current 90-days correlation between Kenon Holdings and TransAlta Corp is 0.32 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Kenon Holdings moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Kenon Holdings moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Kenon Holdings Correlation With Market

Average diversification

The correlation between Kenon Holdings 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 Kenon Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kenon Holdings. 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.

To learn how to invest in Kenon Stock, please use our How to Invest in Kenon Holdings guide.

Moving together with Kenon Stock

0.7

ENLT

Enlight Renewable Energy

Pair Corr

Moving against Kenon Stock

0.52	VSTE	Vast Renewables	Pair Corr
0.51	RNWWW	ReNew Energy Global	Pair Corr
0.48	WAVE	Eco Wave Power	Pair Corr
0.4	CMS-PC	CMS Energy	Pair Corr
0.31	TAC	TransAlta Corp	Pair Corr
0.57	EDN	Empresa Distribuidora	Pair Corr
0.41	EIX	Edison International	Pair Corr
0.31	BIP	Brookfield Infrastructure	Pair Corr

Related Correlations Analysis

	VST	PAM	NRG	TAC	AGLXY	DIPGF
VST		0.49	0.71	0.41	0.78	0.0	VST
PAM	0.49		-0.12	0.83	0.52	0.0	PAM
NRG	0.71	-0.12		-0.12	0.44	0.0	NRG
TAC	0.41	0.83	-0.12		0.43	0.0	TAC
AGLXY	0.78	0.52	0.44	0.43		0.0	AGLXY
DIPGF	0.0	0.0	0.0	0.0	0.0		DIPGF
	VST	PAM	NRG	TAC	AGLXY	DIPGF

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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

TAC	+ 0.83	PAM
AGLXY	+ 0.78	VST
NRG	+ 0.71	VST
AGLXY	+ 0.52	PAM
PAM	+ 0.49	VST
AGLXY	+ 0.44	NRG

High negative correlations

TAC	- 0.12	NRG
NRG	- 0.12	PAM
DIPGF	- 0.0	AGLXY
DIPGF	- 0.0	TAC
DIPGF	- 0.0	NRG
DIPGF	- 0.0	PAM

Risk-Adjusted Indicators

There is a big difference between Kenon Stock performing well and Kenon Holdings 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 Kenon Holdings' 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
VST	3.59	0.11	0.00	(0.01)	0.00	0.00	8.49	(7.81)	36.82
PAM	2.35	(0.10)	0.00	(0.23)	0.00	0.00	5.34	(5.55)	13.78
NRG	2.47	0.20	0.05	0.08	3.61	(2.58)	4.92	(5.17)	19.98
TAC	2.23	(0.37)	0.00	(1.54)	0.00	0.00	4.40	(4.59)	24.91
AGLXY	1.49	(0.06)	0.00	(0.23)	0.00	0.00	4.78	(3.91)	10.05
DIPGF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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