NiSource Correlations

NI Stock

USD 39.36 0.12 0.30%

The current 90-days correlation between NiSource and UGI Corporation is 0.55 (i.e., Very weak diversification). The correlation of NiSource 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.

NiSource Correlation With Market

Weak diversification

The correlation between NiSource and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NiSource 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 NiSource. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For more detail on how to invest in NiSource Stock please use our How to Invest in NiSource guide.

Moving together with NiSource Stock

0.92	SR	Spire Inc	Pair Corr
0.94	ATO	Atmos Energy	Pair Corr
0.61	BKH	Black Hills	Pair Corr
0.73	NWN	Northwest Natural Gas	Pair Corr
0.85	OGS	One Gas	Pair Corr
0.81	SPH	Suburban Propane Partners	Pair Corr
0.75	SWX	Southwest Gas Holdings	Pair Corr
0.93	UGI	UGI Corporation	Pair Corr
0.62	SR-PA	Spire Inc	Pair Corr
0.74	D	Dominion Energy	Pair Corr
0.8	ED	Consolidated Edison	Pair Corr
0.87	ES	Eversource Energy	Pair Corr
0.66	HE	Hawaiian Electric	Pair Corr
0.84	SO	Southern	Pair Corr
0.76	DUKB	Duke Energy Corp	Pair Corr
0.69	CDZIP	Cadiz Depositary Shares	Pair Corr
0.82	ELPC	Companhia Paranaense	Pair Corr
0.91	ENIC	Enel Chile SA	Pair Corr
0.96	EVRG	Evergy,	Pair Corr
0.95	AEE	Ameren Corp	Pair Corr
0.91	AEP	American Electric Power	Pair Corr
0.89	ALE	Allete Inc	Pair Corr
0.83	AQN	Algonquin Power Utilities	Pair Corr

Moving against NiSource Stock

0.66	OPAL	OPAL Fuels	Pair Corr
0.63	NFE	New Fortress Energy Buyout Trend	Pair Corr
0.47	CTRI	Centuri Holdings,	Pair Corr
0.46	CMS-PC	CMS Energy	Pair Corr
0.69	RNWWW	ReNew Energy Global	Pair Corr
0.67	AES	AES Aggressive Push	Pair Corr

Related Correlations Analysis

	NJR	NWN	UGI	SR	CPK	OGS	ATO	RGCO
NJR		0.7	0.35	0.56	0.81	0.69	0.56	0.19	NJR
NWN	0.7		0.67	0.82	0.92	0.86	0.82	0.35	NWN
UGI	0.35	0.67		0.94	0.53	0.79	0.9	0.41	UGI
SR	0.56	0.82	0.94		0.72	0.89	0.95	0.35	SR
CPK	0.81	0.92	0.53	0.72		0.82	0.71	0.3	CPK
OGS	0.69	0.86	0.79	0.89	0.82		0.95	0.17	OGS
ATO	0.56	0.82	0.9	0.95	0.71	0.95		0.28	ATO
RGCO	0.19	0.35	0.41	0.35	0.3	0.17	0.28		RGCO
	NJR	NWN	UGI	SR	CPK	OGS	ATO	RGCO

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Risk-Adjusted Indicators

There is a big difference between NiSource Stock performing well and NiSource 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 NiSource'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
NJR	0.99	0.07	0.09	0.07	1.48	(0.94)	2.02	(2.45)	5.41
NWN	0.95	0.05	0.09	0.04	1.32	(1.01)	2.01	(2.20)	5.30
UGI	1.04	0.37	0.30	0.39	1.01	(1.14)	2.35	(1.97)	6.72
SR	1.07	0.20	0.15	0.32	1.66	(1.06)	1.76	(2.62)	7.80
CPK	0.99	0.04	0.00	(0.03)	0.00	0.00	2.41	(1.99)	6.12
OGS	1.07	0.09	0.11	0.11	1.35	(1.16)	2.31	(1.71)	5.27
ATO	0.93	0.13	0.16	0.26	1.10	(1.00)	1.96	(1.77)	5.33
RGCO	1.67	0.12	0.08	0.13	2.00	(1.80)	3.15	(3.48)	7.96

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