Eversource Energy Correlations

NWJ Stock

EUR 56.00 0.50 0.90%

The current 90-days correlation between Eversource Energy and Monster Beverage Corp is 0.17 (i.e., Average diversification). The correlation of Eversource Energy 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.

Eversource Energy Correlation With Market

Significant diversification

The correlation between Eversource Energy and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eversource Energy and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Eversource Energy could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Eversource Energy when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Eversource Energy - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Eversource Energy to buy it.

Moving together with Eversource Stock

0.68	SOT	Southern	Pair Corr
0.78	AEP	American Electric Power	Pair Corr
0.77	NRN	Xcel Energy	Pair Corr
0.65	EDC	Consolidated Edison	Pair Corr
0.61	NOA3	Nokia	Pair Corr
0.69	GG7	GRIFFIN MINING LTD	Pair Corr
0.61	HDB	AZIMUT HOLDING	Pair Corr
0.67	DPU	DUNDEE PRECIOUS MET	Pair Corr
0.7	EVD	CTS EVENTIM	Pair Corr
0.61	07M	China Modern Dairy	Pair Corr
0.63	WPHB	Warehouses De Pauw	Pair Corr
0.73	IFX	Infineon Technologies	Pair Corr

Moving against Eversource Stock

0.53	PCG	PGE Corporation	Pair Corr
0.52	EIX	Edison International	Pair Corr
0.39	3J8	JPM INDIAN INVT	Pair Corr

Related Correlations Analysis

	MOB	TF7A	PH4	B3BN	2M7C	28L	63E	COP
MOB		0.54	0.48	0.0	0.48	0.0	-0.78	-0.43	MOB
TF7A	0.54		0.52	0.0	0.65	0.0	-0.54	-0.17	TF7A
PH4	0.48	0.52		0.0	0.8	0.0	-0.39	0.32	PH4
B3BN	0.0	0.0	0.0		0.0	-1.0	0.0	0.0	B3BN
2M7C	0.48	0.65	0.8	0.0		0.0	-0.39	0.12	2M7C
28L	0.0	0.0	0.0	-1.0	0.0		0.0	0.0	28L
63E	-0.78	-0.54	-0.39	0.0	-0.39	0.0		0.52	63E
COP	-0.43	-0.17	0.32	0.0	0.12	0.0	0.52		COP
	MOB	TF7A	PH4	B3BN	2M7C	28L	63E	COP

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

2M7C	+ 0.8	PH4
2M7C	+ 0.65	TF7A
TF7A	+ 0.54	MOB
PH4	+ 0.52	TF7A
COP	+ 0.52	63E
PH4	+ 0.48	MOB

High negative correlations

28L	- 1.0	B3BN
63E	- 0.78	MOB
63E	- 0.54	TF7A
COP	- 0.43	MOB
63E	- 0.39	2M7C
63E	- 0.39	PH4

Risk-Adjusted Indicators

There is a big difference between Eversource Stock performing well and Eversource Energy 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 Eversource Energy'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
MOB	1.16	(0.02)	0.00	0.09	0.00	0.00	3.35	(1.95)	5.94
TF7A	1.13	(0.10)	0.00	0.64	0.00	0.00	2.39	(2.21)	6.73
PH4	3.64	0.81	0.17	(1.77)	3.37	(6.08)	11.11	(7.50)	23.38
B3BN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2M7C	1.51	0.09	0.08	0.33	1.61	(2.16)	4.26	(3.12)	8.56
28L	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
63E	2.95	0.21	0.07	0.20	3.18	(4.57)	7.73	(5.21)	23.65
COP	0.69	0.06	0.19	(2.67)	0.71	(0.79)	1.68	(1.34)	4.46

Be your own money manager

Our tools can tell you how much better you can do entering a position in Eversource Energy without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Balance Of Power Now

Balance Of Power

Check stock momentum by analyzing Balance Of Power indicator and other technical ratios

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC