Pinnacle West Correlations

PNW Stock

USD 93.25 0.00 0.00%

The current 90-days correlation between Pinnacle West Capital and CMS Energy is 0.77 (i.e., Poor diversification). The correlation of Pinnacle West 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Pinnacle West Correlation With Market

Weak diversification

The correlation between Pinnacle West Capital and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pinnacle West Capital and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Pinnacle West Capital. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Pinnacle Stock

0.72	D	Dominion Energy	Pair Corr
0.95	ED	Consolidated Edison	Pair Corr
0.93	ES	Eversource Energy	Pair Corr
0.87	HE	Hawaiian Electric	Pair Corr
0.95	SO	Southern	Pair Corr
0.7	CMS-PB	Consumers Energy	Pair Corr
0.92	ENIC	Enel Chile SA	Pair Corr
0.96	EVRG	Evergy,	Pair Corr
0.94	AEE	Ameren Corp	Pair Corr
0.94	AEP	American Electric Power	Pair Corr
0.95	CMS	CMS Energy	Pair Corr
0.94	CNP	CenterPoint Energy	Pair Corr
0.95	DTE	DTE Energy	Pair Corr
0.96	DUK	Duke Energy	Pair Corr
0.93	EBR	Centrais Electricas	Pair Corr
0.84	ETR	Entergy	Pair Corr
0.95	EXC	Exelon	Pair Corr
0.96	FTS	Fortis Inc	Pair Corr
0.93	IDA	IDACORP	Pair Corr
0.77	KEP	Korea Electric Power	Pair Corr
0.96	LNT	Alliant Energy Corp	Pair Corr
0.85	NGG	National Grid PLC	Pair Corr
0.95	OGE	OGE Energy	Pair Corr
0.61	POR	Portland General Electric	Pair Corr
0.96	PPL	PPL Corporation	Pair Corr
0.97	WEC	WEC Energy Group	Pair Corr
0.91	XEL	Xcel Energy	Pair Corr
0.9	DUK-PA	Duke Energy	Pair Corr

Moving against Pinnacle Stock

0.92	VSTE	Vast Renewables	Pair Corr
0.61	EDN	Empresa Distribuidora	Pair Corr
0.61	EIX	Edison International	Pair Corr
0.45	CMS-PC	CMS Energy	Pair Corr
0.91	VSTEW	Vast Renewables	Pair Corr
0.53	PCG	PGE Corp	Pair Corr
0.53	PEG	Public Service Enterprise	Pair Corr
0.48	SCE-PG	SCE Trust II	Pair Corr
0.39	SCE-PL	SCE Trust VI	Pair Corr

Related Correlations Analysis

	CMS	AEE	MGEE	EVRG	DTE	LNT	CNP	FE	EIX	PEG
CMS		0.87	0.17	0.9	0.98	0.97	0.92	0.33	-0.49	-0.55	CMS
AEE	0.87		-0.15	0.97	0.86	0.9	0.87	0.36	-0.79	-0.47	AEE
MGEE	0.17	-0.15		-0.09	0.15	0.19	0.11	0.18	0.59	0.14	MGEE
EVRG	0.9	0.97	-0.09		0.89	0.92	0.88	0.47	-0.74	-0.48	EVRG
DTE	0.98	0.86	0.15	0.89		0.94	0.95	0.33	-0.48	-0.48	DTE
LNT	0.97	0.9	0.19	0.92	0.94		0.9	0.38	-0.51	-0.5	LNT
CNP	0.92	0.87	0.11	0.88	0.95	0.9		0.3	-0.52	-0.46	CNP
FE	0.33	0.36	0.18	0.47	0.33	0.38	0.3		-0.31	0.08	FE
EIX	-0.49	-0.79	0.59	-0.74	-0.48	-0.51	-0.52	-0.31		0.37	EIX
PEG	-0.55	-0.47	0.14	-0.48	-0.48	-0.5	-0.46	0.08	0.37		PEG
	CMS	AEE	MGEE	EVRG	DTE	LNT	CNP	FE	EIX	PEG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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	+ 0.98	CMS
LNT	+ 0.97	CMS
EVRG	+ 0.97	AEE
CNP	+ 0.95	DTE
LNT	+ 0.94	DTE
CNP	+ 0.92	CMS

High negative correlations

EIX	- 0.79	AEE
EIX	- 0.74	EVRG
PEG	- 0.55	CMS
EIX	- 0.52	CNP
EIX	- 0.51	LNT
PEG	- 0.5	LNT

Risk-Adjusted Indicators

There is a big difference between Pinnacle Stock performing well and Pinnacle West 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 Pinnacle West'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	0.83	0.15	0.16	0.71	1.11	(0.80)	1.80	(1.82)	4.73
AEE	0.95	0.18	0.18	0.35	1.07	(1.02)	2.08	(1.98)	6.55
MGEE	1.15	(0.07)	0.00	(0.27)	0.00	0.00	2.35	(2.99)	9.22
EVRG	0.72	0.16	0.18	0.50	0.92	(0.71)	1.28	(1.66)	4.65
DTE	0.81	0.23	0.19	0.56	1.07	(0.79)	1.92	(2.44)	5.35
LNT	0.87	0.09	0.11	0.25	1.20	(0.86)	1.93	(2.39)	5.88
CNP	0.86	0.21	0.24	0.41	0.80	(0.96)	2.51	(1.74)	5.48
FE	1.12	0.00	0.03	(0.07)	2.27	(1.03)	2.20	(2.13)	14.76
EIX	1.88	(0.44)	0.00	(1.20)	0.00	0.00	3.44	(6.33)	13.93
PEG	0.92	(0.02)	0.00	(0.12)	0.00	0.00	2.24	(2.69)	9.34

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