Quanta Services Correlations

Stocks . USA . 
Stock . Quanta Services
PWR Stock  USD 270.40  7.04  2.67%   
The correlation of Quanta Services 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.

Quanta Services Correlation With Market

Significant diversification

The correlation between Quanta Services and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Quanta Services 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 Quanta Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.
To learn how to invest in Quanta Stock, please use our How to Invest in Quanta Services guide.

Moving together with Quanta Stock

  0.77J Jacobs SolutionsPairCorr
  0.74DY Dycom IndustriesPairCorr
  0.65EXPO ExponentPairCorr
  0.72ACM Aecom TechnologyPairCorr
  0.74AGX Argan IncPairCorr
  0.82EME EMCOR GroupPairCorr
  0.77FGL Founder Group LimitedPairCorr
  0.82FIX Comfort Systems USAPairCorr
  0.96FLR FluorPairCorr
  0.73GVA Granite ConstructionPairCorr
  0.9KBR KBR IncPairCorr
  0.86LMB Limbach HoldingsPairCorr
  0.93MTZ MasTec IncPairCorr
  0.75ORN Orion Group HoldingsPairCorr
  0.74SKK PROSHARES ULTRASHORTPairCorr
  0.77GLDD Great Lakes DredgePairCorr
  0.9IESC IES HoldingsPairCorr
  0.67MYRG MYR GroupPairCorr
  0.77PGHL Primega Group HoldingsPairCorr
  0.81PRIM Primoris ServicesPairCorr
  0.64RITR Reitar Logtech HoldingsPairCorr
  0.71ROAD Construction PartnersPairCorr
  0.68AGFY Agrify CorpPairCorr
  0.87AMRC Ameresco TrendingPairCorr
  0.76SHIM Shimmick CommonPairCorr

Moving against Quanta Stock

  0.54STN StantecPairCorr
  0.45JUNE Junee Limited Ordinary TrendingPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Quanta Stock performing well and Quanta Services 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 Quanta Services' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MYRG  2.39 (0.32) 0.00 (0.37) 0.00 
 0.00 
 4.57 
(5.73)
 16.92 
DY  2.04 (0.08) 0.00 (0.14) 0.00 
 0.00 
 4.93 
(4.95)
 13.28 
EME  2.11 (0.15) 0.00 (0.21) 0.00 
 0.00 
 4.09 
(4.35)
 24.49 
FIX  2.75 (0.21) 0.00 (0.21) 0.00 
 0.00 
 5.37 
(5.90)
 31.92 
ACM  1.12 (0.25) 0.00  1.29  0.00 
 0.00 
 2.10 
(2.56)
 6.36 
KBR  1.28 (0.26) 0.00  0.41  0.00 
 0.00 
 2.08 
(2.64)
 6.14 
FLR  2.20 (0.43) 0.00 (7.23) 0.00 
 0.00 
 3.51 
(5.12)
 21.29 
TTEK  1.44 (0.52) 0.00  2.22  0.00 
 0.00 
 2.12 
(3.19)
 9.78 
GVA  1.37 (0.26) 0.00 (0.34) 0.00 
 0.00 
 2.25 
(2.86)
 8.39 
MTZ  2.39 (0.11) 0.00  2.04  0.00 
 0.00 
 4.79 
(4.71)
 22.88 

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