Companhia Correlations

Stocks . USA . 
Stock . Companhia de Saneamento
SBS Stock  USD 16.92  0.16  0.95%   
The current 90-days correlation between Companhia de Saneamento and Companhia Paranaense de is -0.05 (i.e., Good diversification). The correlation of Companhia 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.

Companhia Correlation With Market

Modest diversification

The correlation between Companhia de Saneamento and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia de Saneamento and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Companhia de Saneamento. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Companhia Stock

  0.72CDZIP Cadiz Depositary SharesPairCorr
  0.84CWCO Consolidated WaterPairCorr
  0.73ED Consolidated EdisonPairCorr
  0.64ES Eversource EnergyPairCorr
  0.79NI NiSource Sell-off TrendPairCorr
  0.67SO SouthernPairCorr
  0.9SR Spire IncPairCorr
  0.96ELPC Companhia Paranaense Earnings Call TomorrowPairCorr
  0.79ENIC Enel Chile SA Earnings Call TomorrowPairCorr
  0.92EVRG Evergy, Earnings Call TomorrowPairCorr
  0.94AEE Ameren CorpPairCorr
  0.91AEP American Electric PowerPairCorr
  0.83ALE Allete IncPairCorr
  0.62AQN Algonquin Power UtilitiesPairCorr
  0.76ATO Atmos EnergyPairCorr

Moving against Companhia Stock

  0.44RNWWW ReNew Energy GlobalPairCorr
  0.38PCYO Pure CyclePairCorr
  0.33CMS-PC CMS EnergyPairCorr
  0.75EIX Edison International Sell-off TrendPairCorr
  0.68WAVE Eco Wave PowerPairCorr
  0.56AES AES Aggressive PushPairCorr
  0.51EDN Empresa DistribuidoraPairCorr

Related Correlations Analysis

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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   
VIV
+ 0.88
ELP
UGP
+ 0.85
CIG
VIV
+ 0.82
CIG
CIG
+ 0.75
ELP
VIV
+ 0.74
UGP
UGP
+ 0.51
ELP
  
High negative correlations   
VIV
- 0.0
CBD
CBD
- 0.0
UGP
CBD
- 0.0
CIG
CBD
- 0.0
ELP

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia 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 Companhia'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.

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