TransAlta Corp Correlations

TAC Stock

USD 9.78 0.01 0.10%

The current 90-days correlation between TransAlta Corp and Pampa Energia SA is 0.42 (i.e., Very weak diversification). The correlation of TransAlta Corp 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.

TransAlta Corp Correlation With Market

Significant diversification

The correlation between TransAlta Corp and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TransAlta Corp 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 TransAlta Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade TransAlta Stock refer to our How to Trade TransAlta Stock guide.

Moving together with TransAlta Stock

0.83	PAM	Pampa Energia SA	Pair Corr
0.67	RNWWW	ReNew Energy Global	Pair Corr
0.91	VSTE	Vast Renewables	Pair Corr
0.8	WAVE	Eco Wave Power	Pair Corr

Moving against TransAlta Stock

0.89	SR	Spire Inc	Pair Corr
0.88	ENIC	Enel Chile SA	Pair Corr
0.87	ED	Consolidated Edison	Pair Corr
0.86	DUKB	Duke Energy Corp	Pair Corr
0.86	ELPC	Companhia Paranaense	Pair Corr
0.85	SO	Southern	Pair Corr
0.78	CDZIP	Cadiz Depositary Shares Earnings Call This Week	Pair Corr
0.77	ES	Eversource Energy	Pair Corr
0.75	NI	NiSource	Pair Corr
0.66	D	Dominion Energy	Pair Corr
0.61	HE	Hawaiian Electric	Pair Corr
0.44	CMS-PB	Consumers Energy	Pair Corr
0.31	KEN	Kenon Holdings	Pair Corr
0.9	AEP	American Electric Power	Pair Corr
0.9	DUK	Duke Energy	Pair Corr
0.9	EBR	Centrais Electricas	Pair Corr
0.87	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.86	EVRG	Evergy,	Pair Corr
0.82	ALE	Allete Inc	Pair Corr
0.81	ATO	Atmos Energy	Pair Corr
0.78	CIG	Companhia Energetica	Pair Corr
0.78	CMS	CMS Energy Sell-off Trend	Pair Corr
0.77	CNP	CenterPoint Energy	Pair Corr
0.76	AQN	Algonquin Power Utilities	Pair Corr
0.76	DTE	DTE Energy	Pair Corr
0.73	AVA	Avista	Pair Corr
0.71	AWK	American Water Works	Pair Corr

Related Correlations Analysis

	PAM	VST	NRG	HGKGY	KEN	AGLXY	DIPGF
PAM		0.49	-0.12	0.2	-0.26	0.52	0.0	PAM
VST	0.49		0.71	-0.44	0.04	0.78	0.0	VST
NRG	-0.12	0.71		-0.56	0.33	0.44	0.0	NRG
HGKGY	0.2	-0.44	-0.56		0.16	-0.42	0.0	HGKGY
KEN	-0.26	0.04	0.33	0.16		-0.1	0.0	KEN
AGLXY	0.52	0.78	0.44	-0.42	-0.1		0.0	AGLXY
DIPGF	0.0	0.0	0.0	0.0	0.0	0.0		DIPGF
	PAM	VST	NRG	HGKGY	KEN	AGLXY	DIPGF

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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

AGLXY	+ 0.78	VST
NRG	+ 0.71	VST
AGLXY	+ 0.52	PAM
VST	+ 0.49	PAM
AGLXY	+ 0.44	NRG
KEN	+ 0.33	NRG

High negative correlations

HGKGY	- 0.56	NRG
HGKGY	- 0.44	VST
AGLXY	- 0.42	HGKGY
KEN	- 0.26	PAM
NRG	- 0.12	PAM
AGLXY	- 0.1	KEN

Risk-Adjusted Indicators

There is a big difference between TransAlta Stock performing well and TransAlta Corp 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 TransAlta Corp'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
PAM	2.35	(0.10)	0.00	(0.23)	0.00	0.00	5.34	(5.55)	13.78
VST	3.59	0.11	0.00	(0.01)	0.00	0.00	8.49	(7.81)	36.82
NRG	2.47	0.20	0.05	0.08	3.61	(2.58)	4.92	(5.17)	19.98
HGKGY	1.20	(0.04)	0.00	0.23	0.00	0.00	2.69	(3.15)	13.91
KEN	1.63	0.15	0.09	0.25	1.98	(1.86)	3.28	(3.29)	12.95
AGLXY	1.49	(0.06)	0.00	(0.23)	0.00	0.00	4.78	(3.91)	10.05
DIPGF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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