Algonquin Power Correlations

AQNB Stock

USD 25.89 0.09 0.35%

The current 90-days correlation between Algonquin Power Utilities and Terna Rete is 0.04 (i.e., Significant diversification). The correlation of Algonquin Power 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.

Algonquin Power Correlation With Market

Average diversification

The correlation between Algonquin Power Utilities and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Algonquin Power Utilities and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Algonquin Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Algonquin Power Utilities. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Algonquin Stock

0.63	FE	FirstEnergy	Pair Corr
0.74	BIP-UN	Brookfield Infrastructure	Pair Corr
0.61	EVRG	Evergy, Sell-off Trend	Pair Corr
0.61	AEP	American Electric Power	Pair Corr
0.77	ALE	Allete Inc	Pair Corr
0.67	ETR	Entergy Sell-off Trend	Pair Corr
0.67	FTS	Fortis Inc	Pair Corr
0.66	FTS	Fortis Inc	Pair Corr
0.76	NEE	Nextera Energy Sell-off Trend	Pair Corr
0.61	POR	Portland General Electric	Pair Corr
0.64	H	Hydro One	Pair Corr

Moving against Algonquin Stock

0.55	DTW	DTE Energy	Pair Corr
0.51	EAI	Entergy Arkansas LLC	Pair Corr
0.44	EMP	Entergy Mississippi LLC	Pair Corr
0.37	ADN	Advent Technologies	Pair Corr
0.61	BNRG	Brenmiller Energy	Pair Corr
0.43	HTOOW	Fusion Fuel Green	Pair Corr
0.34	CIG-C	Energy of Minas	Pair Corr
0.31	GPJA	Georgia Power	Pair Corr

Related Correlations Analysis

	TNABF	EVRG	TERRF	LNT	CMS	CKISF	OKLO	CLPHF
TNABF		-0.43	0.02	-0.34	-0.28	-0.18	-0.32	0.12	TNABF
EVRG	-0.43		-0.07	0.94	0.81	0.37	0.44	-0.14	EVRG
TERRF	0.02	-0.07		0.02	0.05	-0.29	-0.42	0.71	TERRF
LNT	-0.34	0.94	0.02		0.89	0.42	0.2	0.07	LNT
CMS	-0.28	0.81	0.05	0.89		0.39	0.1	0.12	CMS
CKISF	-0.18	0.37	-0.29	0.42	0.39		-0.07	0.06	CKISF
OKLO	-0.32	0.44	-0.42	0.2	0.1	-0.07		-0.7	OKLO
CLPHF	0.12	-0.14	0.71	0.07	0.12	0.06	-0.7		CLPHF
	TNABF	EVRG	TERRF	LNT	CMS	CKISF	OKLO	CLPHF

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

LNT	+ 0.94	EVRG
CMS	+ 0.89	LNT
CMS	+ 0.81	EVRG
CLPHF	+ 0.71	TERRF
OKLO	+ 0.44	EVRG
CKISF	+ 0.42	LNT

High negative correlations

CLPHF	- 0.7	OKLO
EVRG	- 0.43	TNABF
OKLO	- 0.42	TERRF
LNT	- 0.34	TNABF
OKLO	- 0.32	TNABF
CKISF	- 0.29	TERRF

Risk-Adjusted Indicators

There is a big difference between Algonquin Stock performing well and Algonquin Power 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 Algonquin Power'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
TNABF	3.04	(0.09)	0.00	(0.11)	0.00	0.00	7.76	(9.12)	27.14
EVRG	0.73	0.02	(0.05)	0.15	0.96	(0.67)	1.34	(1.46)	4.29
TERRF	0.04	0.01	0.00	0.81	0.00	0.00	0.00	0.00	1.42
LNT	0.67	0.00	(0.07)	0.09	0.92	(0.67)	1.19	(1.50)	4.67
CMS	0.78	(0.03)	0.00	(0.10)	0.00	0.00	1.29	(1.56)	5.00
CKISF	0.23	0.04	0.00	(0.02)	0.00	0.00	0.00	0.00	14.05
OKLO	5.77	0.49	0.10	0.26	6.32	(6.18)	15.59	(11.94)	43.27
CLPHF	0.22	0.08	0.00	(0.33)	0.00	0.00	0.00	0.00	4.99

Algonquin Power Corporate Management

David Laney	Independent Director	Profile
George Trisic	Chief Governance Officer, Corporate Secretary	Profile
Dilek Samil	Independent Director	Profile
Jennifer Tindale	Chief Legal Officer	Profile
Mary Paravalos	Chief Compliance and Risk Officer	Profile

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