IDACORP Correlations

IDA Stock

USD 125.17 0.46 0.37%

The current 90-days correlation between IDACORP and Portland General Electric is 0.55 (i.e., Very weak diversification). The correlation of IDACORP 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.

IDACORP Correlation With Market

Weak diversification

The correlation between IDACORP and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDACORP and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IDACORP Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in IDACORP. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in banks.

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

Moving together with IDACORP Stock

0.94	D	Dominion Energy	Pair Corr
0.95	FE	FirstEnergy	Pair Corr
0.73	HE	Hawaiian Electric	Pair Corr
0.84	SO	Southern	Pair Corr
0.82	CMS-PB	Consumers Energy	Pair Corr
0.91	CMS-PC	CMS Energy	Pair Corr
0.9	EVRG	Evergy,	Pair Corr
0.96	AEE	Ameren Corp	Pair Corr
0.98	AEP	American Electric Power	Pair Corr
0.92	CMS	CMS Energy	Pair Corr
0.89	CNP	CenterPoint Energy	Pair Corr
0.9	DTE	DTE Energy	Pair Corr
0.96	DUK	Duke Energy	Pair Corr
0.84	EIX	Edison International	Pair Corr
0.95	EMA	Emera Incorporated	Pair Corr
0.96	ETR	Entergy	Pair Corr
0.91	EXC	Exelon Sell-off Trend	Pair Corr
0.92	FTS	Fortis Inc	Pair Corr
0.63	KEP	Korea Electric Power	Pair Corr
0.98	LNT	Alliant Energy Corp	Pair Corr
0.89	NWE	NorthWestern	Pair Corr
0.88	OGE	OGE Energy	Pair Corr
0.61	PEG	Public Service Enterprise	Pair Corr
0.69	PNW	Pinnacle West Capital	Pair Corr
0.84	POR	Portland General Electric	Pair Corr
0.95	PPL	PPL Corporation	Pair Corr
0.9	TLN	Talen Energy	Pair Corr
0.88	WEC	WEC Energy Group	Pair Corr
0.96	XEL	Xcel Energy Sell-off Trend	Pair Corr
0.85	DUK-PA	Duke Energy	Pair Corr

Moving against IDACORP Stock

0.92	GNE	Genie Energy	Pair Corr
0.66	ENIC	Enel Chile SA	Pair Corr
0.4	EDN	Empresa Distribuidora	Pair Corr
0.74	MGEE	MGE Energy	Pair Corr
0.39	PCG-PI	Pacific Gas	Pair Corr

Related Correlations Analysis

	POR	TXNM	MGEE	CMS	OGE	AVA	BKH	ALE
POR		0.64	-0.52	0.7	0.68	-0.09	0.91	0.29	POR
TXNM	0.64		-0.62	0.77	0.69	-0.46	0.76	0.41	TXNM
MGEE	-0.52	-0.62		-0.73	-0.64	0.54	-0.53	-0.54	MGEE
CMS	0.7	0.77	-0.73		0.94	-0.26	0.72	0.63	CMS
OGE	0.68	0.69	-0.64	0.94		-0.09	0.67	0.57	OGE
AVA	-0.09	-0.46	0.54	-0.26	-0.09		-0.22	-0.05	AVA
BKH	0.91	0.76	-0.53	0.72	0.67	-0.22		0.27	BKH
ALE	0.29	0.41	-0.54	0.63	0.57	-0.05	0.27		ALE
	POR	TXNM	MGEE	CMS	OGE	AVA	BKH	ALE

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

OGE	+ 0.94	CMS
BKH	+ 0.91	POR
CMS	+ 0.77	TXNM
BKH	+ 0.76	TXNM
BKH	+ 0.72	CMS
CMS	+ 0.7	POR

High negative correlations

CMS	- 0.73	MGEE
OGE	- 0.64	MGEE
MGEE	- 0.62	TXNM
ALE	- 0.54	MGEE
BKH	- 0.53	MGEE
MGEE	- 0.52	POR

Risk-Adjusted Indicators

There is a big difference between IDACORP Stock performing well and IDACORP 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 IDACORP'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
POR	0.93	(0.04)	(0.09)	0.03	0.96	(1.05)	1.72	(1.71)	5.57
TXNM	0.22	0.01	(0.39)	(0.02)	0.24	(0.25)	0.52	(0.45)	1.47
MGEE	0.93	(0.18)	0.00	(0.09)	0.00	0.00	1.88	(1.95)	5.03
CMS	0.71	0.00	(0.09)	0.10	0.77	(0.82)	1.39	(1.41)	3.82
OGE	0.69	(0.04)	(0.11)	0.02	0.87	(0.75)	1.31	(1.45)	3.98
AVA	0.79	(0.11)	0.00	(0.10)	0.00	0.00	1.88	(1.50)	6.16
BKH	0.76	(0.02)	(0.07)	0.07	0.92	(0.77)	1.37	(1.41)	4.27
ALE	0.28	(0.04)	0.00	(0.26)	0.00	0.00	0.58	(0.69)	2.51

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