Avangrid Correlations

AGR Stock

USD 36.08 0.15 0.41%

The current 90-days correlation between Avangrid and Alliant Energy Corp is 0.39 (i.e., Weak diversification). The correlation of Avangrid 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.

Avangrid Correlation With Market

Significant diversification

The correlation between Avangrid and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avangrid and DJI in the same portfolio, assuming nothing else is changed.

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

To learn how to invest in Avangrid Stock, please use our How to Invest in Avangrid guide.

Moving together with Avangrid Stock

0.84	EVRG	Evergy,	Pair Corr
0.76	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.73	CNP	CenterPoint Energy	Pair Corr
0.65	EDN	Empresa Distribuidora	Pair Corr
0.62	ETR	Entergy Sell-off Trend	Pair Corr
0.64	IDA	IDACORP	Pair Corr
0.72	LNT	Alliant Energy Corp	Pair Corr
0.76	OGE	OGE Energy	Pair Corr
0.63	PCG	PGE Corp Aggressive Push	Pair Corr
0.74	PNW	Pinnacle West Capital	Pair Corr
0.85	PPL	PPL Corporation	Pair Corr
0.73	TLN	Talen Energy	Pair Corr
0.71	WEC	WEC Energy Group Sell-off Trend	Pair Corr
0.76	XEL	Xcel Energy Sell-off Trend	Pair Corr

Moving against Avangrid Stock

0.52	EBR	Centrais Electricas	Pair Corr
0.36	ES	Eversource Energy	Pair Corr
0.34	VSTEW	Vast Renewables	Pair Corr

Related Correlations Analysis

	LNT	CMS	DTE	EVRG	ETR	IDA	PNW	POR	ENIC	EBR-B
LNT		0.68	0.42	0.72	0.49	0.4	0.47	0.39	0.11	-0.47	LNT
CMS	0.68		0.87	0.21	0.04	-0.27	-0.03	0.56	-0.06	-0.07	CMS
DTE	0.42	0.87		-0.15	-0.33	-0.58	-0.33	0.63	0.05	0.26	DTE
EVRG	0.72	0.21	-0.15		0.74	0.82	0.89	0.11	0.02	-0.58	EVRG
ETR	0.49	0.04	-0.33	0.74		0.82	0.59	-0.22	0.26	-0.91	ETR
IDA	0.4	-0.27	-0.58	0.82	0.82		0.81	-0.22	0.15	-0.72	IDA
PNW	0.47	-0.03	-0.33	0.89	0.59	0.81		0.05	-0.09	-0.39	PNW
POR	0.39	0.56	0.63	0.11	-0.22	-0.22	0.05		0.11	0.24	POR
ENIC	0.11	-0.06	0.05	0.02	0.26	0.15	-0.09	0.11		-0.32	ENIC
EBR-B	-0.47	-0.07	0.26	-0.58	-0.91	-0.72	-0.39	0.24	-0.32		EBR-B
	LNT	CMS	DTE	EVRG	ETR	IDA	PNW	POR	ENIC	EBR-B

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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

PNW	+ 0.89	EVRG
DTE	+ 0.87	CMS
IDA	+ 0.82	EVRG
IDA	+ 0.82	ETR
PNW	+ 0.81	IDA
ETR	+ 0.74	EVRG

High negative correlations

EBR-B	- 0.91	ETR
EBR-B	- 0.72	IDA
EBR-B	- 0.58	EVRG
IDA	- 0.58	DTE
EBR-B	- 0.47	LNT
EBR-B	- 0.39	PNW

Risk-Adjusted Indicators

There is a big difference between Avangrid Stock performing well and Avangrid 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 Avangrid'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
LNT	0.90	0.14	0.02	8.40	1.03	(1.02)	2.04	(1.89)	5.81
CMS	0.70	0.05	(0.06)	0.95	0.99	(0.69)	1.34	(1.88)	3.94
DTE	0.80	0.01	(0.07)	0.28	1.38	(0.66)	1.44	(2.13)	5.21
EVRG	0.69	0.14	0.04	0.96	0.65	(0.74)	1.53	(1.22)	3.30
ETR	0.97	0.42	0.18	(1.38)	1.03	(1.20)	2.07	(1.52)	21.62
IDA	0.79	0.20	0.17	0.75	0.40	(1.02)	2.29	(1.08)	4.12
PNW	0.82	0.06	(0.01)	0.26	0.79	(0.89)	1.99	(1.48)	4.99
POR	0.78	(0.02)	(0.10)	0.07	0.98	(0.81)	1.54	(1.60)	5.04
ENIC	1.44	(0.12)	0.00	(0.12)	0.00	0.00	3.40	(2.93)	7.97
EBR-B	1.37	(0.33)	0.00	(0.56)	0.00	0.00	2.34	(2.48)	12.18

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