Allete Correlations

ALE Stock

USD 65.73 0.12 0.18%

The current 90-days correlation between Allete Inc and Avista is 0.45 (i.e., Very weak diversification). The correlation of Allete 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.

Allete Correlation With Market

Modest diversification

The correlation between Allete Inc and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allete Inc 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 Allete Inc. 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 economic analysis.

Moving together with Allete Stock

0.69	AY	Atlantica Sustainable	Pair Corr
0.79	NI	NiSource	Pair Corr
0.7	SR	Spire Inc	Pair Corr
0.9	CDZIP	Cadiz Depositary Shares	Pair Corr
0.83	ELLO	Ellomay Capital	Pair Corr
0.77	ADN	Advent Technologies Trending	Pair Corr
0.66	AEE	Ameren Corp	Pair Corr
0.68	AGR	Avangrid	Pair Corr

Moving against Allete Stock

0.87	AES	AES	Pair Corr
0.75	CMS-PC	CMS Energy	Pair Corr
0.74	DUKB	Duke Energy Corp	Pair Corr
0.73	MNTK	Montauk Renewables	Pair Corr
0.71	ELP	Companhia Paranaense	Pair Corr
0.71	BIP-PA	Brookfield Infrastructure	Pair Corr
0.71	BIP-PB	Brookfield Infrastructure	Pair Corr
0.71	ES	Eversource Energy	Pair Corr
0.71	CMS-PB	Consumers Energy	Pair Corr
0.69	ELPC	Companhia Paranaense	Pair Corr
0.69	ED	Consolidated Edison	Pair Corr
0.69	SO	Southern	Pair Corr
0.65	FE	FirstEnergy	Pair Corr
0.61	D	Dominion Energy	Pair Corr
0.54	BIP	Brookfield Infrastructure	Pair Corr
0.47	CIG	Companhia Energetica	Pair Corr
0.4	UTL	UNITIL	Pair Corr
0.38	VGAS	Verde Clean Fuels	Pair Corr
0.37	HE	Hawaiian Electric	Pair Corr
0.78	EBR	Centrais Electricas	Pair Corr
0.77	BEP	Brookfield Renewable	Pair Corr
0.75	NEE	Nextera Energy Earnings Call This Week	Pair Corr
0.72	DTW	DTE Energy	Pair Corr
0.7	CWT	California Water Service	Pair Corr
0.69	AQN	Algonquin Power Utilities	Pair Corr
0.66	AWK	American Water Works	Pair Corr
0.57	GNE	Genie Energy	Pair Corr

Related Correlations Analysis

	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL
AVA		0.85	0.21	0.62	0.78	-0.23	0.65	0.35	0.72	0.83	AVA
BKH	0.85		-0.08	0.42	0.57	-0.51	0.68	0.09	0.64	0.85	BKH
MNTK	0.21	-0.08		0.74	0.35	0.63	0.35	0.81	0.56	0.4	MNTK
ELP	0.62	0.42	0.74		0.61	0.34	0.59	0.83	0.79	0.75	ELP
NWE	0.78	0.57	0.35	0.61		0.06	0.53	0.42	0.55	0.66	NWE
AESC	-0.23	-0.51	0.63	0.34	0.06		-0.19	0.6	0.05	-0.17	AESC
OTTR	0.65	0.68	0.35	0.59	0.53	-0.19		0.22	0.65	0.82	OTTR
AES	0.35	0.09	0.81	0.83	0.42	0.6	0.22		0.66	0.47	AES
BIP	0.72	0.64	0.56	0.79	0.55	0.05	0.65	0.66		0.85	BIP
UTL	0.83	0.85	0.4	0.75	0.66	-0.17	0.82	0.47	0.85		UTL
	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL

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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

BKH	+ 0.85	AVA
UTL	+ 0.85	BKH
UTL	+ 0.85	BIP
UTL	+ 0.83	AVA
AES	+ 0.83	ELP
UTL	+ 0.82	OTTR

High negative correlations

AESC	- 0.51	BKH
AESC	- 0.23	AVA
OTTR	- 0.19	AESC
UTL	- 0.17	AESC
MNTK	- 0.08	BKH

Risk-Adjusted Indicators

There is a big difference between Allete Stock performing well and Allete 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 Allete'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
AVA	1.01	(0.02)	0.00	(0.04)	0.00	0.00	2.27	(2.33)	6.05
BKH	0.94	(0.02)	(0.02)	(0.02)	1.17	(1.08)	2.26	(1.97)	6.51
MNTK	3.03	(0.34)	0.00	(0.39)	0.00	0.00	5.43	(5.07)	24.98
ELP	1.65	(0.22)	0.00	(2.49)	0.00	0.00	3.41	(4.40)	11.66
NWE	1.09	(0.02)	0.00	(0.04)	0.00	0.00	2.47	(2.75)	7.10
AESC	1.14	(0.08)	0.00	0.30	0.00	0.00	2.19	(2.64)	5.69
OTTR	1.24	0.02	0.01	0.05	1.54	(1.36)	2.99	(2.11)	9.03
AES	1.78	(0.56)	0.00	(1.42)	0.00	0.00	3.26	(4.25)	12.59
BIP	1.11	(0.12)	0.00	(0.23)	0.00	0.00	1.92	(2.11)	11.11
UTL	1.09	(0.10)	0.00	(0.36)	0.00	0.00	2.16	(2.71)	11.85

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