Allete Correlations

ALE Stock

USD 64.93 0.58 0.90%

The current 90-days correlation between Allete Inc and Avista is 0.39 (i.e., 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

Very weak diversification

The correlation between Allete Inc and DJI is 0.4 (i.e., Very weak 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

0.65	BIP	Brookfield Infrastructure	Pair Corr
0.86	SRE	Sempra Energy	Pair Corr
0.88	AY	Atlantica Sustainable	Pair Corr
0.91	NI	NiSource	Pair Corr
0.69	VGAS	Verde Clean Fuels	Pair Corr
0.79	CDZIP	Cadiz Depositary Shares	Pair Corr
0.79	EVRG	Evergy,	Pair Corr
0.94	AEE	Ameren Corp Sell-off Trend	Pair Corr
0.74	AGR	Avangrid	Pair Corr
0.93	ATO	Atmos Energy	Pair Corr

Moving against Allete Stock

0.79	ELP	Companhia Paranaense	Pair Corr
0.75	ELPC	Companhia Paranaense Potential Growth	Pair Corr
0.72	ES	Eversource Energy	Pair Corr
0.59	AES	AES	Pair Corr
0.57	FE	FirstEnergy	Pair Corr
0.44	HE	Hawaiian Electric	Pair Corr
0.39	ED	Consolidated Edison	Pair Corr
0.31	CIG	Companhia Energetica	Pair Corr
0.64	AQN	Algonquin Power Utilities	Pair Corr
0.61	CWT	California Water Service	Pair Corr
0.59	RNWWW	ReNew Energy Global	Pair Corr
0.51	AWK	American Water Works	Pair Corr
0.49	AEP	American Electric Power	Pair Corr

Related Correlations Analysis

	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL
AVA		0.33	-0.53	0.46	0.37	0.41	0.28	0.27	-0.28	0.64	AVA
BKH	0.33		-0.27	-0.43	0.68	-0.02	-0.15	-0.36	0.45	0.47	BKH
MNTK	-0.53	-0.27		-0.3	0.05	-0.72	-0.29	0.16	0.61	-0.33	MNTK
ELP	0.46	-0.43	-0.3		0.04	0.16	0.06	0.75	-0.64	0.32	ELP
NWE	0.37	0.68	0.05	0.04		-0.44	-0.35	0.37	0.48	0.59	NWE
AESC	0.41	-0.02	-0.72	0.16	-0.44		0.65	-0.36	-0.58	0.23	AESC
OTTR	0.28	-0.15	-0.29	0.06	-0.35	0.65		-0.19	-0.27	0.28	OTTR
AES	0.27	-0.36	0.16	0.75	0.37	-0.36	-0.19		-0.1	0.24	AES
BIP	-0.28	0.45	0.61	-0.64	0.48	-0.58	-0.27	-0.1		-0.05	BIP
UTL	0.64	0.47	-0.33	0.32	0.59	0.23	0.28	0.24	-0.05		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

AES	+ 0.75	ELP
NWE	+ 0.68	BKH
OTTR	+ 0.65	AESC
UTL	+ 0.64	AVA
BIP	+ 0.61	MNTK
UTL	+ 0.59	NWE

High negative correlations

AESC	- 0.72	MNTK
BIP	- 0.64	ELP
BIP	- 0.58	AESC
MNTK	- 0.53	AVA
AESC	- 0.44	NWE
ELP	- 0.43	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	0.94	(0.02)	(0.08)	0.07	1.10	(1.01)	2.11	(2.08)	4.74
BKH	0.88	0.09	0.07	0.25	0.62	(1.10)	2.11	(1.31)	4.11
MNTK	2.74	(0.05)	0.00	0.09	4.74	(2.73)	4.75	(5.22)	25.57
ELP	1.26	(0.23)	0.00	39.50	0.00	0.00	3.08	(2.71)	10.78
NWE	0.84	0.02	(0.01)	0.15	1.03	(0.86)	1.61	(2.04)	5.30
AESC	1.14	(0.05)	0.00	0.30	0.00	0.00	2.19	(2.64)	5.69
OTTR	1.38	(0.26)	0.00	(0.07)	0.00	0.00	2.99	(3.54)	10.11
AES	1.87	(0.37)	0.00	0.90	0.00	0.00	2.73	(3.87)	18.47
BIP	1.07	0.01	0.01	0.13	1.10	(1.18)	2.95	(1.70)	6.89
UTL	1.21	(0.10)	(0.05)	0.04	1.36	(1.35)	2.35	(2.15)	11.85

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