Algonquin Power Correlations

Summary

AQNADelisted Stock

USD 24.76 0.02 0.08%

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

Good diversification

The correlation between Algonquin Power Utilities and DJI is -0.17 (i.e., Good 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.

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

Moving together with Algonquin Stock

0.84	ATCOL	Atlas Corp	Pair Corr
0.85	PCTTW	PureCycle Technologies	Pair Corr
0.63	GCMGW	GCM Grosvenor	Pair Corr
0.74	ASTSW	AST SpaceMobile	Pair Corr
0.83	SSNLF	Samsung Electronics	Pair Corr
0.89	PTAIF	PT Astra International	Pair Corr
0.84	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.79	WMT	Walmart Aggressive Push	Pair Corr
0.8	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.85	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.79	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.73	HD	Home Depot	Pair Corr
0.81	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.93	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.73	HPQ	HP Inc	Pair Corr
0.86	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr

Moving against Algonquin Stock

0.88	BKRKY	Bank Rakyat	Pair Corr
0.88	TLK	Telkom Indonesia Tbk	Pair Corr
0.85	PPERY	Bank Mandiri Persero	Pair Corr
0.84	BKRKF	PT Bank Rakyat	Pair Corr
0.84	PPERF	Bank Mandiri Persero	Pair Corr
0.83	GOEVW	Canoo Holdings	Pair Corr
0.77	CHKEZ	Chesapeake Energy Symbol Change	Pair Corr
0.72	CHKEL	Chesapeake Energy Symbol Change	Pair Corr
0.55	PBCRY	Bank Central Asia	Pair Corr
0.52	PTAIY	Astra International Tbk	Pair Corr
0.47	CHKEW	Chesapeake Energy Symbol Change	Pair Corr
0.31	MAPSW	WM Technology	Pair Corr
0.93	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.74	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.73	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.26	0.53	0.1	0.5	0.07	0.64	0.3	-0.52	0.73	META
MSFT	0.26		0.19	0.2	0.14	0.01	0.04	-0.08	0.13	-0.2	MSFT
UBER	0.53	0.19		-0.06	-0.13	0.28	-0.05	-0.17	0.11	0.35	UBER
F	0.1	0.2	-0.06		0.32	-0.41	0.52	0.71	-0.39	0.32	F
T	0.5	0.14	-0.13	0.32		-0.49	0.82	0.68	-0.8	0.39	T
A	0.07	0.01	0.28	-0.41	-0.49		-0.44	-0.58	0.62	0.0	A
CRM	0.64	0.04	-0.05	0.52	0.82	-0.44		0.87	-0.91	0.64	CRM
JPM	0.3	-0.08	-0.17	0.71	0.68	-0.58	0.87		-0.84	0.46	JPM
MRK	-0.52	0.13	0.11	-0.39	-0.8	0.62	-0.91	-0.84		-0.55	MRK
XOM	0.73	-0.2	0.35	0.32	0.39	0.0	0.64	0.46	-0.55		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.87	CRM
CRM	+ 0.82	T
XOM	+ 0.73	META
JPM	+ 0.71	F
JPM	+ 0.68	T
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.84	JPM
MRK	- 0.8	T
JPM	- 0.58	A
XOM	- 0.55	MRK
MRK	- 0.52	META

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
META	1.11	0.13	0.06	0.31	1.37	(1.22)	2.69	(3.15)	8.02
MSFT	0.92	(0.01)	(0.03)	0.09	1.49	(0.90)	2.09	(1.85)	8.19
UBER	1.63	(0.08)	(0.03)	0.04	2.32	(1.73)	2.69	(2.53)	20.10
F	1.43	(0.16)	(0.04)	0.01	2.21	(1.41)	2.53	(2.90)	11.21
T	0.95	0.00	0.10	0.00	0.95	(1.06)	2.56	(1.86)	6.47
A	1.17	(0.08)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.29	0.26	0.20	0.34	1.06	(1.50)	3.18	(1.91)	9.98
JPM	1.14	(0.04)	0.04	0.09	1.38	(1.25)	2.05	(2.00)	15.87
MRK	0.92	(0.26)	0.00	(0.91)	0.00	0.00	2.00	(2.13)	4.89
XOM	0.98	(0.05)	(0.08)	0.02	1.32	(1.03)	2.10	(2.09)	5.74

Algonquin Power Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Algonquin Power stock to make a market-neutral strategy. Peer analysis of Algonquin Power could also be used in its relative valuation, which is a method of valuing Algonquin Power by comparing valuation metrics with similar companies.

Algonquin Power Utilities CMS Energy Corp CMS Energy Corp Argo Group 65 Enbridge 6375 Fixed American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp Home Depot International Business Machines

Risk & Return

Correlation

Still Interested in Algonquin Power Utilities?

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