Avista Correlations

AVA Stock

USD 39.72 0.89 2.19%

The current 90-days correlation between Avista and MGE Energy is 0.67 (i.e., Poor diversification). The correlation of Avista 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.

Avista Correlation With Market

Weak diversification

The correlation between Avista and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avista and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Avista Stock

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

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

Moving together with Avista Stock

0.88	D	Dominion Energy	Pair Corr
0.86	ED	Consolidated Edison Sell-off Trend	Pair Corr
0.92	NI	NiSource	Pair Corr
0.81	NG	National Grid PLC	Pair Corr
0.89	AEE	Ameren Corp	Pair Corr
0.69	AQN	Algonquin Power Utilities Earnings Call Today	Pair Corr
0.77	BIP	Brookfield Infrastructure	Pair Corr
0.76	BKH	Black Hills	Pair Corr
0.76	CMS	CMS Energy	Pair Corr
0.87	CNP	CenterPoint Energy	Pair Corr
0.89	DTE	DTE Energy	Pair Corr
0.78	NGG	National Grid PLC Sell-off Trend	Pair Corr
0.84	NWE	NorthWestern	Pair Corr
0.73	PEG	Public Service Enterprise Earnings Call This Week	Pair Corr
0.85	UTL	UNITIL	Pair Corr
0.96	WEC	WEC Energy Group	Pair Corr
0.75	VIE	Veolia Environnement Earnings Call Today	Pair Corr
0.73	CNA	Centrica PLC	Pair Corr
0.68	SOJE	Southern Company	Pair Corr
0.71	SOJC	Southern	Pair Corr
0.83	CMSA	CMS Energy Corp	Pair Corr
0.78	DTW	DTE Energy	Pair Corr
0.61	SFNC	Simmons First National	Pair Corr
0.69	TER	Teradyne	Pair Corr
0.65	TOELF	Tokyo Electron	Pair Corr
0.76	SNPMF	China Petroleum Chemical	Pair Corr

Related Correlations Analysis

	MGEE	OTTR	NWE	EE	CPK	ALE	RNW	ELPC	HE	AWR
MGEE		0.2	0.54	0.29	0.82	-0.29	0.13	0.38	0.14	0.4	MGEE
OTTR	0.2		0.72	0.76	-0.02	0.6	-0.63	0.63	0.83	0.21	OTTR
NWE	0.54	0.72		0.79	0.43	0.24	-0.26	0.77	0.75	0.19	NWE
EE	0.29	0.76	0.79		0.27	0.51	-0.53	0.92	0.91	0.01	EE
CPK	0.82	-0.02	0.43	0.27		-0.55	0.39	0.43	0.07	0.04	CPK
ALE	-0.29	0.6	0.24	0.51	-0.55		-0.83	0.31	0.61	0.06	ALE
RNW	0.13	-0.63	-0.26	-0.53	0.39	-0.83		-0.31	-0.68	-0.1	RNW
ELPC	0.38	0.63	0.77	0.92	0.43	0.31	-0.31		0.8	-0.08	ELPC
HE	0.14	0.83	0.75	0.91	0.07	0.61	-0.68	0.8		-0.09	HE
AWR	0.4	0.21	0.19	0.01	0.04	0.06	-0.1	-0.08	-0.09		AWR
	MGEE	OTTR	NWE	EE	CPK	ALE	RNW	ELPC	HE	AWR

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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

ELPC	+ 0.92	EE
HE	+ 0.91	EE
HE	+ 0.83	OTTR
CPK	+ 0.82	MGEE
HE	+ 0.8	ELPC
EE	+ 0.79	NWE

High negative correlations

RNW	- 0.83	ALE
HE	- 0.68	RNW
RNW	- 0.63	OTTR
ALE	- 0.55	CPK
RNW	- 0.53	EE
ELPC	- 0.31	RNW

Risk-Adjusted Indicators

There is a big difference between Avista Stock performing well and Avista 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 Avista'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
MGEE	0.88	0.02	(0.06)	(0.61)	1.22	(0.84)	1.64	(1.90)	5.09
OTTR	0.97	0.05	(0.02)	0.29	1.09	(1.08)	1.87	(1.91)	5.83
NWE	0.92	0.12	0.01	(0.96)	1.15	(0.92)	1.75	(1.80)	5.72
EE	1.50	0.72	0.32	4.55	1.27	(1.75)	3.67	(2.93)	7.53
CPK	0.95	0.01	(0.08)	0.05	1.28	(0.92)	2.05	(2.41)	6.03
ALE	0.24	0.08	(0.03)	0.96	0.00	(0.32)	0.73	(0.21)	2.98
RNW	1.60	(0.44)	0.00	(0.73)	0.00	0.00	2.80	(3.95)	28.35
ELPC	2.21	0.31	0.09	0.56	2.84	(2.31)	4.60	(4.17)	13.43
HE	2.03	0.46	0.18	0.62	2.00	(2.30)	4.54	(3.47)	12.14
AWR	0.80	0.07	(0.04)	(2.34)	0.88	(0.85)	2.36	(1.87)	4.71

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