Avista Correlations

AVA Stock

USD 38.95 0.49 1.27%

The current 90-days correlation between Avista and MGE Energy is 0.64 (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

Average diversification

The correlation between Avista and DJI is 0.19 (i.e., Average 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 services.

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

Moving together with Avista Stock

0.61	BIP	Brookfield Infrastructure	Pair Corr
0.72	BKH	Black Hills	Pair Corr
0.78	NWE	NorthWestern	Pair Corr
0.67	PBCRY	Bank Central Asia	Pair Corr
0.69	GILD	Gilead Sciences	Pair Corr

Moving against Avista Stock

0.56	TLN	Talen Energy	Pair Corr
0.47	CMSA	CMS Energy Corp	Pair Corr
0.44	SOJC	Southern	Pair Corr
0.33	SOJE	Southern Company	Pair Corr
0.57	CNL	Collective Mining	Pair Corr
0.32	DTW	DTE Energy	Pair Corr
0.32	459200KV2	IBM 49 27	Pair Corr

Related Correlations Analysis

	MGEE	OTTR	NWE	EE	CPK	ALE	RNW	ELPC	HE	AWR
MGEE		-0.53	-0.54	-0.49	0.58	-0.4	0.6	-0.24	-0.37	0.5	MGEE
OTTR	-0.53		0.82	0.28	-0.28	0.61	-0.48	0.67	0.31	0.09	OTTR
NWE	-0.54	0.82		0.41	-0.22	0.76	-0.38	0.74	0.37	0.17	NWE
EE	-0.49	0.28	0.41		-0.18	0.18	-0.26	0.08	0.19	0.05	EE
CPK	0.58	-0.28	-0.22	-0.18		-0.51	0.67	-0.11	-0.65	0.1	CPK
ALE	-0.4	0.61	0.76	0.18	-0.51		-0.48	0.73	0.52	0.27	ALE
RNW	0.6	-0.48	-0.38	-0.26	0.67	-0.48		-0.04	-0.65	-0.03	RNW
ELPC	-0.24	0.67	0.74	0.08	-0.11	0.73	-0.04		0.19	0.08	ELPC
HE	-0.37	0.31	0.37	0.19	-0.65	0.52	-0.65	0.19		0.1	HE
AWR	0.5	0.09	0.17	0.05	0.1	0.27	-0.03	0.08	0.1		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

NWE	+ 0.82	OTTR
ALE	+ 0.76	NWE
ELPC	+ 0.74	NWE
ELPC	+ 0.73	ALE
ELPC	+ 0.67	OTTR
RNW	+ 0.67	CPK

High negative correlations

HE	- 0.65	RNW
HE	- 0.65	CPK
NWE	- 0.54	MGEE
OTTR	- 0.53	MGEE
ALE	- 0.51	CPK
EE	- 0.49	MGEE

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	0.80	(0.08)	0.00	(0.22)	0.00	0.00	1.58	(1.90)	4.52
OTTR	0.87	0.00	(0.03)	0.09	1.18	(0.85)	1.81	(1.95)	7.91
NWE	0.93	0.17	0.09	0.45	1.07	(0.96)	1.78	(2.21)	6.73
EE	1.77	0.17	0.05	0.58	1.92	(1.96)	3.37	(3.03)	10.67
CPK	0.89	(0.14)	0.00	1.49	0.00	0.00	1.62	(2.41)	5.00
ALE	0.24	0.10	0.04	(3.38)	0.00	(0.32)	0.73	(0.21)	2.98
RNW	1.45	(0.49)	0.00	(1.27)	0.00	0.00	2.51	(3.76)	29.93
ELPC	2.06	0.14	0.04	0.27	2.87	(2.04)	4.89	(4.17)	13.36
HE	1.47	0.28	0.12	0.51	1.68	(1.63)	3.22	(3.20)	12.09
AWR	0.84	0.05	(0.03)	0.63	0.97	(0.93)	1.68	(1.77)	5.97

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