Brookfield Renewable Correlations

BEP Stock

USD 25.17 0.36 1.41%

The current 90-days correlation between Brookfield Renewable and Algonquin Power Utilities is 0.4 (i.e., Very weak diversification). The correlation of Brookfield Renewable 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Brookfield Renewable Correlation With Market

Significant diversification

The correlation between Brookfield Renewable Partners and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Brookfield Renewable Partners 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 Brookfield Renewable Partners. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Brookfield Stock

0.64	FLNC	Fluence Energy Buyout Trend	Pair Corr
0.71	CEG	Constellation Energy Corp	Pair Corr
0.67	BEP-PA	Brookfield Renewable	Pair Corr
0.92	BEPC	Brookfield Renewable Corp	Pair Corr
0.64	D	Dominion Energy	Pair Corr
0.76	SO	Southern	Pair Corr
0.77	CMS-PB	Consumers Energy	Pair Corr
0.76	CMS-PC	CMS Energy	Pair Corr

Moving against Brookfield Stock

0.57	HLGN	Heliogen	Pair Corr
0.39	ADN	Advent Technologies	Pair Corr
0.37	ELLO	Ellomay Capital	Pair Corr
0.53	HE	Hawaiian Electric	Pair Corr

Related Correlations Analysis

	CWEN	AY	NEP	AQN	BEPC	CWEN-A	AQNU	RNW
CWEN		-0.12	0.58	0.68	0.0	0.99	-0.58	0.5	CWEN
AY	-0.12		-0.67	-0.68	0.48	-0.01	0.12	-0.31	AY
NEP	0.58	-0.67		0.89	-0.02	0.48	-0.17	0.72	NEP
AQN	0.68	-0.68	0.89		-0.1	0.6	-0.35	0.71	AQN
BEPC	0.0	0.48	-0.02	-0.1		0.06	0.37	0.27	BEPC
CWEN-A	0.99	-0.01	0.48	0.6	0.06		-0.57	0.46	CWEN-A
AQNU	-0.58	0.12	-0.17	-0.35	0.37	-0.57		-0.07	AQNU
RNW	0.5	-0.31	0.72	0.71	0.27	0.46	-0.07		RNW
	CWEN	AY	NEP	AQN	BEPC	CWEN-A	AQNU	RNW

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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

CWEN-A	+ 0.99	CWEN
AQN	+ 0.89	NEP
RNW	+ 0.72	NEP
RNW	+ 0.71	AQN
AQN	+ 0.68	CWEN
CWEN-A	+ 0.6	AQN

High negative correlations

AQN	- 0.68	AY
NEP	- 0.67	AY
AQNU	- 0.58	CWEN
AQNU	- 0.57	CWEN-A
AQNU	- 0.35	AQN
RNW	- 0.31	AY

Risk-Adjusted Indicators

There is a big difference between Brookfield Stock performing well and Brookfield Renewable 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 Brookfield Renewable'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
CWEN	1.42	0.05	(0.04)	(0.06)	2.29	(1.22)	2.64	(2.89)	14.79
AY	0.10	0.02	(0.88)	(0.58)	0.00	(0.12)	0.23	(0.18)	0.64
NEP	2.14	(0.61)	0.00	(0.59)	0.00	0.00	3.19	(5.54)	19.99
AQN	1.12	(0.21)	0.00	(0.19)	0.00	0.00	1.69	(2.52)	6.49
BEPC	1.86	0.23	0.04	(1.80)	2.09	(2.14)	4.00	(2.88)	16.90
CWEN-A	1.41	0.08	(0.03)	(0.13)	2.33	(1.19)	2.74	(2.78)	15.50
AQNU	1.36	(0.01)	0.00	0.14	0.00	0.00	2.49	(3.18)	8.45
RNW	1.41	0.07	(0.01)	0.43	2.16	(1.37)	2.99	(3.52)	9.41

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