California Water Correlations

CWT Stock

USD 46.56 1.11 2.44%

The current 90-days correlation between California Water Service and American States Water is 0.85 (i.e., Very poor diversification). The correlation of California Water 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.

California Water Correlation With Market

Good diversification

The correlation between California Water Service and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding California Water Service and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with California Stock

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

Moving together with California Stock

0.67	WTRG	Essential Utilities	Pair Corr
0.7	WT5	California Water Service	Pair Corr

Moving against California Stock

0.31

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Pair Corr

Related Correlations Analysis

	AWR	CEPU	HTO	RNW	CPK	EE	MGEE	NWN	AVA	KEN
AWR		-0.23	0.05	0.07	0.05	-0.24	0.44	-0.06	-0.04	-0.27	AWR
CEPU	-0.23		0.25	-0.37	-0.68	0.02	-0.72	-0.48	-0.6	0.37	CEPU
HTO	0.05	0.25		-0.84	-0.47	0.81	-0.3	0.03	0.26	0.91	HTO
RNW	0.07	-0.37	-0.84		0.6	-0.59	0.43	0.09	-0.02	-0.8	RNW
CPK	0.05	-0.68	-0.47	0.6		-0.07	0.8	0.75	0.64	-0.42	CPK
EE	-0.24	0.02	0.81	-0.59	-0.07		-0.14	0.33	0.62	0.87	EE
MGEE	0.44	-0.72	-0.3	0.43	0.8	-0.14		0.6	0.56	-0.46	MGEE
NWN	-0.06	-0.48	0.03	0.09	0.75	0.33	0.6		0.76	0.1	NWN
AVA	-0.04	-0.6	0.26	-0.02	0.64	0.62	0.56	0.76		0.28	AVA
KEN	-0.27	0.37	0.91	-0.8	-0.42	0.87	-0.46	0.1	0.28		KEN
	AWR	CEPU	HTO	RNW	CPK	EE	MGEE	NWN	AVA	KEN

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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

KEN	+ 0.91	HTO
KEN	+ 0.87	EE
EE	+ 0.81	HTO
MGEE	+ 0.8	CPK
AVA	+ 0.76	NWN
NWN	+ 0.75	CPK

High negative correlations

RNW	- 0.84	HTO
KEN	- 0.8	RNW
MGEE	- 0.72	CEPU
CPK	- 0.68	CEPU
AVA	- 0.6	CEPU
EE	- 0.59	RNW

Risk-Adjusted Indicators

There is a big difference between California Stock performing well and California Water 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 California Water'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
AWR	0.82	(0.01)	(0.06)	0.02	0.97	(0.86)	2.36	(1.87)	4.33
CEPU	2.09	0.04	0.01	0.10	2.43	(2.33)	5.09	(4.23)	13.77
HTO	1.02	0.24	0.14	1.05	1.15	(1.12)	2.73	(2.30)	5.45
RNW	1.53	(0.44)	0.00	(0.98)	0.00	0.00	2.24	(3.95)	28.65
CPK	0.90	0.03	(0.03)	(0.31)	1.15	(0.91)	1.73	(1.71)	4.09
EE	1.69	0.62	0.29	3.48	1.52	(1.95)	3.90	(2.93)	7.53
MGEE	0.85	(0.01)	(0.05)	(0.02)	1.13	(0.83)	1.64	(1.66)	4.52
NWN	0.80	0.11	0.04	1.68	1.07	(0.82)	1.63	(1.83)	5.08
AVA	0.80	0.08	0.02	3.70	1.11	(0.77)	1.67	(1.83)	4.77
KEN	1.51	0.51	0.20	0.76	1.80	(1.61)	3.73	(3.47)	8.98

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