Centrais Electricas Correlations

EBR Stock

USD 6.58 0.26 4.11%

The current 90-days correlation between Centrais Electricas and Korea Electric Power is 0.14 (i.e., Average diversification). The correlation of Centrais Electricas 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.

Centrais Electricas Correlation With Market

Average diversification

The correlation between Centrais Electricas Brasileira and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Centrais Electricas Brasileira and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Centrais Electricas Brasileiras. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Centrais Stock

0.78	BEP-PA	Brookfield Renewable	Pair Corr
0.67	SUUN	SolarBank Common	Pair Corr
0.91	ELPC	Companhia Paranaense	Pair Corr

Moving against Centrais Stock

0.76	XIFR	XPLR Infrastructure Symbol Change	Pair Corr
0.61	WAVE	Eco Wave Power	Pair Corr
0.45	HTOOW	Fusion Fuel Green	Pair Corr
0.42	NRGV	Energy Vault Holdings	Pair Corr
0.38	FLNC	Fluence Energy	Pair Corr
0.34	HTOO	Fusion Fuel Green	Pair Corr
0.32	RNW	Renew Energy Global Earnings Call This Week	Pair Corr
0.48	AES	AES	Pair Corr

Related Correlations Analysis

	GNE	CEPU	KEP	EDN	EQUEY	ELEZY	ETI-P	IDA	MGEE
GNE		-0.26	0.52	-0.25	0.31	-0.67	0.13	0.59	0.74	GNE
CEPU	-0.26		-0.38	0.68	-0.56	0.29	-0.44	-0.42	-0.33	CEPU
KEP	0.52	-0.38		-0.24	0.74	-0.23	0.61	0.9	0.8	KEP
EDN	-0.25	0.68	-0.24		-0.41	0.34	-0.27	-0.15	-0.05	EDN
EQUEY	0.31	-0.56	0.74	-0.41		-0.16	0.71	0.76	0.54	EQUEY
ELEZY	-0.67	0.29	-0.23	0.34	-0.16		0.17	-0.24	-0.46	ELEZY
ETI-P	0.13	-0.44	0.61	-0.27	0.71	0.17		0.67	0.42	ETI-P
IDA	0.59	-0.42	0.9	-0.15	0.76	-0.24	0.67		0.89	IDA
MGEE	0.74	-0.33	0.8	-0.05	0.54	-0.46	0.42	0.89		MGEE
	GNE	CEPU	KEP	EDN	EQUEY	ELEZY	ETI-P	IDA	MGEE

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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

IDA	+ 0.9	KEP
MGEE	+ 0.89	IDA
MGEE	+ 0.8	KEP
IDA	+ 0.76	EQUEY
MGEE	+ 0.74	GNE
EQUEY	+ 0.74	KEP

High negative correlations

ELEZY	- 0.67	GNE
EQUEY	- 0.56	CEPU
MGEE	- 0.46	ELEZY
ETI-P	- 0.44	CEPU
IDA	- 0.42	CEPU
EQUEY	- 0.41	EDN

Risk-Adjusted Indicators

There is a big difference between Centrais Stock performing well and Centrais Electricas 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 Centrais Electricas' 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
GNE	1.22	(0.22)	0.00	(0.63)	0.00	0.00	1.94	(2.80)	8.77
CEPU	2.30	0.25	0.08	(1.05)	3.14	(2.31)	5.50	(5.53)	14.76
KEP	1.66	(0.10)	0.00	(0.17)	0.00	0.00	3.63	(3.41)	11.44
EDN	3.24	0.41	0.10	1.02	3.81	(3.75)	7.57	(6.38)	22.40
EQUEY	2.48	0.03	0.01	0.16	3.37	(4.36)	6.80	(8.59)	19.68
ELEZY	1.36	0.13	0.07	0.20	1.68	(1.32)	2.70	(2.90)	7.60
ETI-P	0.73	(0.01)	0.00	(0.06)	0.00	0.00	1.65	(1.31)	5.06
IDA	0.78	(0.05)	0.00	(0.10)	0.00	0.00	1.41	(1.56)	6.41
MGEE	1.15	(0.18)	0.00	(0.33)	0.00	0.00	2.34	(2.99)	11.49

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