Consolidated Edison Correlations

ED Stock

USD 106.49 0.85 0.79%

The current 90-days correlation between Consolidated Edison and WEC Energy Group is 0.72 (i.e., Poor diversification). The correlation of Consolidated Edison 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.

Consolidated Edison Correlation With Market

Very weak diversification

The correlation between Consolidated Edison and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Consolidated Edison and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Consolidated Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Consolidated Edison. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

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

Moving together with Consolidated Stock

0.66	D	Dominion Energy Sell-off Trend	Pair Corr
0.71	NI	NiSource	Pair Corr
0.62	AEE	Ameren Corp Earnings Call This Week	Pair Corr
0.81	AQN	Algonquin Power Utilities	Pair Corr
0.71	CNP	CenterPoint Energy Sell-off Trend	Pair Corr
0.88	NGG	National Grid PLC	Pair Corr
0.7	VIE	Veolia Environnement	Pair Corr
0.7	DTW	DTE Energy	Pair Corr
0.69	CNL	Collective Mining	Pair Corr
0.65	COMP	Compass	Pair Corr
0.79	EPD	Enterprise Products Sell-off Trend	Pair Corr
0.78	RCKY	Rocky Brands	Pair Corr
0.75	ENS	Enersys Earnings Call This Week	Pair Corr
0.68	THO	Thor Industries	Pair Corr
0.71	OBYCF	Obayashi Earnings Call Today	Pair Corr

Moving against Consolidated Stock

0.52	POM	POMDOCTOR LIMITED	Pair Corr
0.49	TLN	Talen Energy	Pair Corr
0.42	SRE	Sempra Energy	Pair Corr
0.7	RVSN	Rail Vision Upward Rally	Pair Corr
0.57	BROGF	BROGF	Pair Corr

Related Correlations Analysis

	WEC	PCG	FE	PEG	DTE	AEE	FTS	ETR	CMS	ES
WEC		0.4	0.84	0.64	0.9	0.92	0.47	0.82	0.83	0.4	WEC
PCG	0.4		0.06	0.52	0.3	0.39	0.02	0.27	0.46	0.35	PCG
FE	0.84	0.06		0.44	0.86	0.91	0.63	0.77	0.66	0.24	FE
PEG	0.64	0.52	0.44		0.54	0.58	0.22	0.55	0.69	0.31	PEG
DTE	0.9	0.3	0.86	0.54		0.93	0.48	0.81	0.78	0.52	DTE
AEE	0.92	0.39	0.91	0.58	0.93		0.61	0.81	0.78	0.37	AEE
FTS	0.47	0.02	0.63	0.22	0.48	0.61		0.45	0.19	0.01	FTS
ETR	0.82	0.27	0.77	0.55	0.81	0.81	0.45		0.65	0.43	ETR
CMS	0.83	0.46	0.66	0.69	0.78	0.78	0.19	0.65		0.24	CMS
ES	0.4	0.35	0.24	0.31	0.52	0.37	0.01	0.43	0.24		ES
	WEC	PCG	FE	PEG	DTE	AEE	FTS	ETR	CMS	ES

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Risk-Adjusted Indicators

There is a big difference between Consolidated Stock performing well and Consolidated Edison 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 Consolidated Edison'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
WEC	0.63	0.02	(0.08)	1.84	0.80	(0.64)	1.14	(1.23)	4.32
PCG	1.17	0.03	(0.02)	0.23	1.49	(1.16)	1.79	(2.31)	6.66
FE	0.67	0.05	(0.04)	(0.53)	0.88	(0.63)	1.36	(1.31)	4.07
PEG	0.83	(0.01)	(0.07)	(0.07)	1.13	(0.83)	1.61	(2.04)	5.67
DTE	0.71	0.01	(0.05)	0.11	1.08	(0.61)	1.45	(1.55)	4.73
AEE	0.71	0.04	(0.02)	0.36	0.95	(0.68)	1.23	(1.45)	5.74
FTS	0.67	0.15	0.07	(0.57)	0.58	(0.83)	1.38	(1.17)	2.88
ETR	0.85	(0.01)	(0.05)	0.05	1.10	(0.89)	1.90	(1.73)	4.90
CMS	0.75	0.01	(0.06)	0.13	1.02	(0.71)	1.32	(1.37)	5.00
ES	1.12	(0.13)	0.00	(0.94)	0.00	0.00	1.75	(1.87)	14.53

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