Consolidated Edison Correlations

ED Stock

USD 93.65 1.43 1.55%

The current 90-days correlation between Consolidated Edison and Duke Energy is 0.79 (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

Modest diversification

The correlation between Consolidated Edison and DJI is 0.21 (i.e., Modest 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.

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 unemployment.

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

Moving together with Consolidated Stock

0.94	D	Dominion Energy	Pair Corr
0.98	ES	Eversource Energy	Pair Corr
0.98	FE	FirstEnergy	Pair Corr
0.98	SO	Southern	Pair Corr
0.88	CMS-PB	Consumers Energy	Pair Corr
0.91	CMS-PC	CMS Energy	Pair Corr
0.89	AEP	American Electric Power	Pair Corr
0.93	CMS	CMS Energy	Pair Corr
0.75	DTE	DTE Energy	Pair Corr
0.95	DUK	Duke Energy	Pair Corr
0.62	EIX	Edison International	Pair Corr
0.84	EXC	Exelon	Pair Corr
0.75	FTS	Fortis Inc	Pair Corr
0.68	GNE	Genie Energy	Pair Corr
0.67	KEP	Korea Electric Power	Pair Corr
0.96	NEE	Nextera Energy Earnings Call This Week	Pair Corr
0.96	NGG	National Grid PLC	Pair Corr
0.65	NWE	NorthWestern	Pair Corr
0.61	PEG	Public Service Enterprise	Pair Corr
0.93	POR	Portland General Electric Sell-off Trend	Pair Corr
0.65	DUK-PA	Duke Energy	Pair Corr

Moving against Consolidated Stock

0.78	EDN	Empresa Distribuidora	Pair Corr
0.71	AGR	Avangrid	Pair Corr
0.7	ETR	Entergy	Pair Corr
0.62	ENIC	Enel Chile SA	Pair Corr
0.58	CNP	CenterPoint Energy	Pair Corr
0.71	PCG-PC	Pacific Gas	Pair Corr
0.65	VSTEW	Vast Renewables	Pair Corr
0.63	TLN	Talen Energy	Pair Corr
0.54	PCG-PI	Pacific Gas	Pair Corr
0.42	OKLO	Oklo Inc Symbol Change	Pair Corr

Related Correlations Analysis

	DUK	D	AEP	NEE	SO	ETR	PNW	FE	EXC
DUK		0.94	0.91	0.93	0.95	-0.54	0.52	0.96	0.86	DUK
D	0.94		0.89	0.88	0.96	-0.52	0.5	0.94	0.84	D
AEP	0.91	0.89		0.82	0.88	-0.43	0.48	0.87	0.82	AEP
NEE	0.93	0.88	0.82		0.94	-0.76	0.33	0.96	0.82	NEE
SO	0.95	0.96	0.88	0.94		-0.65	0.44	0.98	0.87	SO
ETR	-0.54	-0.52	-0.43	-0.76	-0.65		0.16	-0.66	-0.54	ETR
PNW	0.52	0.5	0.48	0.33	0.44	0.16		0.49	0.27	PNW
FE	0.96	0.94	0.87	0.96	0.98	-0.66	0.49		0.87	FE
EXC	0.86	0.84	0.82	0.82	0.87	-0.54	0.27	0.87		EXC
	DUK	D	AEP	NEE	SO	ETR	PNW	FE	EXC

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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

FE	+ 0.98	SO
FE	+ 0.96	DUK
SO	+ 0.96	D
FE	+ 0.96	NEE
SO	+ 0.95	DUK
D	+ 0.94	DUK

High negative correlations

ETR	- 0.76	NEE
FE	- 0.66	ETR
ETR	- 0.65	SO
EXC	- 0.54	ETR
ETR	- 0.54	DUK
ETR	- 0.52	D

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
DUK	0.87	(0.06)	0.00	(0.16)	0.00	0.00	1.94	(2.18)	4.54
D	1.03	(0.01)	0.00	(0.05)	0.00	0.00	2.04	(2.31)	7.68
AEP	0.91	(0.01)	0.00	(0.03)	0.00	0.00	1.79	(1.73)	6.17
NEE	1.18	(0.19)	0.00	(0.39)	0.00	0.00	1.93	(2.52)	7.80
SO	0.88	(0.08)	0.00	(0.37)	0.00	0.00	1.86	(2.05)	4.59
ETR	1.14	0.37	0.22	0.57	1.28	(1.24)	2.26	(1.85)	21.63
PNW	0.89	0.02	0.02	0.06	1.11	(0.89)	1.99	(1.75)	6.31
FE	0.72	(0.09)	0.00	(0.33)	0.00	0.00	1.17	(1.76)	4.31
EXC	0.84	0.00	0.00	(0.01)	1.21	(0.80)	1.72	(1.76)	5.61

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