FirstEnergy Correlations

FE Stock

USD 39.89 0.19 0.47%

The current 90-days correlation between FirstEnergy and CenterPoint Energy is 0.58 (i.e., Very weak diversification). The correlation of FirstEnergy 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.

FirstEnergy Correlation With Market

Modest diversification

The correlation between FirstEnergy and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FirstEnergy 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 FirstEnergy. 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.

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

Moving together with FirstEnergy Stock

0.95	D	Dominion Energy	Pair Corr
0.85	ED	Consolidated Edison	Pair Corr
0.8	ES	Eversource Energy	Pair Corr
0.98	SO	Southern	Pair Corr
0.68	CMS-PB	Consumers Energy	Pair Corr
0.85	AEP	American Electric Power	Pair Corr
0.93	CMS	CMS Energy	Pair Corr
0.73	DTE	DTE Energy	Pair Corr
0.8	DUK	Duke Energy	Pair Corr
0.67	EIX	Edison International	Pair Corr
0.84	EXC	Exelon	Pair Corr
0.63	FTS	Fortis Inc	Pair Corr
0.71	NEE	Nextera Energy Earnings Call This Week	Pair Corr
0.77	NGG	National Grid PLC	Pair Corr
0.66	PEG	Public Service Enterprise	Pair Corr
0.61	POR	Portland General Electric Sell-off Trend	Pair Corr
0.7	WEC	WEC Energy Group	Pair Corr

Moving against FirstEnergy Stock

0.67	ETR	Entergy	Pair Corr
0.61	EDN	Empresa Distribuidora	Pair Corr
0.6	ENIC	Enel Chile SA	Pair Corr
0.51	CNP	CenterPoint Energy	Pair Corr
0.68	CEPU	Central Puerto SA	Pair Corr
0.59	PCG-PC	Pacific Gas	Pair Corr
0.54	VIASP	Via Renewables	Pair Corr
0.5	PCG-PI	Pacific Gas	Pair Corr
0.45	VSTEW	Vast Renewables	Pair Corr
0.34	TXNM	TXNM Energy, Symbol Change	Pair Corr

Related Correlations Analysis

	CNP	PNW	EIX	PEG	AEP	ETR	SO	XEL	DUK	D
CNP		0.11	-0.25	0.18	-0.31	0.79	-0.57	0.55	-0.27	-0.53	CNP
PNW	0.11		0.61	0.67	0.48	0.12	0.46	0.75	0.62	0.5	PNW
EIX	-0.25	0.61		0.49	0.38	-0.45	0.6	0.43	0.59	0.59	EIX
PEG	0.18	0.67	0.49		0.69	-0.01	0.61	0.52	0.69	0.67	PEG
AEP	-0.31	0.48	0.38	0.69		-0.39	0.87	0.14	0.77	0.89	AEP
ETR	0.79	0.12	-0.45	-0.01	-0.39		-0.65	0.49	-0.34	-0.54	ETR
SO	-0.57	0.46	0.6	0.61	0.87	-0.65		0.0	0.81	0.97	SO
XEL	0.55	0.75	0.43	0.52	0.14	0.49	0.0		0.18	0.05	XEL
DUK	-0.27	0.62	0.59	0.69	0.77	-0.34	0.81	0.18		0.83	DUK
D	-0.53	0.5	0.59	0.67	0.89	-0.54	0.97	0.05	0.83		D
	CNP	PNW	EIX	PEG	AEP	ETR	SO	XEL	DUK	D

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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

D	+ 0.97	SO
D	+ 0.89	AEP
SO	+ 0.87	AEP
D	+ 0.83	DUK
DUK	+ 0.81	SO
ETR	+ 0.79	CNP

High negative correlations

SO	- 0.65	ETR
SO	- 0.57	CNP
D	- 0.54	ETR
D	- 0.53	CNP
ETR	- 0.45	EIX
ETR	- 0.39	AEP

Risk-Adjusted Indicators

There is a big difference between FirstEnergy Stock performing well and FirstEnergy 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 FirstEnergy'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
CNP	0.95	0.13	0.11	0.23	0.97	(1.01)	2.46	(1.77)	5.43
PNW	0.88	0.01	0.00	0.04	1.11	(0.88)	1.99	(1.75)	6.31
EIX	1.38	(0.42)	0.00	(0.98)	0.00	0.00	2.03	(2.79)	13.93
PEG	1.05	(0.01)	(0.02)	(0.02)	1.67	(1.00)	2.31	(2.35)	8.53
AEP	0.90	(0.02)	0.00	(0.03)	0.00	0.00	1.79	(1.73)	6.17
ETR	1.13	0.36	0.20	0.56	1.28	(1.24)	2.26	(1.85)	21.63
SO	0.87	(0.10)	0.00	(0.40)	0.00	0.00	1.86	(2.05)	4.59
XEL	0.90	0.09	0.06	0.22	1.20	(0.94)	1.90	(1.77)	10.51
DUK	0.82	(0.14)	0.00	(0.56)	0.00	0.00	1.77	(2.18)	4.49
D	1.02	(0.03)	0.00	(0.08)	0.00	0.00	2.04	(2.31)	7.68

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