Fortis Correlations

FTS Stock

USD 54.12 0.11 0.20%

The current 90-days correlation between Fortis Inc and Centrais Eltricas Brasileiras is 0.03 (i.e., Significant diversification). The correlation of Fortis 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.

Fortis Correlation With Market

Very weak diversification

The correlation between Fortis Inc and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortis Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Fortis Stock

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

Moving together with Fortis Stock

0.61	CIG	Companhia Energetica	Pair Corr
0.61	DTW	DTE Energy	Pair Corr
0.81	EIX	Edison International	Pair Corr
0.8	IDA	IDACORP Earnings Call This Week	Pair Corr
0.76	KEP	Korea Electric Power	Pair Corr
0.73	CIG-C	Energy of Minas	Pair Corr
0.68	AQNB	Algonquin Power Utilities	Pair Corr
0.72	CUD	Canadian Utilities	Pair Corr
0.65	CNL	Collective Mining	Pair Corr
0.64	RILYL	B Riley Financial	Pair Corr
0.69	ENS	Enersys Earnings Call Tomorrow	Pair Corr

Moving against Fortis Stock

0.66	OKLO	Oklo Inc	Pair Corr
0.64	VGAS	Verde Clean Fuels	Pair Corr
0.68	PBCRY	Bank Central Asia	Pair Corr
0.51	TLN	Talen Energy	Pair Corr
0.43	POM	POMDOCTOR LIMITED	Pair Corr
0.35	PBCRF	PT Bank Central	Pair Corr

Related Correlations Analysis

	EBR-B	SO	EBR	FE	DTE	AEE	PPL	CMS	AWK
EBR-B		-0.32	0.97	-0.24	-0.42	-0.25	-0.35	-0.57	-0.08	EBR-B
SO	-0.32		-0.41	0.71	0.81	0.86	0.79	0.8	-0.28	SO
EBR	0.97	-0.41		-0.35	-0.52	-0.36	-0.46	-0.62	-0.07	EBR
FE	-0.24	0.71	-0.35		0.86	0.91	0.83	0.66	-0.14	FE
DTE	-0.42	0.81	-0.52	0.86		0.94	0.85	0.79	-0.16	DTE
AEE	-0.25	0.86	-0.36	0.91	0.94		0.87	0.79	-0.18	AEE
PPL	-0.35	0.79	-0.46	0.83	0.85	0.87		0.63	0.03	PPL
CMS	-0.57	0.8	-0.62	0.66	0.79	0.79	0.63		-0.12	CMS
AWK	-0.08	-0.28	-0.07	-0.14	-0.16	-0.18	0.03	-0.12		AWK
	EBR-B	SO	EBR	FE	DTE	AEE	PPL	CMS	AWK

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

EBR	+ 0.97	EBR-B
AEE	+ 0.94	DTE
AEE	+ 0.91	FE
PPL	+ 0.87	AEE
AEE	+ 0.86	SO
DTE	+ 0.86	FE

High negative correlations

CMS	- 0.62	EBR
CMS	- 0.57	EBR-B
DTE	- 0.52	EBR
PPL	- 0.46	EBR
DTE	- 0.42	EBR-B
EBR	- 0.41	SO

Risk-Adjusted Indicators

There is a big difference between Fortis Stock performing well and Fortis 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 Fortis' 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
EBR-B	2.54	0.57	0.07	(2.31)	4.47	(2.74)	5.25	(3.48)	31.49
SO	0.75	(0.05)	0.00	2.11	0.00	0.00	1.10	(1.81)	4.07
EBR	2.20	0.52	0.08	(2.56)	4.49	(2.35)	2.80	(3.23)	32.39
FE	0.67	0.05	(0.04)	(0.57)	0.88	(0.64)	1.36	(1.31)	4.07
DTE	0.70	0.01	(0.05)	0.16	1.10	(0.60)	1.45	(1.55)	4.73
AEE	0.72	0.03	(0.05)	0.24	0.97	(0.69)	1.23	(1.45)	5.74
PPL	0.83	(0.03)	0.00	(0.15)	0.00	0.00	1.57	(1.61)	4.62
CMS	0.74	(0.01)	(0.08)	0.03	1.03	(0.71)	1.32	(1.37)	5.00
AWK	1.00	0.01	0.00	0.06	0.00	0.00	1.95	(2.09)	6.26

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