Hydro One Correlations

H Stock

CAD 53.95 0.26 0.48%

The current 90-days correlation between Hydro One and Fortis Inc is 0.68 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hydro One moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hydro One moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hydro One Correlation With Market

Good diversification

The correlation between Hydro One and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hydro One and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Hydro One could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hydro One when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Hydro One - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Hydro One to buy it.

Moving together with Hydro Stock

0.65

FFH

Fairfax Financial

Pair Corr

Moving against Hydro Stock

0.52

BLK

BLACKROCK CDR Earnings Call This Week

Pair Corr

Related Correlations Analysis

	FTS	EMA	EMA-PC	ALA	BIP-UN	CU	CPX	BIP-PE	BIPC
FTS		0.7	-0.45	0.69	0.51	0.28	-0.19	-0.35	-0.1	FTS
EMA	0.7		-0.4	0.47	-0.03	-0.12	0.16	-0.47	-0.4	EMA
EMA-PC	-0.45	-0.4		-0.43	-0.22	0.11	-0.16	0.53	0.05	EMA-PC
ALA	0.69	0.47	-0.43		0.44	0.12	-0.08	-0.41	-0.08	ALA
BIP-UN	0.51	-0.03	-0.22	0.44		0.39	-0.32	0.02	0.54	BIP-UN
CU	0.28	-0.12	0.11	0.12	0.39		-0.92	0.67	0.04	CU
CPX	-0.19	0.16	-0.16	-0.08	-0.32	-0.92		-0.72	-0.02	CPX
BIP-PE	-0.35	-0.47	0.53	-0.41	0.02	0.67	-0.72		0.15	BIP-PE
BIPC	-0.1	-0.4	0.05	-0.08	0.54	0.04	-0.02	0.15		BIPC
	FTS	EMA	EMA-PC	ALA	BIP-UN	CU	CPX	BIP-PE	BIPC

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

EMA	+ 0.7	FTS
ALA	+ 0.69	FTS
BIP-PE	+ 0.67	CU
BIPC	+ 0.54	BIP-UN
BIP-PE	+ 0.53	EMA-PC
BIP-UN	+ 0.51	FTS

High negative correlations

CPX	- 0.92	CU
BIP-PE	- 0.72	CPX
BIP-PE	- 0.47	EMA
EMA-PC	- 0.45	FTS
ALA	- 0.43	EMA-PC
BIP-PE	- 0.41	ALA

Risk-Adjusted Indicators

There is a big difference between Hydro Stock performing well and Hydro One 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 Hydro One'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
FTS	0.59	0.02	(0.11)	(0.09)	0.66	(0.64)	1.27	(1.10)	3.14
EMA	0.57	0.03	(0.10)	(0.08)	0.63	(0.60)	1.12	(1.10)	3.71
EMA-PC	0.42	0.03	(0.10)	(1.25)	0.48	(0.45)	0.79	(0.68)	3.57
ALA	0.84	(0.09)	0.00	1.85	0.00	0.00	1.66	(1.80)	5.54
BIP-UN	0.75	(0.10)	0.00	(0.11)	0.00	0.00	1.41	(1.50)	4.59
CU	0.61	0.17	0.14	(9.28)	0.39	(0.74)	1.66	(0.99)	4.86
CPX	1.35	(0.23)	0.00	(2.18)	0.00	0.00	2.92	(3.85)	8.74
BIP-PE	0.36	0.06	(0.05)	(1.46)	0.34	(0.51)	1.00	(0.78)	3.35
BIPC	1.18	(0.06)	0.00	(0.03)	0.00	0.00	2.60	(2.26)	7.67

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hydro One without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Hydro One Corporate Management

Elected by the shareholders, the Hydro One's board of directors comprises two types of representatives: Hydro One inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Hydro. The board's role is to monitor Hydro One's management team and ensure that shareholders' interests are well served. Hydro One's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Hydro One's outside directors are responsible for providing unbiased perspectives on the board's policies.

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BSc BSc	Interim Pres	Profile
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