Hawaiian Electric Correlations
| HAWEL Stock | USD 15.50 0.50 3.12% |
The current 90-days correlation between Hawaiian Electric and Niagara Mohawk Power is -0.45 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hawaiian Electric moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hawaiian Electric moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Hawaiian Electric Correlation With Market
Good diversification
The correlation between Hawaiian Electric and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Electric and DJI in the same portfolio, assuming nothing else is changed.
Hawaiian |
The ability to find closely correlated positions to Hawaiian Electric could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hawaiian Electric 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 Hawaiian Electric - 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 Hawaiian Electric to buy it.
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Hawaiian Pink Sheet performing well and Hawaiian Electric 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 Hawaiian Electric'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.Be your own money manager
Our tools can tell you how much better you can do entering a position in Hawaiian Electric 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.Did you try this?
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