IDACORP Correlations

IDA Stock

USD 134.00 0.93 0.70%

The current 90-days correlation between IDACORP and Portland General Electric is 0.46 (i.e., Very weak diversification). The correlation of IDACORP 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.

IDACORP Correlation With Market

Weak diversification

The correlation between IDACORP and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDACORP and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IDACORP Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in IDACORP. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

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

Moving together with IDACORP Stock

0.67	FE	FirstEnergy	Pair Corr
0.8	SO	Southern	Pair Corr
0.78	EVRG	Evergy	Pair Corr
0.76	DTW	DTE Energy	Pair Corr
0.72	DUK	Duke Energy Sell-off Trend	Pair Corr
0.74	ELC	Entergy Louisiana LLC	Pair Corr
0.72	EMP	Entergy Mississippi LLC	Pair Corr
0.66	ETR	Entergy	Pair Corr
0.72	EXC	Exelon	Pair Corr
0.76	GNE	Genie Energy	Pair Corr
0.67	LNT	Alliant Energy Corp	Pair Corr
0.81	OGE	OGE Energy	Pair Corr

Moving against IDACORP Stock

0.71	ALE	Allete Inc	Pair Corr
0.57	ACO-Y	ATCO	Pair Corr
0.45	DUKB	Duke Energy Corp	Pair Corr
0.67	EDN	Empresa Distribuidora	Pair Corr
0.55	ELP	Companhia Paranaense	Pair Corr

Related Correlations Analysis

	POR	TXNM	MGEE	CMS	OGE	AVA	BKH	ALE
POR		0.71	-0.49	-0.11	-0.37	0.72	0.9	0.85	POR
TXNM	0.71		-0.85	-0.68	-0.75	0.14	0.8	0.8	TXNM
MGEE	-0.49	-0.85		0.79	0.88	0.11	-0.59	-0.75	MGEE
CMS	-0.11	-0.68	0.79		0.89	0.53	-0.24	-0.46	CMS
OGE	-0.37	-0.75	0.88	0.89		0.25	-0.44	-0.74	OGE
AVA	0.72	0.14	0.11	0.53	0.25		0.6	0.4	AVA
BKH	0.9	0.8	-0.59	-0.24	-0.44	0.6		0.8	BKH
ALE	0.85	0.8	-0.75	-0.46	-0.74	0.4	0.8		ALE
	POR	TXNM	MGEE	CMS	OGE	AVA	BKH	ALE

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

BKH	+ 0.9	POR
OGE	+ 0.89	CMS
OGE	+ 0.88	MGEE
ALE	+ 0.85	POR
BKH	+ 0.8	TXNM
ALE	+ 0.8	TXNM

High negative correlations

MGEE	- 0.85	TXNM
ALE	- 0.75	MGEE
OGE	- 0.75	TXNM
ALE	- 0.74	OGE
CMS	- 0.68	TXNM
BKH	- 0.59	MGEE

Risk-Adjusted Indicators

There is a big difference between IDACORP Stock performing well and IDACORP 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 IDACORP'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
POR	0.78	0.19	0.13	0.86	0.66	(0.88)	2.20	(1.23)	5.33
TXNM	0.18	0.06	(0.15)	1.87	0.00	(0.22)	0.52	(0.29)	1.45
MGEE	0.79	(0.10)	0.00	(0.18)	0.00	0.00	1.64	(1.90)	4.52
CMS	0.74	(0.08)	0.00	(0.22)	0.00	0.00	1.27	(1.56)	5.00
OGE	0.66	(0.11)	0.00	(0.25)	0.00	0.00	1.24	(1.77)	3.57
AVA	0.73	0.06	0.00	0.28	0.96	(0.75)	1.67	(1.74)	5.72
BKH	1.01	0.23	0.13	0.87	0.96	(1.13)	2.75	(2.07)	7.24
ALE	0.24	0.11	0.00	(0.72)	0.00	(0.32)	0.73	(0.21)	2.98

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