Kenon Holdings Correlations

KEN Stock

USD 30.85 0.19 0.62%

The current 90-days correlation between Kenon Holdings and TransAlta Corp is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Kenon Holdings moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Kenon Holdings moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Kenon Holdings Correlation With Market

Good diversification

The correlation between Kenon Holdings and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kenon Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kenon Holdings. 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.

To learn how to invest in Kenon Stock, please use our How to Invest in Kenon Holdings guide.

Moving together with Kenon Stock

0.61	NRG	NRG Energy	Pair Corr
0.78	PAM	Pampa Energia SA	Pair Corr
0.75	TAC	TransAlta Corp	Pair Corr
0.68	VST	Vistra Energy Corp Upward Rally	Pair Corr
0.84	CDZIP	Cadiz Depositary Shares	Pair Corr
0.77	ELLO	Ellomay Capital	Pair Corr
0.71	ENLT	Enlight Renewable Energy	Pair Corr
0.78	ALE	Allete Inc	Pair Corr

Moving against Kenon Stock

0.73	ED	Consolidated Edison	Pair Corr
0.73	SO	Southern	Pair Corr
0.72	ES	Eversource Energy	Pair Corr
0.72	FE	FirstEnergy Earnings Call This Week	Pair Corr
0.72	CMS-PC	CMS Energy	Pair Corr
0.69	CMS-PB	Consumers Energy	Pair Corr
0.67	D	Dominion Energy	Pair Corr
0.56	ELPC	Companhia Paranaense	Pair Corr
0.55	HE	Hawaiian Electric	Pair Corr
0.4	VGAS	Verde Clean Fuels	Pair Corr
0.8	CWT	California Water Service	Pair Corr
0.77	BEP	Brookfield Renewable Earnings Call Today	Pair Corr
0.75	AWK	American Water Works	Pair Corr
0.73	AES	AES	Pair Corr
0.73	CIG	Companhia Energetica	Pair Corr
0.7	AWR	American States Water	Pair Corr
0.67	WTRG	Essential Utilities	Pair Corr
0.65	AQN	Algonquin Power Utilities Potential Growth	Pair Corr
0.61	BIP	Brookfield Infrastructure	Pair Corr
0.58	DUK	Duke Energy Earnings Call This Week	Pair Corr
0.55	CMS	CMS Energy	Pair Corr
0.34	AVA	Avista	Pair Corr
0.34	BKH	Black Hills Earnings Call This Week	Pair Corr

Related Correlations Analysis

	VST	PAM	NRG	TAC	AGLXY	DIPGF
VST		0.67	0.79	0.41	0.0	-0.03	VST
PAM	0.67		0.5	0.79	-0.24	0.13	PAM
NRG	0.79	0.5		0.28	0.12	-0.04	NRG
TAC	0.41	0.79	0.28		-0.24	0.4	TAC
AGLXY	0.0	-0.24	0.12	-0.24		-0.07	AGLXY
DIPGF	-0.03	0.13	-0.04	0.4	-0.07		DIPGF
	VST	PAM	NRG	TAC	AGLXY	DIPGF

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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

NRG	+ 0.79	VST
TAC	+ 0.79	PAM
PAM	+ 0.67	VST
NRG	+ 0.5	PAM
TAC	+ 0.41	VST
DIPGF	+ 0.4	TAC

High negative correlations

AGLXY	- 0.24	TAC
AGLXY	- 0.24	PAM
DIPGF	- 0.07	AGLXY
DIPGF	- 0.04	NRG
DIPGF	- 0.03	VST
AGLXY	- 0.0	VST

Risk-Adjusted Indicators

There is a big difference between Kenon Stock performing well and Kenon Holdings 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 Kenon Holdings' 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
VST	3.59	0.60	0.10	0.90	5.43	(4.01)	8.49	(4.92)	36.82
PAM	1.76	0.44	0.15	(5.47)	1.98	(1.87)	4.36	(3.37)	11.41
NRG	2.07	0.22	0.05	0.72	2.84	(2.27)	4.34	(3.21)	23.35
TAC	2.21	0.26	0.04	12.32	4.10	(2.29)	5.68	(3.34)	30.07
AGLXY	2.13	0.01	0.00	0.07	0.00	0.00	5.24	(5.91)	20.78
DIPGF	1.52	0.28	0.00	(0.88)	0.00	0.00	0.00	(5.00)	31.25

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