Niagara Mohawk Correlations

Stocks USA . 
Stock . Niagara Mohawk Power
NMKBP Stock   65.60  0.00  0.00%   
The correlation of Niagara Mohawk 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.

Niagara Mohawk Correlation With Market

Modest diversification

The correlation between Niagara Mohawk Power and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Niagara Mohawk Power 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 Niagara Mohawk Power. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Niagara Stock

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Moving against Niagara Stock

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Related Correlations Analysis

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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   
FIZZ
+ 0.79
SUM
FIZZ
+ 0.48
GO
NAII
+ 0.47
FTLF
GO
+ 0.36
FTLF
SUM
+ 0.31
GO
GO
+ 0.15
UCTT
  
High negative correlations   
NAII
- 0.65
SUM
NAII
- 0.46
FIZZ
NAII
- 0.33
UCTT
SUM
- 0.25
FTLF
NAII
- 0.12
GO
SUM
- 0.03
UCTT

Risk-Adjusted Indicators

There is a big difference between Niagara Stock performing well and Niagara Mohawk 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 Niagara Mohawk'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.

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