Northwest Natural Correlations

NWN Stock

USD 43.21 1.09 2.59%

The current 90-days correlation between Northwest Natural Gas and Chesapeake Utilities is 0.8 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Northwest Natural moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Northwest Natural Gas moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Northwest Natural Correlation With Market

Poor diversification

The correlation between Northwest Natural Gas and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northwest Natural Gas 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 Northwest Natural Gas. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with Northwest Stock

0.71	NI	NiSource	Pair Corr
0.64	ATO	Atmos Energy	Pair Corr
0.78	BKH	Black Hills	Pair Corr
0.79	CPK	Chesapeake Utilities	Pair Corr
0.82	NJR	NewJersey Resources	Pair Corr
0.68	OGS	One Gas	Pair Corr
0.77	SWX	Southwest Gas Holdings	Pair Corr
0.62	BIPC	Brookfield Infrastructure	Pair Corr
0.69	CTRI	Centuri Holdings,	Pair Corr
0.61	CDZIP	Cadiz Depositary Shares	Pair Corr
0.75	EVRG	Evergy,	Pair Corr
0.68	ADN	Advent Technologies	Pair Corr

Moving against Northwest Stock

0.5	ES	Eversource Energy	Pair Corr
0.37	ED	Consolidated Edison	Pair Corr
0.52	ELPC	Companhia Paranaense	Pair Corr
0.52	AES	AES Sell-off Trend	Pair Corr
0.41	RNWWW	ReNew Energy Global	Pair Corr
0.36	AEP	American Electric Power	Pair Corr
0.32	FE	FirstEnergy	Pair Corr

Related Correlations Analysis

	CPK	OGS	NIMC	UGIC	NI	NJR	UGI	SR	ATO	SPH
CPK		0.91	-0.19	-0.71	0.85	0.93	0.09	0.72	0.78	0.23	CPK
OGS	0.91		-0.47	-0.81	0.83	0.86	0.29	0.67	0.88	0.35	OGS
NIMC	-0.19	-0.47		0.51	-0.18	-0.11	-0.45	-0.18	-0.36	-0.09	NIMC
UGIC	-0.71	-0.81	0.51		-0.79	-0.58	0.05	-0.29	-0.81	-0.44	UGIC
NI	0.85	0.83	-0.18	-0.79		0.73	0.0	0.37	0.93	0.54	NI
NJR	0.93	0.86	-0.11	-0.58	0.73		0.21	0.83	0.7	0.17	NJR
UGI	0.09	0.29	-0.45	0.05	0.0	0.21		0.36	0.14	0.04	UGI
SR	0.72	0.67	-0.18	-0.29	0.37	0.83	0.36		0.37	-0.24	SR
ATO	0.78	0.88	-0.36	-0.81	0.93	0.7	0.14	0.37		0.6	ATO
SPH	0.23	0.35	-0.09	-0.44	0.54	0.17	0.04	-0.24	0.6		SPH
	CPK	OGS	NIMC	UGIC	NI	NJR	UGI	SR	ATO	SPH

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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

NJR	+ 0.93	CPK
ATO	+ 0.93	NI
OGS	+ 0.91	CPK
ATO	+ 0.88	OGS
NJR	+ 0.86	OGS
NI	+ 0.85	CPK

High negative correlations

ATO	- 0.81	UGIC
UGIC	- 0.81	OGS
NI	- 0.79	UGIC
UGIC	- 0.71	CPK
NJR	- 0.58	UGIC
NIMC	- 0.47	OGS

Risk-Adjusted Indicators

There is a big difference between Northwest Stock performing well and Northwest Natural 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 Northwest Natural'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
CPK	1.00	0.11	0.09	0.21	0.97	(1.18)	2.09	(1.91)	6.25
OGS	0.89	0.12	0.12	0.21	0.74	(1.09)	1.92	(1.66)	7.47
NIMC	0.60	0.00	(0.11)	0.13	0.78	(0.66)	1.07	(1.11)	5.53
UGIC	1.47	(0.27)	0.00	(1.12)	0.00	0.00	2.61	(3.02)	12.21
NI	0.67	0.22	0.17	2.08	0.55	(0.78)	1.54	(1.23)	3.98
NJR	0.73	0.06	0.03	0.19	0.63	(0.82)	1.59	(1.26)	4.00
UGI	0.98	(0.05)	(0.08)	0.00	1.06	(1.21)	2.29	(1.88)	4.72
SR	0.90	0.05	0.01	0.17	1.16	(0.98)	1.95	(1.85)	6.47
ATO	0.63	0.17	0.16	0.56	0.42	(0.72)	1.79	(1.17)	3.85
SPH	1.10	(0.02)	(0.03)	0.05	1.87	(1.13)	2.72	(1.68)	11.92

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