Ormat Technologies Correlations

ORA Stock

USD 80.08 0.70 0.88%

The current 90-days correlation between Ormat Technologies and Fluence Energy is 0.48 (i.e., Very weak diversification). The correlation of Ormat Technologies 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.

Ormat Technologies Correlation With Market

Weak diversification

The correlation between Ormat Technologies and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ormat Technologies and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Ormat Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

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

Moving together with Ormat Stock

0.81	AY	Atlantica Sustainable	Pair Corr
0.7	VGAS	Verde Clean Fuels	Pair Corr
0.78	WAVE	Eco Wave Power Trending	Pair Corr
0.91	GEV	GE Vernova LLC	Pair Corr
0.88	NRGV	Energy Vault Holdings	Pair Corr
0.61	AMPS	Altus Power	Pair Corr
0.8	NI	NiSource	Pair Corr
0.8	CDZIP	Cadiz Depositary Shares	Pair Corr

Moving against Ormat Stock

0.84	ALCE	Alternus Energy Group Symbol Change	Pair Corr
0.68	AQN	Algonquin Power Utilities	Pair Corr
0.67	NEP	Nextera Energy Partners Fiscal Year End 23rd of January 2025	Pair Corr
0.65	RNWWW	ReNew Energy Global	Pair Corr
0.42	HTOOW	Fusion Fuel Green	Pair Corr
0.34	RNW	Renew Energy Global	Pair Corr
0.85	ELPC	Companhia Paranaense	Pair Corr
0.73	CREG	Smart Powerr Corp	Pair Corr
0.71	SUUN	SolarBank Common	Pair Corr
0.65	ES	Eversource Energy	Pair Corr
0.63	FE	FirstEnergy	Pair Corr
0.54	AES	AES Sell-off Trend	Pair Corr
0.53	AEP	American Electric Power	Pair Corr
0.49	HE	Hawaiian Electric	Pair Corr
0.35	CWEN	Clearway Energy Class	Pair Corr
0.34	BNRG	Brenmiller Energy	Pair Corr
0.31	ED	Consolidated Edison	Pair Corr

Related Correlations Analysis

	AMPS	AZRE	ENLT	FLNC	AY	CWEN-A	BEPC	NEP	BEP	CWEN
AMPS		-0.65	0.19	0.34	0.62	-0.22	0.45	-0.56	0.28	-0.29	AMPS
AZRE	-0.65		0.06	-0.15	-0.56	0.47	-0.23	0.81	0.03	0.55	AZRE
ENLT	0.19	0.06		-0.08	-0.16	0.14	0.04	0.15	0.03	0.15	ENLT
FLNC	0.34	-0.15	-0.08		0.55	0.43	0.65	0.08	0.71	0.38	FLNC
AY	0.62	-0.56	-0.16	0.55		-0.03	0.54	-0.62	0.4	-0.14	AY
CWEN-A	-0.22	0.47	0.14	0.43	-0.03		0.05	0.53	0.22	0.99	CWEN-A
BEPC	0.45	-0.23	0.04	0.65	0.54	0.05		-0.03	0.94	-0.01	BEPC
NEP	-0.56	0.81	0.15	0.08	-0.62	0.53	-0.03		0.24	0.61	NEP
BEP	0.28	0.03	0.03	0.71	0.4	0.22	0.94	0.24		0.19	BEP
CWEN	-0.29	0.55	0.15	0.38	-0.14	0.99	-0.01	0.61	0.19		CWEN
	AMPS	AZRE	ENLT	FLNC	AY	CWEN-A	BEPC	NEP	BEP	CWEN

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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

CWEN	+ 0.99	CWEN-A
BEP	+ 0.94	BEPC
NEP	+ 0.81	AZRE
BEP	+ 0.71	FLNC
BEPC	+ 0.65	FLNC
AY	+ 0.62	AMPS

High negative correlations

AZRE	- 0.65	AMPS
NEP	- 0.62	AY
AY	- 0.56	AZRE
NEP	- 0.56	AMPS
CWEN	- 0.29	AMPS
BEPC	- 0.23	AZRE

Risk-Adjusted Indicators

There is a big difference between Ormat Stock performing well and Ormat Technologies 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 Ormat Technologies' 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
AMPS	4.31	0.49	0.10	0.48	4.41	(5.32)	9.97	(8.53)	37.65
AZRE	5.15	(1.68)	0.00	(1.32)	0.00	0.00	6.84	(10.05)	26.32
ENLT	2.13	0.07	(0.01)	(0.16)	3.31	(1.90)	4.64	(5.21)	13.41
FLNC	3.13	0.35	0.07	0.74	3.90	(3.19)	6.75	(5.61)	24.63
AY	0.10	0.02	(0.51)	(0.99)	0.00	(0.12)	0.23	(0.18)	0.64
CWEN-A	1.43	0.05	(0.03)	(0.05)	2.34	(1.20)	2.74	(2.78)	15.50
BEPC	1.83	0.21	0.05	(6.75)	2.02	(2.16)	4.00	(2.88)	16.90
NEP	2.09	(0.65)	0.00	(0.76)	0.00	0.00	3.19	(5.54)	19.99
BEP	1.66	0.09	0.01	0.51	1.85	(2.00)	4.25	(2.89)	15.83
CWEN	1.43	0.01	0.00	0.04	0.00	0.00	2.64	(2.89)	14.79

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