Ormat Technologies Correlations

ORA Stock

USD 118.19 2.21 1.84%

The current 90-days correlation between Ormat Technologies and Clearway Energy Class is 0.12 (i.e., Average 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

Poor diversification

The correlation between Ormat Technologies and DJI is 0.78 (i.e., Poor 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.

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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 real.

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

Moving together with Ormat Stock

0.77	ELLO	Ellomay Capital	Pair Corr
0.89	ENLT	Enlight Renewable Energy	Pair Corr
0.91	7Z2	EL STRASBG NOM	Pair Corr
0.73	AES	AES Aggressive Push	Pair Corr
0.91	ELEC	lectricite de Strasbourg	Pair Corr
0.74	GEV	GE Vernova LLC	Pair Corr
0.84	KEN	Kenon Holdings	Pair Corr

Moving against Ormat Stock

0.69	IFN	Infragreen Group	Pair Corr
0.68	BKW	BKW AG	Pair Corr
0.6	CEZ	CEZ a s	Pair Corr
0.59	VVPR	VivoPower International Earnings Call This Week	Pair Corr
0.38	2CP	Capital Power	Pair Corr
0.37	TAC	TransAlta Corp Earnings Call This Week	Pair Corr
0.83	GIP	Green Impact Partners	Pair Corr
0.78	DEL	Delorean	Pair Corr
0.71	NRA	NRG Energy	Pair Corr
0.71	WEB	Westbridge Energy	Pair Corr
0.68	REVV	ReVolve Renewable Power	Pair Corr
0.66	9PAA	Pampa Energa SA	Pair Corr
0.59	LGI	LGI	Pair Corr
0.56	VRQ	VERGNET Split	Pair Corr
0.55	VST	Vistra Energy Corp	Pair Corr
0.54	TZ1	TransAlta	Pair Corr
0.53	OEW	VERBUND AG ADR	Pair Corr

Related Correlations Analysis

	CWEN	BEPC	BEP	CIG-C	CIG	CMS	TXNM	IDA	SWX
CWEN		0.79	0.83	0.74	0.75	0.71	0.32	0.88	0.65	CWEN
BEPC	0.79		0.86	0.55	0.7	0.82	-0.12	0.57	0.22	BEPC
BEP	0.83	0.86		0.74	0.77	0.58	0.28	0.76	0.46	BEP
CIG-C	0.74	0.55	0.74		0.89	0.29	0.53	0.77	0.55	CIG-C
CIG	0.75	0.7	0.77	0.89		0.47	0.27	0.69	0.4	CIG
CMS	0.71	0.82	0.58	0.29	0.47		-0.32	0.5	0.28	CMS
TXNM	0.32	-0.12	0.28	0.53	0.27	-0.32		0.61	0.68	TXNM
IDA	0.88	0.57	0.76	0.77	0.69	0.5	0.61		0.88	IDA
SWX	0.65	0.22	0.46	0.55	0.4	0.28	0.68	0.88		SWX
	CWEN	BEPC	BEP	CIG-C	CIG	CMS	TXNM	IDA	SWX

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

CIG	+ 0.89	CIG-C
IDA	+ 0.88	CWEN
SWX	+ 0.88	IDA
BEP	+ 0.86	BEPC
BEP	+ 0.83	CWEN
CMS	+ 0.82	BEPC

High negative correlations

TXNM	- 0.32	CMS
TXNM	- 0.12	BEPC

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
CWEN	1.21	0.22	0.13	0.55	1.28	(1.50)	2.53	(2.65)	8.60
BEPC	1.38	(0.01)	(0.03)	0.03	1.70	(1.44)	2.49	(2.68)	8.08
BEP	1.15	0.04	0.00	0.19	1.46	(1.42)	3.22	(2.20)	6.87
CIG-C	1.58	0.13	0.05	0.30	1.84	(2.03)	4.09	(3.09)	12.96
CIG	1.67	0.09	0.02	0.34	2.10	(1.70)	3.27	(3.20)	9.11
CMS	0.75	0.04	(0.01)	0.69	1.02	(0.73)	1.32	(1.37)	4.08
TXNM	0.17	0.04	(0.10)	(3.51)	0.00	(0.22)	0.51	(0.31)	1.22
IDA	0.80	0.17	0.12	1.26	0.79	(0.87)	2.03	(1.35)	4.65
SWX	0.80	0.16	0.11	0.89	0.78	(0.88)	2.06	(1.61)	5.13

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