Renew Energy Correlations

RNW Stock

USD 6.53 0.13 1.95%

The current 90-days correlation between Renew Energy Global and Fluence Energy is 0.14 (i.e., Average diversification). The correlation of Renew Energy 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.

Renew Energy Correlation With Market

Significant diversification

The correlation between Renew Energy Global and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Renew Energy Global 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 Renew Energy Global. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Renew Stock

0.61

ELLO

Ellomay Capital

Pair Corr

Moving against Renew Stock

0.72	ALCE	Alternus Energy Group	Pair Corr
0.69	AQN	Algonquin Power Utilities	Pair Corr
0.66	ORA	Ormat Technologies Earnings Call This Week	Pair Corr
0.65	VGAS	Verde Clean Fuels	Pair Corr
0.59	BEP	Brookfield Renewable	Pair Corr
0.55	FLNC	Fluence Energy	Pair Corr
0.51	BEP-PA	Brookfield Renewable	Pair Corr
0.5	BEPC	Brookfield Renewable Corp	Pair Corr
0.31	ADN	Advent Technologies	Pair Corr
0.75	SO	Southern	Pair Corr
0.73	FE	FirstEnergy	Pair Corr
0.72	D	Dominion Energy Earnings Call This Week	Pair Corr
0.67	ED	Consolidated Edison	Pair Corr
0.61	ES	Eversource Energy	Pair Corr
0.6	VSTE	Vast Renewables	Pair Corr
0.6	ATO	Atmos Energy	Pair Corr
0.58	WTRG	Essential Utilities Earnings Call This Week	Pair Corr
0.56	CMS-PC	CMS Energy	Pair Corr
0.55	CMS-PB	Consumers Energy	Pair Corr
0.45	CWEN	Clearway Energy Class Earnings Call This Week	Pair Corr
0.41	HE	Hawaiian Electric	Pair Corr
0.41	AES	AES	Pair Corr

Related Correlations Analysis

	AZRE	NRGV	FLNC	HLGN	AMPS	AY	CWEN	ENLT	EE	ELLO
AZRE		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AZRE
NRGV	0.0		0.1	0.0	-0.04	0.0	-0.16	0.5	0.31	0.29	NRGV
FLNC	0.0	0.1		0.0	-0.43	0.0	0.53	-0.24	-0.26	-0.37	FLNC
HLGN	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	HLGN
AMPS	0.0	-0.04	-0.43	0.0		0.0	0.05	0.47	0.15	0.25	AMPS
AY	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AY
CWEN	0.0	-0.16	0.53	0.0	0.05	0.0		-0.23	-0.03	-0.32	CWEN
ENLT	0.0	0.5	-0.24	0.0	0.47	0.0	-0.23		0.44	0.58	ENLT
EE	0.0	0.31	-0.26	0.0	0.15	0.0	-0.03	0.44		0.65	EE
ELLO	0.0	0.29	-0.37	0.0	0.25	0.0	-0.32	0.58	0.65		ELLO
	AZRE	NRGV	FLNC	HLGN	AMPS	AY	CWEN	ENLT	EE	ELLO

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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

ELLO	+ 0.65	EE
ELLO	+ 0.58	ENLT
CWEN	+ 0.53	FLNC
ENLT	+ 0.5	NRGV
ENLT	+ 0.47	AMPS
EE	+ 0.44	ENLT

High negative correlations

AMPS	- 0.43	FLNC
ELLO	- 0.37	FLNC
ELLO	- 0.32	CWEN
EE	- 0.26	FLNC
ENLT	- 0.24	FLNC
ENLT	- 0.23	CWEN

Risk-Adjusted Indicators

There is a big difference between Renew Stock performing well and Renew Energy 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 Renew Energy'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
AZRE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NRGV	5.85	(0.05)	0.00	(0.03)	0.00	0.00	13.21	(12.33)	35.76
FLNC	4.65	(1.41)	0.00	3.32	0.00	0.00	6.49	(7.95)	55.90
HLGN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AMPS	3.75	0.86	0.21	(3.48)	3.21	(4.74)	11.48	(7.05)	34.81
AY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CWEN	1.14	(0.07)	0.00	(0.19)	0.00	0.00	2.25	(2.94)	9.10
ENLT	1.84	0.13	0.06	0.35	2.27	(1.93)	4.06	(3.92)	12.04
EE	1.87	0.16	0.05	0.39	3.00	(1.61)	3.58	(4.30)	12.49
ELLO	2.15	0.38	0.15	6.24	2.01	(2.65)	6.35	(4.01)	15.97

Renew Energy Corporate Management

MBA CS	Group Officer	Profile
Balram Mehta	Group Business	Profile
Kailash Vaswani	Chief Officer	Profile
Mayank Bansal	Group Business	Profile
Nathan Judge	Investor Officer	Profile
Sumant Sinha	Chairman Founder	Profile

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