Companhia Correlations

Stocks . USA . 
Stock . Companhia de Saneamento
SBS Stock  USD 16.22  0.04  0.25%   
The current 90-days correlation between Companhia de Saneamento and Companhia Paranaense de is -0.15 (i.e., Good diversification). The correlation of Companhia 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.

Companhia Correlation With Market

Average diversification

The correlation between Companhia de Saneamento and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia de Saneamento and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Companhia de Saneamento. 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 Companhia Stock

  0.72AWK American Water WorksPairCorr
  0.66CWT California Water ServicePairCorr
  0.62SJW SJW Group CommonPairCorr
  0.69GWRS Global Water ResourcesPairCorr
  0.64MSEX Middlesex WaterPairCorr
  0.74D Dominion EnergyPairCorr
  0.76ED Consolidated Edison Sell-off TrendPairCorr
  0.67ES Eversource EnergyPairCorr
  0.72FE FirstEnergy Earnings Call This WeekPairCorr
  0.77SO SouthernPairCorr
  0.79ELPC Companhia ParanaensePairCorr
  0.7AEP American Electric PowerPairCorr
  0.64AQN Algonquin Power UtilitiesPairCorr
  0.65ATO Atmos Energy Earnings Call This WeekPairCorr

Moving against Companhia Stock

  0.59CDZI Cadiz Inc Buyout TrendPairCorr
  0.36CDZIP Cadiz Depositary SharesPairCorr
  0.56WAVE Eco Wave PowerPairCorr
  0.45ENLT Enlight Renewable EnergyPairCorr
  0.44ENIC Enel Chile SAPairCorr
  0.39ELLO Ellomay CapitalPairCorr

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   
VIV
+ 0.91
UGP
VIV
+ 0.9
ELP
VIV
+ 0.79
CIG
UGP
+ 0.78
CIG
UGP
+ 0.76
ELP
CIG
+ 0.75
ELP
  
High negative correlations   
CBD
- 0.64
UGP
CBD
- 0.6
CIG
VIV
- 0.39
CBD
CBD
- 0.21
ELP

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia 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 Companhia'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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