TransAlta Corp Correlations

TAC Stock

USD 13.02 0.38 3.01%

The current 90-days correlation between TransAlta Corp and Companhia Paranaense de is 0.09 (i.e., Significant diversification). The correlation of TransAlta Corp 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.

TransAlta Corp Correlation With Market

Weak diversification

The correlation between TransAlta Corp and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TransAlta Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with TransAlta Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in TransAlta Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

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

Moving together with TransAlta Stock

0.82	IMSR	Terrestrial Energy Symbol Change	Pair Corr
0.98	TA	TransAlta Corp	Pair Corr
0.62	000600	Jointo Energy Investment	Pair Corr
0.74	SKYH	Sky Harbour Group	Pair Corr
0.76	SOJE	Southern Company	Pair Corr
0.71	SOJC	Southern	Pair Corr
0.68	POM	POMDOCTOR LIMITED	Pair Corr
0.68	DTW	DTE Energy	Pair Corr
0.63	VLCN	VLCN Old Symbol Change	Pair Corr

Moving against TransAlta Stock

0.68	KEN	Kenon Holdings	Pair Corr
0.59	ELLO	Ellomay Capital Earnings Call Tomorrow	Pair Corr
0.5	600795	GD Power Development	Pair Corr
0.48	GEV	GE Vernova LLC	Pair Corr
0.48	CEPU	Central Puerto SA	Pair Corr
0.35	CWEN	Clearway Energy Class	Pair Corr
0.78	HLF	Herbalife Nutrition	Pair Corr
0.71	BRK-A	Berkshire Hathaway	Pair Corr
0.7	MBGAF	Mercedes Benz Group	Pair Corr
0.69	BRZE	Braze Inc Downward Rally	Pair Corr
0.69	MBGYY	Mercedes Benz Group	Pair Corr
0.66	KODK	Eastman Kodak	Pair Corr
0.57	INVX	Innovex International	Pair Corr
0.57	JPM	JPMorgan Chase	Pair Corr
0.45	AMKBY	AP Moeller Maersk	Pair Corr
0.44	RBGPF	Reckitt Benckiser	Pair Corr
0.42	CNL	Collective Mining	Pair Corr
0.39	SCCO	Southern Copper	Pair Corr
0.33	BKNG	Booking Holdings	Pair Corr

Related Correlations Analysis

	ELP	IDA	KEN	NRG	PAM	POR	TXNM	UTL	VST
ELP		-0.75	0.53	-0.04	0.79	0.76	0.56	0.13	-0.63	ELP
IDA	-0.75		-0.77	0.34	-0.82	-0.66	-0.79	-0.08	0.82	IDA
KEN	0.53	-0.77		-0.37	0.84	0.77	0.97	0.45	-0.91	KEN
NRG	-0.04	0.34	-0.37		-0.05	-0.18	-0.46	-0.17	0.52	NRG
PAM	0.79	-0.82	0.84	-0.05		0.88	0.81	0.36	-0.8	PAM
POR	0.76	-0.66	0.77	-0.18	0.88		0.79	0.53	-0.81	POR
TXNM	0.56	-0.79	0.97	-0.46	0.81	0.79		0.47	-0.92	TXNM
UTL	0.13	-0.08	0.45	-0.17	0.36	0.53	0.47		-0.44	UTL
VST	-0.63	0.82	-0.91	0.52	-0.8	-0.81	-0.92	-0.44		VST
	ELP	IDA	KEN	NRG	PAM	POR	TXNM	UTL	VST

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

TXNM	+ 0.97	KEN
POR	+ 0.88	PAM
PAM	+ 0.84	KEN
VST	+ 0.82	IDA
TXNM	+ 0.81	PAM
PAM	+ 0.79	ELP

High negative correlations

VST	- 0.92	TXNM
VST	- 0.91	KEN
PAM	- 0.82	IDA
VST	- 0.81	POR
VST	- 0.8	PAM
TXNM	- 0.79	IDA

Risk-Adjusted Indicators

There is a big difference between TransAlta Stock performing well and TransAlta Corp 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 TransAlta Corp'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
ELP	1.45	(0.01)	(0.02)	0.00	2.18	(1.37)	2.83	(3.04)	10.56
IDA	0.65	(0.07)	0.00	(0.15)	0.00	0.00	1.09	(1.51)	3.34
KEN	1.42	0.57	0.29	0.69	1.29	(1.61)	3.73	(2.40)	10.72
NRG	1.97	(0.01)	0.00	0.05	2.54	(1.99)	4.00	(4.65)	11.86
PAM	2.28	0.58	0.28	0.68	1.66	(2.94)	5.95	(3.01)	26.30
POR	0.80	0.14	0.10	0.66	0.83	(0.88)	2.20	(1.45)	5.33
TXNM	0.19	0.06	0.05	0.55	0.00	(0.24)	0.52	(0.36)	1.45
UTL	0.80	0.03	(0.01)	0.18	1.30	(0.81)	1.70	(1.55)	7.11
VST	2.32	(0.28)	0.00	(0.22)	0.00	0.00	4.61	(4.85)	14.22

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