TransAlta Corp Correlations

TAC Stock

USD 14.29 0.60 4.38%

The current 90-days correlation between TransAlta Corp and Pampa Energia SA is 0.05 (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

Average diversification

The correlation between TransAlta Corp and DJI is 0.13 (i.e., Average 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.

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

0.78	KEN	Kenon Holdings	Pair Corr
0.84	PAM	Pampa Energia SA	Pair Corr
0.87	AY	Atlantica Sustainable	Pair Corr
0.79	CDZIP	Cadiz Depositary Shares	Pair Corr
0.77	ELLO	Ellomay Capital	Pair Corr
0.7	ENIC	Enel Chile SA	Pair Corr
0.63	ENLT	Enlight Renewable Energy	Pair Corr
0.8	AGR	Avangrid	Pair Corr
0.66	ALE	Allete Inc	Pair Corr

Moving against TransAlta Stock

0.87	SO	Southern	Pair Corr
0.85	ED	Consolidated Edison	Pair Corr
0.84	D	Dominion Energy	Pair Corr
0.84	FE	FirstEnergy	Pair Corr
0.83	ES	Eversource Energy	Pair Corr
0.75	DUKB	Duke Energy Corp	Pair Corr
0.73	CMS-PC	CMS Energy	Pair Corr
0.71	CMS-PB	Consumers Energy	Pair Corr
0.58	VGAS	Verde Clean Fuels	Pair Corr
0.42	HE	Hawaiian Electric	Pair Corr
0.85	AWK	American Water Works	Pair Corr
0.83	AQN	Algonquin Power Utilities	Pair Corr
0.82	ELPC	Companhia Paranaense	Pair Corr
0.82	BEP	Brookfield Renewable	Pair Corr
0.78	BIP	Brookfield Infrastructure	Pair Corr
0.72	AEP	American Electric Power	Pair Corr
0.71	WTRG	Essential Utilities	Pair Corr
0.7	AWR	American States Water	Pair Corr
0.66	AES	AES	Pair Corr
0.57	AVA	Avista	Pair Corr
0.44	BKH	Black Hills	Pair Corr
0.38	ATO	Atmos Energy	Pair Corr

Related Correlations Analysis

	PAM	VST	NRG	HGKGY	KEN	AGLXY	DIPGF
PAM		0.78	0.67	0.3	0.85	-0.57	0.36	PAM
VST	0.78		0.9	-0.07	0.69	-0.4	0.03	VST
NRG	0.67	0.9		-0.09	0.67	-0.39	0.12	NRG
HGKGY	0.3	-0.07	-0.09		0.45	-0.18	0.57	HGKGY
KEN	0.85	0.69	0.67	0.45		-0.61	0.37	KEN
AGLXY	-0.57	-0.4	-0.39	-0.18	-0.61		0.06	AGLXY
DIPGF	0.36	0.03	0.12	0.57	0.37	0.06		DIPGF
	PAM	VST	NRG	HGKGY	KEN	AGLXY	DIPGF

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

NRG	+ 0.9	VST
KEN	+ 0.85	PAM
VST	+ 0.78	PAM
KEN	+ 0.69	VST
NRG	+ 0.67	PAM
KEN	+ 0.67	NRG

High negative correlations

AGLXY	- 0.61	KEN
AGLXY	- 0.57	PAM
AGLXY	- 0.4	VST
AGLXY	- 0.39	NRG
AGLXY	- 0.18	HGKGY
HGKGY	- 0.09	NRG

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
PAM	1.61	0.44	0.18	(18.13)	1.87	(1.71)	4.36	(3.37)	11.41
VST	2.97	0.43	0.13	0.56	2.91	(3.49)	7.64	(4.92)	15.04
NRG	1.88	0.24	0.11	0.33	1.98	(2.08)	4.29	(3.21)	13.33
HGKGY	1.03	0.05	0.03	1.22	1.16	(1.16)	2.20	(2.10)	6.30
KEN	1.39	0.39	0.19	11.85	1.48	(1.50)	2.85	(2.79)	11.92
AGLXY	2.27	(0.18)	0.00	(0.20)	0.00	0.00	5.42	(5.91)	20.78
DIPGF	1.52	0.24	0.00	0.81	0.00	0.00	0.00	(5.00)	31.25

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC