TransAlta Corp Correlations

TAC Stock

USD 12.90 0.60 4.44%

The current 90-days correlation between TransAlta Corp and Companhia Paranaense De is -0.12 (i.e., Good 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

Excellent diversification

The correlation between TransAlta Corp and DJI is -0.57 (i.e., Excellent 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

0.63	DEL	Delorean	Pair Corr
0.91	TZ1	TransAlta Earnings Call This Week	Pair Corr
0.66	NRA	NRG Energy	Pair Corr

Moving against TransAlta Stock

0.64	ELLO	Ellomay Capital	Pair Corr
0.52	XIFR	XPLR Infrastructure	Pair Corr
0.5	PIF	Polaris Infrastructure	Pair Corr
0.44	ELEC	lectricite de Strasbourg	Pair Corr
0.41	KEN	Kenon Holdings	Pair Corr
0.36	7Z2	EL STRASBG NOM	Pair Corr
0.35	ENLT	Enlight Renewable Energy	Pair Corr
0.34	ORA	Ormat Technologies Earnings Call Today	Pair Corr
0.53	GRDX	Entero Therapeutics Symbol Change	Pair Corr
0.47	14D	1414 Degrees Earnings Call Today	Pair Corr
0.47	B3H	Boralex Earnings Call This Week	Pair Corr
0.41	66T	Scatec Solar OL	Pair Corr
0.33	ABO	Clearwise AG	Pair Corr

Related Correlations Analysis

	ELP	IDA	KEN	NRG	PAM	POR	TXNM	UTL	VST
ELP		0.19	0.46	-0.6	-0.51	0.17	0.61	0.13	-0.42	ELP
IDA	0.19		0.84	0.28	-0.68	0.95	0.7	0.9	-0.07	IDA
KEN	0.46	0.84		0.06	-0.66	0.76	0.9	0.72	-0.3	KEN
NRG	-0.6	0.28	0.06		0.18	0.27	-0.21	0.23	0.66	NRG
PAM	-0.51	-0.68	-0.66	0.18		-0.62	-0.64	-0.62	0.2	PAM
POR	0.17	0.95	0.76	0.27	-0.62		0.6	0.92	-0.06	POR
TXNM	0.61	0.7	0.9	-0.21	-0.64	0.6		0.63	-0.47	TXNM
UTL	0.13	0.9	0.72	0.23	-0.62	0.92	0.63		-0.05	UTL
VST	-0.42	-0.07	-0.3	0.66	0.2	-0.06	-0.47	-0.05		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

POR	+ 0.95	IDA
UTL	+ 0.92	POR
UTL	+ 0.9	IDA
TXNM	+ 0.9	KEN
KEN	+ 0.84	IDA
POR	+ 0.76	KEN

High negative correlations

PAM	- 0.68	IDA
PAM	- 0.66	KEN
TXNM	- 0.64	PAM
UTL	- 0.62	PAM
POR	- 0.62	PAM
NRG	- 0.6	ELP

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	0.04	(0.04)	0.00	2.18	(1.37)	2.83	(3.04)	10.56
IDA	0.85	0.19	0.09	(4.65)	0.91	(0.91)	2.15	(1.51)	5.11
KEN	1.61	0.49	0.19	0.76	1.88	(1.72)	3.93	(3.47)	8.98
NRG	2.09	0.09	0.03	0.17	2.91	(2.01)	4.81	(5.38)	11.52
PAM	1.45	(0.18)	0.00	(0.20)	0.00	0.00	3.26	(3.60)	8.98
POR	0.87	0.18	0.05	(0.56)	0.93	(0.97)	2.18	(1.84)	5.86
TXNM	0.18	0.03	(0.26)	(1.05)	0.09	(0.21)	0.43	(0.31)	1.28
UTL	0.86	0.14	0.02	(1.68)	1.35	(0.80)	1.99	(2.27)	7.12
VST	2.54	(0.10)	(0.02)	0.02	3.41	(2.65)	5.14	(6.85)	18.01

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