UNITIL Correlations

UTL Stock

USD 60.39 0.16 0.27%

The current 90-days correlation between UNITIL and Montauk Renewables is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as UNITIL moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if UNITIL moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

UNITIL Correlation With Market

Very weak diversification

The correlation between UNITIL and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UNITIL 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 UNITIL. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

For more information on how to buy UNITIL Stock please use our How to buy in UNITIL Stock guide.

Moving together with UNITIL Stock

0.64	AVA	Avista	Pair Corr
0.61	SR	Spire Inc	Pair Corr

Moving against UNITIL Stock

0.33

MNTK

Montauk Renewables

Pair Corr

Related Correlations Analysis

	AVA	ALE	BKH	MNTK	ELP	NWE	OTTR
AVA		-0.21	0.33	-0.53	0.46	0.37	0.28	AVA
ALE	-0.21		0.74	0.17	-0.79	0.4	-0.23	ALE
BKH	0.33	0.74		-0.27	-0.43	0.68	-0.15	BKH
MNTK	-0.53	0.17	-0.27		-0.3	0.05	-0.29	MNTK
ELP	0.46	-0.79	-0.43	-0.3		0.04	0.06	ELP
NWE	0.37	0.4	0.68	0.05	0.04		-0.35	NWE
OTTR	0.28	-0.23	-0.15	-0.29	0.06	-0.35		OTTR
	AVA	ALE	BKH	MNTK	ELP	NWE	OTTR

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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

BKH	+ 0.74	ALE
NWE	+ 0.68	BKH
ELP	+ 0.46	AVA
NWE	+ 0.4	ALE
NWE	+ 0.37	AVA
BKH	+ 0.33	AVA

High negative correlations

ELP	- 0.79	ALE
MNTK	- 0.53	AVA
ELP	- 0.43	BKH
OTTR	- 0.35	NWE
ELP	- 0.3	MNTK
OTTR	- 0.29	MNTK

Risk-Adjusted Indicators

There is a big difference between UNITIL Stock performing well and UNITIL 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 UNITIL'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
AVA	0.94	(0.02)	(0.08)	0.07	1.10	(1.01)	2.11	(2.08)	4.74
ALE	0.24	0.02	(0.33)	0.27	0.00	(0.32)	0.81	(0.35)	1.38
BKH	0.88	0.09	0.07	0.25	0.62	(1.10)	2.11	(1.31)	4.11
MNTK	2.74	(0.05)	0.00	0.09	4.74	(2.73)	4.75	(5.22)	25.57
ELP	1.26	(0.23)	0.00	39.50	0.00	0.00	3.08	(2.71)	10.78
NWE	0.84	0.02	(0.01)	0.15	1.03	(0.86)	1.61	(2.04)	5.30
OTTR	1.38	(0.26)	0.00	(0.07)	0.00	0.00	2.99	(3.54)	10.11

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