Allete Correlations

ALE Stock

USD 65.47 0.22 0.34%

The current 90-days correlation between Allete Inc and Avista is 0.26 (i.e., Modest diversification). The correlation of Allete 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.

Allete Correlation With Market

Good diversification

The correlation between Allete Inc and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allete Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Allete Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Allete Inc. 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 economic analysis.

Moving together with Allete Stock

0.67	OTTR	Otter Tail Earnings Call Tomorrow	Pair Corr
0.64	D	Dominion Energy	Pair Corr
0.78	ES	Eversource Energy	Pair Corr
0.74	HE	Hawaiian Electric Earnings Call This Week	Pair Corr
0.72	NI	NiSource Earnings Call This Week	Pair Corr
0.67	ENIC	Enel Chile SA	Pair Corr
0.61	AEE	Ameren Corp	Pair Corr

Related Correlations Analysis

	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL
AVA		0.39	-0.87	0.66	0.83	0.0	0.13	0.14	-0.66	0.74	AVA
BKH	0.39		-0.22	0.21	0.59	0.0	0.35	0.21	-0.13	0.34	BKH
MNTK	-0.87	-0.22		-0.58	-0.78	0.0	-0.06	-0.32	0.85	-0.5	MNTK
ELP	0.66	0.21	-0.58		0.64	0.0	0.0	-0.18	-0.28	0.82	ELP
NWE	0.83	0.59	-0.78	0.64		0.0	-0.03	0.03	-0.62	0.66	NWE
AESC	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AESC
OTTR	0.13	0.35	-0.06	0.0	-0.03	0.0		0.6	0.04	0.15	OTTR
AES	0.14	0.21	-0.32	-0.18	0.03	0.0	0.6		-0.21	-0.24	AES
BIP	-0.66	-0.13	0.85	-0.28	-0.62	0.0	0.04	-0.21		-0.22	BIP
UTL	0.74	0.34	-0.5	0.82	0.66	0.0	0.15	-0.24	-0.22		UTL
	AVA	BKH	MNTK	ELP	NWE	AESC	OTTR	AES	BIP	UTL

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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

BIP	+ 0.85	MNTK
NWE	+ 0.83	AVA
UTL	+ 0.82	ELP
UTL	+ 0.74	AVA
ELP	+ 0.66	AVA
UTL	+ 0.66	NWE

High negative correlations

MNTK	- 0.87	AVA
NWE	- 0.78	MNTK
BIP	- 0.66	AVA
BIP	- 0.62	NWE
ELP	- 0.58	MNTK
UTL	- 0.5	MNTK

Risk-Adjusted Indicators

There is a big difference between Allete Stock performing well and Allete 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 Allete'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	0.86	0.24	0.29	1.27	0.90	(1.02)	2.10	(1.31)	8.53
BKH	0.84	0.14	0.15	0.26	1.26	(0.80)	1.79	(1.94)	7.25
MNTK	4.47	(0.82)	0.00	1.79	0.00	0.00	7.25	(12.63)	30.93
ELP	1.50	0.34	0.24	4.29	1.49	(1.68)	3.99	(2.14)	10.26
NWE	1.06	0.17	0.18	0.47	1.28	(1.09)	1.97	(2.15)	5.37
AESC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTTR	1.19	0.12	0.13	1.08	1.55	(1.23)	2.36	(2.12)	10.98
AES	2.33	(0.03)	0.03	0.05	3.13	(2.49)	4.71	(4.83)	21.08
BIP	1.61	(0.03)	0.00	0.09	0.00	0.00	2.86	(3.39)	15.18
UTL	0.96	0.16	0.20	0.91	1.20	(1.03)	2.15	(2.07)	5.76

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