Ameresco Correlations

AMRC Stock

USD 18.78 0.83 4.23%

The current 90-days correlation between Ameresco and Construction Partners is 0.33 (i.e., Weak diversification). The correlation of Ameresco 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.

Ameresco Correlation With Market

Very weak diversification

The correlation between Ameresco and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ameresco and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ameresco. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

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

Moving together with Ameresco Stock

0.91	J	Jacobs Solutions	Pair Corr
0.9	DY	Dycom Industries	Pair Corr
0.92	WLDN	Willdan Group Earnings Call This Week	Pair Corr
0.86	ACA	Arcosa Inc Earnings Call This Week	Pair Corr
0.92	ACM	Aecom Technology	Pair Corr
0.81	AGX	Argan Inc	Pair Corr
0.93	APG	Api Group Corp Earnings Call This Week	Pair Corr
0.94	EME	EMCOR Group	Pair Corr
0.94	FIX	Comfort Systems USA	Pair Corr
0.88	FLR	Fluor Earnings Call Next Week	Pair Corr
0.92	GVA	Granite Construction Earnings Call This Week	Pair Corr
0.68	LMB	Limbach Holdings	Pair Corr
0.95	MTZ	MasTec Inc Earnings Call This Week	Pair Corr
0.95	PWR	Quanta Services Earnings Call This Week	Pair Corr
0.92	STN	Stantec	Pair Corr
0.91	TIC	Acuren	Pair Corr
0.62	TPC	Tutor Perini Earnings Call This Week	Pair Corr
0.93	MYRG	MYR Group Earnings Call This Week	Pair Corr
0.95	PRIM	Primoris Services	Pair Corr
0.85	ROAD	Construction Partners	Pair Corr
0.67	SHIM	Shimmick Common	Pair Corr

Moving against Ameresco Stock

0.64	EXPO	Exponent	Pair Corr
0.58	WLGS	Wang Lee Group,	Pair Corr
0.56	VATE	Innovate Corp	Pair Corr
0.52	KBR	KBR Inc	Pair Corr
0.49	FGL	Founder Group Limited	Pair Corr
0.44	SKK	PROSHARES ULTRASHORT	Pair Corr

Related Correlations Analysis

	FIX	ROAD	ACA	MYRG	ACM	TPIC	HASI	ATKR	DQ
FIX		0.92	0.86	0.97	0.97	0.03	0.66	0.85	0.65	FIX
ROAD	0.92		0.87	0.89	0.94	0.32	0.54	0.68	0.39	ROAD
ACA	0.86	0.87		0.87	0.89	0.15	0.71	0.82	0.51	ACA
MYRG	0.97	0.89	0.87		0.94	-0.06	0.72	0.89	0.66	MYRG
ACM	0.97	0.94	0.89	0.94		0.14	0.66	0.81	0.55	ACM
TPIC	0.03	0.32	0.15	-0.06	0.14		-0.22	-0.3	-0.49	TPIC
HASI	0.66	0.54	0.71	0.72	0.66	-0.22		0.78	0.63	HASI
ATKR	0.85	0.68	0.82	0.89	0.81	-0.3	0.78		0.83	ATKR
DQ	0.65	0.39	0.51	0.66	0.55	-0.49	0.63	0.83		DQ
	FIX	ROAD	ACA	MYRG	ACM	TPIC	HASI	ATKR	DQ

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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

MYRG	+ 0.97	FIX
ACM	+ 0.97	FIX
ACM	+ 0.94	ROAD
ACM	+ 0.94	MYRG
ROAD	+ 0.92	FIX
MYRG	+ 0.89	ROAD

High negative correlations

DQ	- 0.49	TPIC
ATKR	- 0.3	TPIC
HASI	- 0.22	TPIC
TPIC	- 0.06	MYRG

Risk-Adjusted Indicators

There is a big difference between Ameresco Stock performing well and Ameresco 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 Ameresco'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
FIX	1.59	0.55	0.38	0.68	0.75	(1.89)	4.51	(2.35)	8.48
ROAD	1.97	0.24	0.14	0.42	1.93	(2.27)	4.65	(3.70)	10.85
ACA	1.36	0.00	0.03	0.23	1.34	(1.59)	2.84	(2.45)	8.50
MYRG	1.69	0.68	0.49	0.92	0.57	(2.17)	3.33	(2.33)	23.28
ACM	0.77	0.13	0.09	0.40	0.38	(0.87)	1.90	(1.31)	4.41
TPIC	4.93	(0.50)	(0.01)	0.06	6.03	(5.29)	12.82	(8.82)	27.39
HASI	1.72	0.08	0.03	0.31	1.84	(1.91)	4.14	(2.90)	10.03
ATKR	1.71	0.08	0.18	0.28	1.19	(2.12)	4.02	(2.16)	15.01
DQ	3.09	0.82	0.22	0.97	2.88	(3.52)	8.02	(3.33)	23.81

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