Algonquin Power Correlations
| AQNUDelisted Stock | USD 19.34 0.66 3.53% |
The current 90-days correlation between Algonquin Power Utilities and SiriusPoint is 0.01 (i.e., Significant diversification). The correlation of Algonquin Power 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. If the correlation is 0, the equities are not correlated; they are entirely random.
Algonquin Power Correlation With Market
Good diversification
The correlation between Algonquin Power Utilities and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Algonquin Power Utilities and DJI in the same portfolio, assuming nothing else is changed.
Algonquin |
Moving together with Algonquin Stock
| 0.63 | BKRKY | Bank Rakyat Earnings Call This Week | PairCorr |
| 0.71 | 50076QAR7 | KRAFT FOODS GROUP | PairCorr |
| 0.62 | JNJ | Johnson Johnson Fiscal Year End 28th of January 2025 | PairCorr |
Moving against Algonquin Stock
| 0.38 | KB | KB Financial Group Earnings Call This Week | PairCorr |
| 0.53 | CVX | Chevron Corp Fiscal Year End 7th of February 2025 | PairCorr |
| 0.49 | INVO | INVO Bioscience | PairCorr |
| 0.39 | INTC | Intel Fiscal Year End 23rd of January 2025 | PairCorr |
Related Correlations Analysis
| -0.23 | 0.88 | 0.81 | 0.83 | SPNT-PB | ||
| -0.23 | -0.21 | -0.38 | 0.03 | BRSP | ||
| 0.88 | -0.21 | 0.83 | 0.88 | RLJ-PA | ||
| 0.81 | -0.38 | 0.83 | 0.8 | HROWL | ||
| 0.83 | 0.03 | 0.88 | 0.8 | NYMTM | ||
| 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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Algonquin Stock performing well and Algonquin Power 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 Algonquin Power'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SPNT-PB | 0.19 | 0.02 | (0.20) | 0.39 | 0.10 | 0.51 | 1.04 | |||
| BRSP | 1.51 | (0.34) | 0.00 | (0.15) | 0.00 | 3.22 | 10.85 | |||
| RLJ-PA | 0.46 | 0.06 | 0.01 | 0.30 | 0.49 | 1.27 | 3.55 | |||
| HROWL | 0.27 | 0.01 | (0.13) | 0.33 | 0.30 | 0.97 | 2.44 | |||
| NYMTM | 0.38 | 0.04 | (0.04) | 0.25 | 0.29 | 1.01 | 1.92 |
Algonquin Power Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Algonquin Power stock to make a market-neutral strategy. Peer analysis of Algonquin Power could also be used in its relative valuation, which is a method of valuing Algonquin Power by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Algonquin Power Corporate Management
| David Laney | Independent Director | Profile | |
| Alison Holditch | Investor Officer | Profile | |
| Brian CPA | Vice Relations | Profile | |
| Mary Paravalos | Chief Compliance and Risk Officer | Profile | |
| Christopher Ball | Independent Director | Profile | |
| Masheed Saidi | Independent Director | Profile |
Still Interested in Algonquin Power Utilities?
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