Avista Correlations

AVA Stock

USD 37.24 0.30 0.80%

The current 90-days correlation between Avista and Allete Inc is 0.24 (i.e., Modest diversification). The correlation of Avista 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.

Avista Correlation With Market

Weak diversification

The correlation between Avista and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avista 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 Avista. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

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

Moving together with Avista Stock

0.95	UTL	UNITIL	Pair Corr
0.89	ED	Consolidated Edison	Pair Corr
0.66	FE	FirstEnergy	Pair Corr
0.73	SR	Spire Inc	Pair Corr
0.92	WTRG	Essential Utilities	Pair Corr
0.76	AEE	Ameren Corp	Pair Corr
0.71	AEP	American Electric Power	Pair Corr
0.79	ATO	Atmos Energy	Pair Corr
0.8	AWK	American Water Works	Pair Corr
0.73	AWR	American States Water	Pair Corr
0.82	BKH	Black Hills	Pair Corr

Moving against Avista Stock

0.87	BIP	Brookfield Infrastructure	Pair Corr
0.87	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.84	ELPC	Companhia Paranaense	Pair Corr
0.84	VG	Venture Global,	Pair Corr
0.73	CIG	Companhia Energetica	Pair Corr
0.66	D	Dominion Energy	Pair Corr
0.63	BIP-PA	Brookfield Infrastructure	Pair Corr
0.53	BIP-PB	Brookfield Infrastructure	Pair Corr
0.51	AES	AES Aggressive Push	Pair Corr
0.48	RNWWW	ReNew Energy Global	Pair Corr
0.45	SRE	Sempra Energy	Pair Corr
0.43	HE	Hawaiian Electric	Pair Corr
0.88	CEG	Constellation Energy Corp	Pair Corr
0.83	ELP	Companhia Paranaense	Pair Corr
0.82	BEP	Brookfield Renewable	Pair Corr
0.77	AQN	Algonquin Power Utilities	Pair Corr
0.71	ENLT	Enlight Renewable Energy	Pair Corr
0.53	ENIC	Enel Chile SA Earnings Call This Week	Pair Corr

Related Correlations Analysis

	ALE	BKH	MNTK	ELP	NWE	OTTR	AES	BIP	UTL
ALE		-0.02	-0.14	0.13	-0.14	-0.03	0.56	0.3	-0.29	ALE
BKH	-0.02		-0.26	-0.68	0.88	-0.01	-0.46	-0.71	0.88	BKH
MNTK	-0.14	-0.26		0.13	-0.18	0.3	0.37	0.1	-0.21	MNTK
ELP	0.13	-0.68	0.13		-0.79	-0.15	0.28	0.93	-0.76	ELP
NWE	-0.14	0.88	-0.18	-0.79		0.14	-0.44	-0.86	0.95	NWE
OTTR	-0.03	-0.01	0.3	-0.15	0.14		0.09	-0.06	0.12	OTTR
AES	0.56	-0.46	0.37	0.28	-0.44	0.09		0.39	-0.61	AES
BIP	0.3	-0.71	0.1	0.93	-0.86	-0.06	0.39		-0.83	BIP
UTL	-0.29	0.88	-0.21	-0.76	0.95	0.12	-0.61	-0.83		UTL
	ALE	BKH	MNTK	ELP	NWE	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

UTL	+ 0.95	NWE
BIP	+ 0.93	ELP
NWE	+ 0.88	BKH
UTL	+ 0.88	BKH
AES	+ 0.56	ALE
BIP	+ 0.39	AES

High negative correlations

BIP	- 0.86	NWE
UTL	- 0.83	BIP
NWE	- 0.79	ELP
UTL	- 0.76	ELP
BIP	- 0.71	BKH
ELP	- 0.68	BKH

Risk-Adjusted Indicators

There is a big difference between Avista Stock performing well and Avista 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 Avista'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
ALE	0.26	0.00	(0.32)	0.16	0.23	(0.28)	0.59	(0.51)	2.42
BKH	0.82	(0.01)	0.00	0.31	0.00	0.00	1.80	(1.79)	7.22
MNTK	4.08	0.33	0.02	(0.36)	4.94	(4.46)	8.62	(7.47)	27.41
ELP	1.28	0.18	0.06	0.95	1.22	(1.46)	3.05	(2.08)	7.47
NWE	0.86	(0.17)	0.00	(0.30)	0.00	0.00	1.40	(2.16)	4.57
OTTR	1.07	(0.17)	0.00	(0.04)	0.00	0.00	2.03	(2.18)	8.89
AES	2.62	0.42	0.09	1.27	3.24	(2.86)	5.05	(4.94)	26.19
BIP	0.80	0.10	0.05	0.28	0.86	(0.94)	2.12	(1.70)	5.47
UTL	0.97	(0.20)	0.00	(0.78)	0.00	0.00	1.31	(2.71)	6.63

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