Azure Power Correlations
| AZREDelisted Stock | USD 0.34 1.24 78.48% |
The current 90-days correlation between Azure Power Global and Altus Power is -0.02 (i.e., Good diversification). The correlation of Azure 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.
Azure |
Moving together with Azure Stock
| 0.63 | MRK | Merck Company Earnings Call This Week | PairCorr |
Moving against Azure Stock
| 0.7 | PTAIF | PT Astra International | PairCorr |
| 0.64 | DOCS | Doximity | PairCorr |
| 0.6 | TLN | Talen Energy | PairCorr |
| 0.48 | SOJE | Southern Company | PairCorr |
| 0.47 | DTW | DTE Energy | PairCorr |
| 0.45 | BAC | Bank of America Fiscal Year End 10th of January 2025 | PairCorr |
| 0.43 | PBCRY | Bank Central Asia | PairCorr |
| 0.37 | PTAIY | Astra International Tbk | PairCorr |
| 0.35 | SOJC | Southern | PairCorr |
| 0.32 | CMSA | CMS Energy Corp | PairCorr |
| 0.79 | AA | Alcoa Corp Fiscal Year End 15th of January 2025 | PairCorr |
| 0.76 | CAT | Caterpillar Earnings Call This Week | PairCorr |
| 0.69 | HD | Home Depot | PairCorr |
| 0.69 | CSCO | Cisco Systems | PairCorr |
| 0.62 | GE | GE Aerospace Fiscal Year End 28th of January 2025 | PairCorr |
| 0.6 | HPQ | HP Inc Fiscal Year End 19th of November 2024 | PairCorr |
| 0.6 | DIS | Walt Disney Fiscal Year End 13th of November 2024 | PairCorr |
| 0.54 | WMT | Walmart Aggressive Push | PairCorr |
| 0.51 | TRV | The Travelers Companies Fiscal Year End 17th of January 2025 | PairCorr |
| 0.44 | VZ | Verizon Communications Fiscal Year End 28th of January 2025 | PairCorr |
Related Correlations Analysis
| 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 Azure Stock performing well and Azure 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 Azure 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| AMPS | 3.75 | (0.44) | 0.00 | (0.05) | 0.00 | 8.13 | 28.76 | |||
| ORA | 1.07 | (0.02) | (0.01) | 0.06 | 1.30 | 2.30 | 6.22 | |||
| ENLT | 2.13 | (0.11) | 0.00 | (0.03) | 0.00 | 3.41 | 13.40 | |||
| FLNC | 3.33 | 0.25 | 0.13 | 0.14 | 3.03 | 7.99 | 20.64 | |||
| RNW | 1.53 | 0.08 | 0.03 | 0.15 | 2.32 | 3.74 | 10.28 | |||
| NRGV | 6.18 | 0.77 | 0.13 | 0.49 | 5.57 | 22.78 | 36.92 | |||
| HLGN | 3.40 | 0.09 | 0.00 | (0.15) | 3.92 | 7.69 | 27.05 | |||
| CWEN | 1.16 | 0.00 | (0.02) | 0.07 | 1.45 | 2.64 | 7.88 | |||
| BEPC | 1.61 | 0.21 | 0.13 | 0.25 | 1.42 | 3.44 | 12.19 | |||
| CWEN-A | 1.15 | 0.02 | (0.01) | 0.12 | 1.39 | 2.74 | 8.24 |
Azure 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 Azure Power stock to make a market-neutral strategy. Peer analysis of Azure Power could also be used in its relative valuation, which is a method of valuing Azure Power by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Still Interested in Azure Power Global?
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