Chesapeake Utilities Correlations

CPK Stock

USD 123.22 0.33 0.27%

The current 90-days correlation between Chesapeake Utilities and NewJersey Resources is 0.78 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Chesapeake Utilities moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Chesapeake Utilities moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Chesapeake Utilities Correlation With Market

Very good diversification

The correlation between Chesapeake Utilities and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chesapeake Utilities and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Chesapeake Stock

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

For more information on how to buy Chesapeake Stock please use our How to buy in Chesapeake Stock guide.

Moving together with Chesapeake Stock

0.9	SR	Spire Inc	Pair Corr
0.65	NFE	New Fortress Energy	Pair Corr
0.96	NJR	NewJersey Resources	Pair Corr
0.9	NWN	Northwest Natural Gas	Pair Corr
0.84	OGS	One Gas	Pair Corr
0.79	SPH	Suburban Propane Partners	Pair Corr
0.85	ED	Consolidated Edison	Pair Corr
0.85	WTRG	Essential Utilities	Pair Corr
0.73	AEE	Ameren Corp	Pair Corr
0.79	AEP	American Electric Power	Pair Corr

Moving against Chesapeake Stock

0.84	UGI	UGI Corporation	Pair Corr
0.81	OPAL	OPAL Fuels	Pair Corr
0.79	BIPC	Brookfield Infrastructure	Pair Corr
0.74	CTRI	Centuri Holdings,	Pair Corr
0.73	ES	Eversource Energy	Pair Corr
0.7	VG	Venture Global,	Pair Corr
0.54	RNWWW	ReNew Energy Global	Pair Corr
0.51	D	Dominion Energy	Pair Corr
0.47	HE	Hawaiian Electric	Pair Corr
0.88	ELPC	Companhia Paranaense	Pair Corr
0.74	BIP	Brookfield Infrastructure	Pair Corr
0.74	CEG	Constellation Energy Corp	Pair Corr
0.68	AQN	Algonquin Power Utilities	Pair Corr
0.68	CIG	Companhia Energetica	Pair Corr
0.64	BEP	Brookfield Renewable	Pair Corr
0.59	ENIC	Enel Chile SA	Pair Corr
0.55	ENLT	Enlight Renewable Energy	Pair Corr
0.47	AES	AES	Pair Corr
0.46	FLNC	Fluence Energy	Pair Corr
0.34	ALE	Allete Inc	Pair Corr

Related Correlations Analysis

	UGI	NJR	OGS	RGCO	NI	SWX	NWN	NWE
UGI		-0.9	-0.72	0.17	0.2	0.08	-0.76	-0.83	UGI
NJR	-0.9		0.86	-0.04	-0.17	-0.02	0.92	0.89	NJR
OGS	-0.72	0.86		-0.23	0.0	0.0	0.91	0.86	OGS
RGCO	0.17	-0.04	-0.23		0.0	0.22	0.02	-0.26	RGCO
NI	0.2	-0.17	0.0	0.0		0.79	-0.11	-0.25	NI
SWX	0.08	-0.02	0.0	0.22	0.79		0.06	-0.21	SWX
NWN	-0.76	0.92	0.91	0.02	-0.11	0.06		0.87	NWN
NWE	-0.83	0.89	0.86	-0.26	-0.25	-0.21	0.87		NWE
	UGI	NJR	OGS	RGCO	NI	SWX	NWN	NWE

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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

NWN	+ 0.92	NJR
NWN	+ 0.91	OGS
NWE	+ 0.89	NJR
NWE	+ 0.87	NWN
OGS	+ 0.86	NJR
NWE	+ 0.86	OGS

High negative correlations

NJR	- 0.9	UGI
NWE	- 0.83	UGI
NWN	- 0.76	UGI
OGS	- 0.72	UGI
NWE	- 0.26	RGCO
NWE	- 0.25	NI

Risk-Adjusted Indicators

There is a big difference between Chesapeake Stock performing well and Chesapeake Utilities 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 Chesapeake Utilities' 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
UGI	0.77	0.20	(0.04)	(2.31)	1.07	(0.78)	1.54	(2.14)	7.74
NJR	0.78	(0.06)	0.00	0.74	0.00	0.00	1.62	(1.70)	4.75
OGS	1.03	(0.02)	0.00	0.36	0.00	0.00	2.18	(2.34)	6.71
RGCO	1.82	0.15	(0.08)	(0.31)	1.70	(2.44)	4.06	(2.75)	12.91
NI	0.96	0.01	(0.10)	0.26	1.16	(1.01)	2.38	(1.95)	6.03
SWX	1.29	0.14	0.00	0.59	1.75	(1.39)	2.85	(2.32)	12.35
NWN	0.92	0.03	(0.17)	0.03	1.38	(0.89)	2.20	(1.94)	6.27
NWE	0.87	(0.12)	0.00	(0.17)	0.00	0.00	1.70	(2.16)	4.57

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