Chesapeake Utilities Correlations

CPK Stock

USD 119.56 1.16 0.98%

The current 90-days correlation between Chesapeake Utilities and Northwest Natural Gas is 0.09 (i.e., Significant 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

Poor diversification

The correlation between Chesapeake Utilities and DJI is 0.64 (i.e., Poor 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.

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

0.88	NI	NiSource	Pair Corr
0.89	SR	Spire Inc	Pair Corr
0.78	ATO	Atmos Energy	Pair Corr
0.92	BKH	Black Hills Sell-off Trend	Pair Corr
0.95	NJR	NewJersey Resources	Pair Corr
0.91	NWN	Northwest Natural Gas	Pair Corr
0.74	OGS	One Gas	Pair Corr
0.8	SWX	Southwest Gas Holdings	Pair Corr
0.64	UGI	UGI Corporation	Pair Corr
0.62	CTRI	Centuri Holdings,	Pair Corr
0.65	CDZIP	Cadiz Depositary Shares	Pair Corr
0.63	ELLO	Ellomay Capital	Pair Corr
0.94	EVRG	Evergy,	Pair Corr
0.77	ADN	Advent Technologies	Pair Corr
0.85	AEE	Ameren Corp	Pair Corr

Moving against Chesapeake Stock

0.59	CMS-PB	Consumers Energy	Pair Corr
0.48	DUKB	Duke Energy Corp	Pair Corr
0.46	CMS-PC	CMS Energy	Pair Corr
0.32	ED	Consolidated Edison	Pair Corr
0.62	AES	AES	Pair Corr
0.54	EBR	Centrais Electricas	Pair Corr
0.52	DTW	DTE Energy	Pair Corr
0.45	ELPC	Companhia Paranaense	Pair Corr
0.31	BEP	Brookfield Renewable	Pair Corr
0.31	CEG	Constellation Energy Corp	Pair Corr

Related Correlations Analysis

	NWN	OGS	NIMC	UGIC	NJR	SR	NI	OPAL
NWN		0.63	-0.18	-0.45	0.93	0.88	0.9	0.07	NWN
OGS	0.63		-0.21	0.02	0.76	0.64	0.53	0.47	OGS
NIMC	-0.18	-0.21		0.51	-0.09	0.11	-0.31	-0.43	NIMC
UGIC	-0.45	0.02	0.51		-0.32	-0.26	-0.6	-0.1	UGIC
NJR	0.93	0.76	-0.09	-0.32		0.95	0.87	0.09	NJR
SR	0.88	0.64	0.11	-0.26	0.95		0.8	-0.07	SR
NI	0.9	0.53	-0.31	-0.6	0.87	0.8		-0.03	NI
OPAL	0.07	0.47	-0.43	-0.1	0.09	-0.07	-0.03		OPAL
	NWN	OGS	NIMC	UGIC	NJR	SR	NI	OPAL

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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

SR	+ 0.95	NJR
NJR	+ 0.93	NWN
NI	+ 0.9	NWN
SR	+ 0.88	NWN
NI	+ 0.87	NJR
NI	+ 0.8	SR

High negative correlations

NI	- 0.6	UGIC
UGIC	- 0.45	NWN
OPAL	- 0.43	NIMC
NJR	- 0.32	UGIC
NI	- 0.31	NIMC
SR	- 0.26	UGIC

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
NWN	1.00	(0.01)	(0.02)	0.00	1.29	(1.01)	1.77	(1.64)	9.06
OGS	1.01	(0.12)	0.00	(0.08)	0.00	0.00	1.64	(1.92)	10.43
NIMC	0.60	(0.01)	(0.04)	0.35	0.78	(0.66)	1.07	(1.11)	5.53
UGIC	1.47	(0.26)	0.00	(0.73)	0.00	0.00	2.61	(3.02)	12.21
NJR	0.89	(0.03)	0.00	(0.01)	0.00	0.00	2.17	(1.45)	7.20
SR	1.10	(0.01)	0.00	0.02	1.58	(1.13)	2.57	(1.86)	9.26
NI	0.78	0.10	0.09	0.30	0.83	(0.87)	1.54	(1.91)	4.93
OPAL	1.79	(0.32)	0.00	(0.42)	0.00	0.00	5.45	(4.64)	13.42

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