Clearway Energy Correlations

CWEN Stock

USD 30.79 0.19 0.62%

The current 90-days correlation between Clearway Energy Class and Brookfield Renewable Corp is 0.6 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Clearway Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Clearway Energy Class moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Clearway Energy Correlation With Market

Significant diversification

The correlation between Clearway Energy Class and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Clearway Energy Class 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 Clearway Energy Class. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Clearway Stock

0.65	BEP	Brookfield Renewable Sell-off Trend	Pair Corr
0.91	EBR	Centrais Electricas	Pair Corr
0.82	ORA	Ormat Technologies	Pair Corr
0.69	AMPS	Altus Power	Pair Corr
0.74	BEPC	Brookfield Renewable Corp Sell-off Trend	Pair Corr
0.94	ED	Consolidated Edison	Pair Corr
0.66	ES	Eversource Energy	Pair Corr
0.79	HE	Hawaiian Electric	Pair Corr
0.65	NI	NiSource	Pair Corr
0.84	SO	Southern	Pair Corr
0.85	SR	Spire Inc	Pair Corr
0.77	CMS-PB	Consumers Energy	Pair Corr
0.65	CDZIP	Cadiz Depositary Shares	Pair Corr
0.77	ELPC	Companhia Paranaense	Pair Corr
0.67	ENIC	Enel Chile SA	Pair Corr
0.74	EVRG	Evergy, Sell-off Trend	Pair Corr
0.9	WTRG	Essential Utilities Buyout Trend	Pair Corr

Moving against Clearway Stock

0.87	NRGV	Energy Vault Holdings	Pair Corr
0.84	CEG	Constellation Energy Corp	Pair Corr
0.84	HTOO	Fusion Fuel Green	Pair Corr
0.8	RNW	Renew Energy Global	Pair Corr
0.76	RNWWW	ReNew Energy Global	Pair Corr
0.73	WAVE	Eco Wave Power	Pair Corr
0.72	GEV	GE Vernova LLC	Pair Corr
0.7	HTOOW	Fusion Fuel Green	Pair Corr
0.66	STEM	Stem Inc	Pair Corr
0.59	ELLO	Ellomay Capital	Pair Corr
0.51	XIFR	XPLR Infrastructure Symbol Change	Pair Corr
0.49	FLNC	Fluence Energy	Pair Corr
0.42	VGAS	Verde Clean Fuels	Pair Corr
0.38	BEP-PA	Brookfield Renewable	Pair Corr
0.65	CMS-PC	CMS Energy	Pair Corr
0.57	BNRG	Brenmiller Energy	Pair Corr

Related Correlations Analysis

	BEPC	CWEN-A	NEP	AQNU	AY	DNNGY	BEP	AQN
BEPC		0.74	0.53	0.0	0.0	0.82	0.97	0.79	BEPC
CWEN-A	0.74		0.65	0.0	0.0	0.71	0.64	0.9	CWEN-A
NEP	0.53	0.65		0.0	0.0	0.62	0.53	0.49	NEP
AQNU	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AQNU
AY	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AY
DNNGY	0.82	0.71	0.62	0.0	0.0		0.8	0.63	DNNGY
BEP	0.97	0.64	0.53	0.0	0.0	0.8		0.7	BEP
AQN	0.79	0.9	0.49	0.0	0.0	0.63	0.7		AQN
	BEPC	CWEN-A	NEP	AQNU	AY	DNNGY	BEP	AQN

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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

BEP	+ 0.97	BEPC
AQN	+ 0.9	CWEN-A
DNNGY	+ 0.82	BEPC
BEP	+ 0.8	DNNGY
AQN	+ 0.79	BEPC
CWEN-A	+ 0.74	BEPC

High negative correlations

AQN	- 0.0	AY
BEP	- 0.0	AY
DNNGY	- 0.0	AY
AQN	- 0.0	AQNU
BEP	- 0.0	AQNU
DNNGY	- 0.0	AQNU

Risk-Adjusted Indicators

There is a big difference between Clearway Stock performing well and Clearway Energy 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 Clearway Energy'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
BEPC	1.70	0.03	0.05	0.18	2.26	(1.68)	2.73	(3.41)	9.49
CWEN-A	1.15	0.26	0.22	3.94	1.29	(1.23)	2.63	(2.60)	9.04
NEP	4.03	(2.59)	0.00	(9.44)	0.00	0.00	0.96	(11.33)	30.84
AQNU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DNNGY	2.09	(0.14)	0.00	0.14	0.00	0.00	3.75	(4.75)	14.13
BEP	1.56	(0.01)	0.00	(0.34)	0.00	0.00	2.91	(3.46)	10.07
AQN	1.26	0.27	0.15	0.38	1.64	(1.28)	2.73	(2.97)	7.18

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