Consolidated Edison Correlations

ED Stock

USD 100.60 0.14 0.14%

The current 90-days correlation between Consolidated Edison and Duke Energy is 0.1 (i.e., Average diversification). The correlation of Consolidated Edison 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.

Consolidated Edison Correlation With Market

Significant diversification

The correlation between Consolidated Edison and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Consolidated Edison and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Consolidated Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Consolidated Edison. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

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

Moving together with Consolidated Stock

0.65	FE	FirstEnergy	Pair Corr
0.64	AEE	Ameren Corp	Pair Corr
0.8	CMS	CMS Energy Earnings Call This Week	Pair Corr
0.67	CNP	CenterPoint Energy	Pair Corr
0.67	DUK	Duke Energy	Pair Corr
0.63	EIX	Edison International Earnings Call This Week	Pair Corr
0.91	EXC	Exelon	Pair Corr
0.9	NWE	NorthWestern	Pair Corr
0.71	PCG	PGE Corp	Pair Corr
0.8	PNW	Pinnacle West Capital	Pair Corr
0.63	POR	Portland General Electric Earnings Call This Week	Pair Corr
0.76	PPL	PPL Corporation	Pair Corr
0.73	WEC	WEC Energy Group	Pair Corr

Moving against Consolidated Stock

0.82	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.72	D	Dominion Energy	Pair Corr
0.56	HE	Hawaiian Electric	Pair Corr
0.56	EMA	Emera Incorporated	Pair Corr
0.5	ENIC	Enel Chile SA Earnings Call This Week	Pair Corr
0.41	CMS-PC	CMS Energy Earnings Call This Week	Pair Corr
0.89	TLN	Talen Energy Upward Rally	Pair Corr
0.84	GNE	Genie Energy	Pair Corr
0.81	KEP	Korea Electric Power	Pair Corr
0.81	NEE	Nextera Energy Earnings Call This Week	Pair Corr
0.78	SCE-PJ	SCE Trust IV	Pair Corr
0.43	SCE-PK	SCE Trust V	Pair Corr
0.35	NGG	National Grid PLC	Pair Corr
0.33	DUK-PA	Duke Energy	Pair Corr

Related Correlations Analysis

	DUK	D	AEP	NEE	SO	ETR	PNW	FE	EXC
DUK		-0.25	0.93	-0.49	0.6	0.56	0.85	0.42	0.83	DUK
D	-0.25		-0.12	0.74	0.48	0.13	-0.39	-0.37	-0.62	D
AEP	0.93	-0.12		-0.34	0.71	0.61	0.86	0.37	0.76	AEP
NEE	-0.49	0.74	-0.34		0.2	-0.1	-0.56	-0.53	-0.74	NEE
SO	0.6	0.48	0.71	0.2		0.46	0.33	-0.18	0.16	SO
ETR	0.56	0.13	0.61	-0.1	0.46		0.61	0.46	0.4	ETR
PNW	0.85	-0.39	0.86	-0.56	0.33	0.61		0.7	0.92	PNW
FE	0.42	-0.37	0.37	-0.53	-0.18	0.46	0.7		0.66	FE
EXC	0.83	-0.62	0.76	-0.74	0.16	0.4	0.92	0.66		EXC
	DUK	D	AEP	NEE	SO	ETR	PNW	FE	EXC

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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

AEP	+ 0.93	DUK
EXC	+ 0.92	PNW
PNW	+ 0.86	AEP
PNW	+ 0.85	DUK
EXC	+ 0.83	DUK
EXC	+ 0.76	AEP

High negative correlations

EXC	- 0.74	NEE
EXC	- 0.62	D
PNW	- 0.56	NEE
FE	- 0.53	NEE
NEE	- 0.49	DUK
PNW	- 0.39	D

Risk-Adjusted Indicators

There is a big difference between Consolidated Stock performing well and Consolidated Edison 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 Consolidated Edison'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
DUK	0.80	(0.03)	0.00	(0.18)	0.00	0.00	1.81	(1.66)	5.69
D	0.94	0.04	(0.01)	0.20	0.97	(1.04)	2.00	(1.75)	5.75
AEP	0.78	(0.01)	(0.10)	0.10	1.03	(0.81)	1.53	(1.81)	6.00
NEE	1.38	0.12	0.03	0.33	1.83	(1.39)	3.04	(2.99)	9.91
SO	0.80	0.03	(0.06)	0.26	1.05	(0.80)	1.53	(1.89)	4.80
ETR	0.97	0.00	(0.05)	0.14	1.10	(1.08)	2.03	(1.99)	5.53
PNW	0.83	(0.06)	0.00	(0.03)	0.00	0.00	1.53	(1.59)	4.10
FE	0.71	(0.03)	(0.14)	(0.01)	0.91	(0.74)	1.24	(1.54)	5.32
EXC	0.87	(0.14)	0.00	(0.45)	0.00	0.00	1.71	(1.88)	5.14

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