Fortis Correlations

FTS Stock

USD 51.57 0.10 0.19%

The current 90-days correlation between Fortis Inc and Centrais Eltricas Brasileiras is -0.06 (i.e., Good diversification). The correlation of Fortis 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fortis Correlation With Market

Good diversification

The correlation between Fortis Inc and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortis Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Fortis Stock

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

Moving together with Fortis Stock

0.61	ES	Eversource Energy	Pair Corr
0.83	FE	FirstEnergy	Pair Corr
0.82	BIP-UN	Brookfield Infrastructure	Pair Corr
0.62	ELPC	Companhia Paranaense	Pair Corr
0.74	EVRG	Evergy,	Pair Corr
0.74	ACO-Y	ATCO	Pair Corr
0.86	AEP	American Electric Power Sell-off Trend	Pair Corr
0.8	ALE	Allete Inc	Pair Corr
0.69	DUK	Duke Energy	Pair Corr
0.81	EBR	Centrais Electricas Symbol Change	Pair Corr
0.79	EIX	Edison International	Pair Corr
0.75	ETR	Entergy	Pair Corr
0.76	EXC	Exelon	Pair Corr
0.97	FTS	Fortis Inc	Pair Corr
0.72	KEP	Korea Electric Power	Pair Corr
0.89	LNT	Alliant Energy Corp	Pair Corr

Moving against Fortis Stock

0.74	SJVN	SJVN Limited	Pair Corr
0.74	RNWWW	ReNew Energy Global	Pair Corr
0.52	ADN	Advent Technologies	Pair Corr
0.37	HE	Hawaiian Electric	Pair Corr
0.74	DTW	DTE Energy	Pair Corr
0.47	EAI	Entergy Arkansas LLC	Pair Corr
0.47	ELC	Entergy Louisiana LLC	Pair Corr
0.36	EMP	Entergy Mississippi LLC	Pair Corr

Related Correlations Analysis

	EBR-B	SO	EBR	FE	DTE	AEE	PPL	CMS	AWK
EBR-B		-0.07	0.95	0.79	0.2	0.72	0.3	0.65	-0.7	EBR-B
SO	-0.07		0.13	0.43	0.8	0.45	0.82	0.4	0.52	SO
EBR	0.95	0.13		0.91	0.33	0.82	0.47	0.78	-0.56	EBR
FE	0.79	0.43	0.91		0.59	0.91	0.71	0.88	-0.24	FE
DTE	0.2	0.8	0.33	0.59		0.74	0.88	0.64	0.38	DTE
AEE	0.72	0.45	0.82	0.91	0.74		0.79	0.93	-0.13	AEE
PPL	0.3	0.82	0.47	0.71	0.88	0.79		0.75	0.27	PPL
CMS	0.65	0.4	0.78	0.88	0.64	0.93	0.75		-0.07	CMS
AWK	-0.7	0.52	-0.56	-0.24	0.38	-0.13	0.27	-0.07		AWK
	EBR-B	SO	EBR	FE	DTE	AEE	PPL	CMS	AWK

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

EBR	+ 0.95	EBR-B
CMS	+ 0.93	AEE
FE	+ 0.91	EBR
AEE	+ 0.91	FE
CMS	+ 0.88	FE
PPL	+ 0.88	DTE

High negative correlations

AWK	- 0.7	EBR-B
AWK	- 0.56	EBR
AWK	- 0.24	FE
AWK	- 0.13	AEE
AWK	- 0.07	CMS
SO	- 0.07	EBR-B

Risk-Adjusted Indicators

There is a big difference between Fortis Stock performing well and Fortis 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 Fortis' 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
EBR-B	1.30	0.59	0.31	(1.52)	0.91	(1.62)	3.62	(2.09)	9.79
SO	0.66	(0.08)	0.00	4.29	0.00	0.00	1.51	(1.42)	4.05
EBR	1.30	0.56	0.33	1.71	0.97	(1.52)	3.69	(1.88)	7.18
FE	0.56	0.11	0.08	(1.72)	0.63	(0.58)	1.10	(1.25)	4.58
DTE	0.69	(0.06)	0.00	(0.13)	0.00	0.00	1.25	(1.48)	3.81
AEE	0.63	0.04	0.01	0.25	0.74	(0.67)	1.31	(1.21)	4.41
PPL	0.68	(0.03)	0.00	(0.06)	0.00	0.00	1.23	(1.47)	4.31
CMS	0.73	0.02	(0.01)	0.19	0.94	(0.66)	1.29	(1.54)	3.75
AWK	1.14	(0.13)	0.00	(4.79)	0.00	0.00	1.95	(2.49)	6.10

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