UNITIL Correlations

UTL Stock

USD 51.29 0.23 0.45%

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

UNITIL Correlation With Market

Good diversification

The correlation between UNITIL and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UNITIL and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with UNITIL Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in UNITIL. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

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

Moving together with UNITIL Stock

0.95	AVA	Avista	Pair Corr
0.95	ED	Consolidated Edison	Pair Corr
0.81	FE	FirstEnergy Earnings Call Next Week	Pair Corr
0.96	WTRG	Essential Utilities	Pair Corr
0.62	AEE	Ameren Corp	Pair Corr
0.8	ATO	Atmos Energy	Pair Corr
0.7	AWK	American Water Works	Pair Corr
0.8	AWR	American States Water	Pair Corr
0.8	BKH	Black Hills	Pair Corr

Moving against UNITIL Stock

0.87	VG	Venture Global,	Pair Corr
0.82	ES	Eversource Energy Earnings Call This Week	Pair Corr
0.81	BIP	Brookfield Infrastructure	Pair Corr
0.77	ELPC	Companhia Paranaense	Pair Corr
0.76	CIG	Companhia Energetica	Pair Corr
0.68	D	Dominion Energy	Pair Corr
0.59	AES	AES Aggressive Push	Pair Corr
0.59	BIP-PA	Brookfield Infrastructure	Pair Corr
0.48	BIP-PB	Brookfield Infrastructure	Pair Corr
0.45	HE	Hawaiian Electric	Pair Corr
0.43	ELLO	Ellomay Capital	Pair Corr
0.38	CMS-PB	Consumers Energy Earnings Call This Week	Pair Corr
0.37	CMS-PC	CMS Energy Earnings Call This Week	Pair Corr
0.88	CEG	Constellation Energy Corp	Pair Corr
0.86	BEP	Brookfield Renewable	Pair Corr
0.83	ENLT	Enlight Renewable Energy	Pair Corr
0.76	AQN	Algonquin Power Utilities	Pair Corr
0.73	ELP	Companhia Paranaense	Pair Corr

Related Correlations Analysis

	AES	ALE	BIP-PA	BIP-PB	CPK	MGEE	NWE	POR	TXNM
AES		0.58	0.16	0.33	-0.39	-0.53	-0.28	-0.31	0.23	AES
ALE	0.58		-0.04	0.1	-0.21	-0.37	0.01	0.12	0.25	ALE
BIP-PA	0.16	-0.04		0.77	-0.4	-0.46	-0.69	-0.57	0.7	BIP-PA
BIP-PB	0.33	0.1	0.77		-0.23	-0.55	-0.38	-0.49	0.52	BIP-PB
CPK	-0.39	-0.21	-0.4	-0.23		0.39	0.76	0.55	-0.71	CPK
MGEE	-0.53	-0.37	-0.46	-0.55	0.39		0.4	0.64	-0.47	MGEE
NWE	-0.28	0.01	-0.69	-0.38	0.76	0.4		0.6	-0.73	NWE
POR	-0.31	0.12	-0.57	-0.49	0.55	0.64	0.6		-0.5	POR
TXNM	0.23	0.25	0.7	0.52	-0.71	-0.47	-0.73	-0.5		TXNM
	AES	ALE	BIP-PA	BIP-PB	CPK	MGEE	NWE	POR	TXNM

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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

BIP-PB	+ 0.77	BIP-PA
NWE	+ 0.76	CPK
TXNM	+ 0.7	BIP-PA
POR	+ 0.64	MGEE
POR	+ 0.6	NWE
ALE	+ 0.58	AES

High negative correlations

TXNM	- 0.73	NWE
TXNM	- 0.71	CPK
NWE	- 0.69	BIP-PA
POR	- 0.57	BIP-PA
MGEE	- 0.55	BIP-PB
MGEE	- 0.53	AES

Risk-Adjusted Indicators

There is a big difference between UNITIL Stock performing well and UNITIL 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 UNITIL'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
AES	2.55	0.58	0.12	40.18	3.14	(2.87)	5.05	(4.94)	26.19
ALE	0.26	0.03	(0.28)	(1.58)	0.22	(0.28)	0.59	(0.51)	2.42
BIP-PA	1.09	0.04	(0.03)	0.33	1.60	(1.12)	2.27	(2.64)	8.51
BIP-PB	0.98	0.12	(0.01)	(2.21)	1.34	(1.12)	1.84	(1.34)	10.99
CPK	1.09	(0.07)	0.00	0.26	0.00	0.00	1.77	(2.90)	6.81
MGEE	0.83	(0.03)	0.00	0.22	0.00	0.00	1.56	(1.97)	4.23
NWE	0.86	(0.17)	0.00	(0.30)	0.00	0.00	1.40	(2.16)	4.57
POR	0.98	(0.02)	0.00	0.17	0.00	0.00	1.56	(2.01)	6.75
TXNM	0.50	0.19	0.06	(0.72)	0.08	(0.63)	0.85	(0.69)	7.66

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