Avista Correlations

AVA Stock

USD 38.54 0.06 0.16%

The current 90-days correlation between Avista and Allete Inc is 0.4 (i.e., Very weak diversification). The correlation of Avista 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.

Avista Correlation With Market

Significant diversification

The correlation between Avista and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avista 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 Avista. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

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

Moving together with Avista Stock

0.66

UTL

UNITIL

Pair Corr

Moving against Avista Stock

0.5	MNTK	Montauk Renewables	Pair Corr
0.4	VGAS	Verde Clean Fuels	Pair Corr
0.34	BIP-PA	Brookfield Infrastructure	Pair Corr

Related Correlations Analysis

	ALE	BKH	MNTK	ELP	NWE	OTTR	AES	BIP	UTL
ALE		0.78	-0.02	-0.73	0.3	-0.05	-0.65	0.63	0.09	ALE
BKH	0.78		-0.42	-0.42	0.57	0.07	-0.51	0.37	0.43	BKH
MNTK	-0.02	-0.42		-0.21	-0.02	-0.32	0.31	0.52	-0.37	MNTK
ELP	-0.73	-0.42	-0.21		0.1	-0.08	0.73	-0.65	0.28	ELP
NWE	0.3	0.57	-0.02	0.1		-0.31	0.33	0.33	0.5	NWE
OTTR	-0.05	0.07	-0.32	-0.08	-0.31		-0.29	-0.16	0.32	OTTR
AES	-0.65	-0.51	0.31	0.73	0.33	-0.29		-0.13	0.17	AES
BIP	0.63	0.37	0.52	-0.65	0.33	-0.16	-0.13		-0.02	BIP
UTL	0.09	0.43	-0.37	0.28	0.5	0.32	0.17	-0.02		UTL
	ALE	BKH	MNTK	ELP	NWE	OTTR	AES	BIP	UTL

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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

BKH	+ 0.78	ALE
AES	+ 0.73	ELP
BIP	+ 0.63	ALE
NWE	+ 0.57	BKH
BIP	+ 0.52	MNTK
UTL	+ 0.5	NWE

High negative correlations

ELP	- 0.73	ALE
BIP	- 0.65	ELP
AES	- 0.65	ALE
AES	- 0.51	BKH
ELP	- 0.42	BKH
MNTK	- 0.42	BKH

Risk-Adjusted Indicators

There is a big difference between Avista Stock performing well and Avista 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 Avista'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
ALE	0.25	0.04	(0.30)	0.51	0.00	(0.32)	0.81	(0.35)	1.38
BKH	0.89	0.06	0.03	0.21	0.70	(1.08)	2.11	(1.38)	4.28
MNTK	2.72	(0.12)	(0.01)	0.03	4.79	(2.62)	4.73	(5.22)	25.57
ELP	1.37	(0.19)	0.00	(4.21)	0.00	0.00	3.08	(3.31)	10.39
NWE	0.89	(0.03)	(0.05)	0.07	1.34	(0.84)	1.61	(2.04)	7.10
OTTR	1.34	(0.21)	0.00	(1.47)	0.00	0.00	2.26	(3.54)	9.03
AES	1.91	(0.52)	0.00	(1.69)	0.00	0.00	2.73	(4.41)	18.47
BIP	1.08	0.09	(0.01)	0.84	1.13	(1.19)	2.95	(1.70)	6.89
UTL	1.23	0.01	(0.08)	(0.11)	1.41	(1.32)	2.35	(2.15)	11.85

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