Companhia Paranaense Correlations

ELP Stock

USD 6.47 0.17 2.56%

The current 90-days correlation between Companhia Paranaense and Energy of Minas is 0.47 (i.e., Very weak diversification). The correlation of Companhia Paranaense 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.

Companhia Paranaense Correlation With Market

Significant diversification

The correlation between Companhia Paranaense de and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia Paranaense de and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Companhia Stock

0.98	ELPC	Companhia Paranaense	Pair Corr
0.76	AES	AES	Pair Corr
0.64	CIG	Companhia Energetica	Pair Corr
0.77	ES	Eversource Energy	Pair Corr
0.77	FE	FirstEnergy Sell-off Trend	Pair Corr
0.81	RNWWW	ReNew Energy Global	Pair Corr
0.77	AEP	American Electric Power Sell-off Trend	Pair Corr
0.87	AQN	Algonquin Power Utilities	Pair Corr
0.84	AWK	American Water Works	Pair Corr

Moving against Companhia Stock

0.85	AY	Atlantica Sustainable	Pair Corr
0.78	NI	NiSource	Pair Corr
0.75	ALE	Allete Inc	Pair Corr
0.74	SRE	Sempra Energy	Pair Corr
0.66	VGAS	Verde Clean Fuels	Pair Corr
0.63	BIP	Brookfield Infrastructure	Pair Corr
0.83	CDZIP	Cadiz Depositary Shares	Pair Corr
0.78	AEE	Ameren Corp	Pair Corr
0.76	ATO	Atmos Energy	Pair Corr
0.72	CNP	CenterPoint Energy Sell-off Trend	Pair Corr
0.67	ELLO	Ellomay Capital	Pair Corr
0.62	ADN	Advent Technologies Downward Rally	Pair Corr
0.54	AWR	American States Water	Pair Corr
0.52	EVRG	Evergy,	Pair Corr
0.5	ENIC	Enel Chile SA	Pair Corr
0.46	CEG	Constellation Energy Corp	Pair Corr
0.45	AGR	Avangrid	Pair Corr
0.43	BKH	Black Hills	Pair Corr
0.35	WTRG	Essential Utilities	Pair Corr

Related Correlations Analysis

	MNTK	CIG-C	NWE	OTTR	AVA	ALE	BKH	CIG	RWEOY	ENLAY
MNTK		-0.32	-0.04	-0.24	-0.55	-0.08	-0.46	-0.59	-0.28	0.38	MNTK
CIG-C	-0.32		0.12	-0.11	0.11	-0.21	-0.04	0.75	0.41	0.11	CIG-C
NWE	-0.04	0.12		-0.13	0.46	0.26	0.54	0.21	0.23	0.2	NWE
OTTR	-0.24	-0.11	-0.13		0.24	0.24	0.3	0.02	-0.24	-0.48	OTTR
AVA	-0.55	0.11	0.46	0.24		0.1	0.55	0.38	0.32	0.01	AVA
ALE	-0.08	-0.21	0.26	0.24	0.1		0.79	-0.25	-0.67	-0.73	ALE
BKH	-0.46	-0.04	0.54	0.3	0.55	0.79		0.05	-0.32	-0.58	BKH
CIG	-0.59	0.75	0.21	0.02	0.38	-0.25	0.05		0.66	0.13	CIG
RWEOY	-0.28	0.41	0.23	-0.24	0.32	-0.67	-0.32	0.66		0.67	RWEOY
ENLAY	0.38	0.11	0.2	-0.48	0.01	-0.73	-0.58	0.13	0.67		ENLAY
	MNTK	CIG-C	NWE	OTTR	AVA	ALE	BKH	CIG	RWEOY	ENLAY

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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	+ 0.79	ALE
CIG	+ 0.75	CIG-C
ENLAY	+ 0.67	RWEOY
RWEOY	+ 0.66	CIG
BKH	+ 0.55	AVA
BKH	+ 0.54	NWE

High negative correlations

ENLAY	- 0.73	ALE
RWEOY	- 0.67	ALE
CIG	- 0.59	MNTK
ENLAY	- 0.58	BKH
AVA	- 0.55	MNTK
ENLAY	- 0.48	OTTR

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia Paranaense 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 Companhia Paranaense'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
MNTK	2.68	(0.10)	(0.01)	0.06	4.76	(2.62)	4.73	(5.22)	25.57
CIG-C	1.46	(0.01)	(0.05)	0.10	1.68	(1.96)	4.37	(2.68)	11.14
NWE	0.90	(0.03)	(0.05)	0.08	1.33	(0.86)	1.61	(2.04)	7.10
OTTR	1.24	(0.22)	0.00	(0.05)	0.00	0.00	2.26	(3.09)	9.03
AVA	0.89	(0.01)	(0.09)	0.08	1.04	(0.96)	2.10	(1.84)	4.75
ALE	0.24	0.03	(0.33)	0.29	0.00	(0.31)	0.81	(0.35)	1.38
BKH	0.88	0.06	0.02	0.21	0.71	(1.09)	2.11	(1.38)	4.28
CIG	1.31	(0.07)	0.00	(0.50)	0.00	0.00	2.99	(2.91)	9.48
RWEOY	1.07	(0.11)	0.00	(0.43)	0.00	0.00	2.28	(1.87)	7.79
ENLAY	0.83	(0.06)	0.00	0.51	0.00	0.00	1.31	(1.92)	6.18

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