Energisa Correlations

Stocks . Brazil . 
Stock . Energisa SA
ENGI11 Stock  BRL 40.21  0.38  0.94%   
The current 90-days correlation between Energisa SA and Equatorial Energia SA is 0.78 (i.e., Poor diversification). The correlation of Energisa 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.
  
The ability to find closely correlated positions to Energisa could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Energisa when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Energisa - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Energisa SA to buy it.

Moving together with Energisa Stock

  0.98ELET3 Centrais EltricasPairCorr
  0.98ELET6 Centrais EltricasPairCorr
  0.99ENGI4 Energisa SAPairCorr
  0.81TRPL3 CTEEP CompanhiaPairCorr
  0.94ALUP4 Alupar InvestimentoPairCorr
  0.93ALUP3 Alupar InvestimentoPairCorr

Moving against Energisa Stock

  0.88HOME34 Home DepotPairCorr
  0.83AMZO34 Amazon IncPairCorr
  0.82UPSS34 United Parcel ServicePairCorr
  0.8WALM34 WalmartPairCorr
  0.78JDCO34 JD IncPairCorr
  0.77ENMT4 Energisa Mato GrossoPairCorr
  0.73SBUB34 StarbucksPairCorr
  0.68ACNB34 Accenture plcPairCorr
  0.52BERK34 Berkshire HathawayPairCorr
  0.31DUKB34 Duke EnergyPairCorr

Related Correlations Analysis

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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   
ELET6
+ 0.84
EQTL3
ELET6
+ 0.71
CPFE3
ELET6
+ 0.67
ENEV3
CPFE3
+ 0.66
EQTL3
SBSP3
+ 0.54
EQTL3
ENEV3
+ 0.48
CPFE3
  
High negative correlations   
SBSP3
- 0.42
ENEV3

Risk-Adjusted Indicators

There is a big difference between Energisa Stock performing well and Energisa 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 Energisa'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Energisa without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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