OPAL Fuels Correlations

OPAL Stock

USD 3.61 0.03 0.84%

The current 90-days correlation between OPAL Fuels and Northwest Natural Gas is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as OPAL Fuels moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if OPAL Fuels moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

OPAL Fuels Correlation With Market

Average diversification

The correlation between OPAL Fuels and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding OPAL Fuels and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in OPAL Fuels. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

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

Moving together with OPAL Stock

0.65

SR-PA

Spire Inc

Pair Corr

Moving against OPAL Stock

0.42	RNWWW	ReNew Energy Global	Pair Corr
0.51	CIG	Companhia Energetica	Pair Corr
0.46	ELP	Companhia Paranaense	Pair Corr
0.45	ELPC	Companhia Paranaense	Pair Corr
0.44	AQN	Algonquin Power Utilities	Pair Corr
0.44	EBR	Centrais Electricas	Pair Corr
0.4	AWK	American Water Works	Pair Corr
0.35	AEP	American Electric Power	Pair Corr
0.33	AES	AES	Pair Corr

Related Correlations Analysis

	NWN	CPK	OGS	NIMC	UGIC	NJR	SR	NI	RGCO	ATO
NWN		0.92	0.8	0.1	-0.53	0.96	0.88	0.93	0.03	0.86	NWN
CPK	0.92		0.86	0.25	-0.38	0.91	0.9	0.88	0.19	0.79	CPK
OGS	0.8	0.86		0.08	-0.37	0.79	0.78	0.73	0.27	0.84	OGS
NIMC	0.1	0.25	0.08		0.51	0.26	0.37	-0.03	0.19	-0.23	NIMC
UGIC	-0.53	-0.38	-0.37	0.51		-0.36	-0.3	-0.66	0.18	-0.7	UGIC
NJR	0.96	0.91	0.79	0.26	-0.36		0.93	0.87	0.02	0.75	NJR
SR	0.88	0.9	0.78	0.37	-0.3	0.93		0.78	0.05	0.69	SR
NI	0.93	0.88	0.73	-0.03	-0.66	0.87	0.78		-0.05	0.88	NI
RGCO	0.03	0.19	0.27	0.19	0.18	0.02	0.05	-0.05		0.0	RGCO
ATO	0.86	0.79	0.84	-0.23	-0.7	0.75	0.69	0.88	0.0		ATO
	NWN	CPK	OGS	NIMC	UGIC	NJR	SR	NI	RGCO	ATO

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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

NJR	+ 0.96	NWN
NI	+ 0.93	NWN
SR	+ 0.93	NJR
CPK	+ 0.92	NWN
NJR	+ 0.91	CPK
SR	+ 0.9	CPK

High negative correlations

ATO	- 0.7	UGIC
NI	- 0.66	UGIC
UGIC	- 0.53	NWN
UGIC	- 0.38	CPK
UGIC	- 0.37	OGS
NJR	- 0.36	UGIC

Risk-Adjusted Indicators

There is a big difference between OPAL Stock performing well and OPAL Fuels 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 OPAL Fuels' 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
NWN	0.98	0.10	0.01	0.57	0.91	(1.06)	2.15	(1.60)	6.23
CPK	0.95	(0.01)	(0.02)	0.10	1.03	(1.08)	2.09	(1.80)	6.25
OGS	0.97	(0.09)	(0.07)	0.03	1.03	(1.11)	1.92	(1.88)	7.57
NIMC	0.60	0.00	(0.14)	0.10	0.78	(0.66)	1.07	(1.11)	5.53
UGIC	1.47	(0.25)	0.00	37.13	0.00	0.00	2.61	(3.02)	12.21
NJR	0.88	0.06	(0.03)	0.35	0.81	(1.03)	2.21	(1.40)	4.36
SR	1.01	(0.02)	(0.03)	0.09	1.23	(1.13)	2.57	(1.86)	6.47
NI	0.74	0.12	0.03	0.70	0.73	(0.85)	1.54	(1.80)	4.71
RGCO	1.91	(0.21)	(0.02)	0.03	2.17	(2.32)	4.47	(3.65)	18.11
ATO	0.67	0.00	(0.08)	0.11	0.80	(0.71)	1.63	(1.48)	3.89

OPAL Fuels Corporate Management

Jonathan Maurer	CoChief Officer	Profile
Scott Edelbach	Executive Fuels	Profile
Scott Contino	Interim Officer	Profile
Anthony Falbo	Chief Officer	Profile
Jason Stewart	Director Marketing	Profile
Adam Comora	CoChief Officer	Profile
Hugh Donnell	Senior Sustainability	Profile

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