Algonquin Power Correlations

AQNA
 Stock
  

USD 23.78  0.18  0.75%   

The correlation of Algonquin Power is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Algonquin Power moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Algonquin Power Utilities moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
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The ability to find closely correlated positions to Algonquin Power could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Algonquin Power 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 Algonquin Power - 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 Algonquin Power Utilities to buy it.

Moving together with Algonquin Power

+0.74AQNBAlgonquin Power UtilitiesPairCorr
+0.82CMSACms Energy CorpPairCorr
+0.82CMSCCms Energy CorpPairCorr
+0.83CMSDCms Energy CorpPairCorr
+0.81DTBDte EnergyPairCorr
+0.88DTGDte EnergyPairCorr
+0.9DTWDte EnergyPairCorr
+0.69DUKBDuke Energy CorpPairCorr
+0.73SJIJSouth Jersey IndustriesPairCorr
+0.89SOJCSouthern CompanyPairCorr
+0.87SOJDSouthern CompanyPairCorr

Moving against Algonquin Power

-0.54PCGUPGE CorpPairCorr

Related Correlations

AQNU
CMSA
CMSC
DTG
DTW
DUKB
AQNU
0.270.330.010.260.18
AQNU
CMSA
0.270.870.720.90.9
CMSA
CMSC
0.330.870.860.960.87
CMSC
DTG
0.010.720.860.910.72
DTG
DTW
0.260.90.960.910.88
DTW
DUKB
0.180.90.870.720.88
DUKB
AQNU
CMSA
CMSC
DTG
DTW
DUKB
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Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
DTWCMSC
DTWDTG
DTWCMSA
DUKBCMSA
DUKBDTW
CMSCCMSA
  

Algonquin Power Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between Algonquin Stock performing well and Algonquin Power company doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze Algonquin Power's multiple risk-adjusted performance indicators. 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 Algonquin Power 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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Algonquin Power Corporate Directors

Algonquin Power corporate directors refer to members of an Algonquin Power board of directors. The board of directors generally takes responsibility for the Algonquin Power's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Algonquin Power's board members must vote for the resolution. The Algonquin Power board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
David Laney - Independent DirectorProfile
Dilek Samil - Independent DirectorProfile
Christopher Ball - Independent DirectorProfile
Masheed Saidi - Independent DirectorProfile

Invested in Algonquin Power Utilities?

The danger of trading Algonquin Power Utilities is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Algonquin Power is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Algonquin Power. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Algonquin Power Utilities is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
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Is Algonquin Power's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Algonquin Power. If investors know Algonquin will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Algonquin Power listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
The market value of Algonquin Power Utilities is measured differently than its book value, which is the value of Algonquin that is recorded on the company's balance sheet. Investors also form their own opinion of Algonquin Power's value that differs from its market value or its book value, called intrinsic value, which is Algonquin Power's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Algonquin Power's market value can be influenced by many factors that don't directly affect Algonquin Power's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Algonquin Power's value and its price as these two are different measures arrived at by different means. Investors typically determine Algonquin Power value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Algonquin Power's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.