Algonquin Power Correlations
The correlation of Algonquin Power 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 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.
Good diversification
The correlation between Algonquin Power Utilities and NYA is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Algonquin Power Utilities and NYA in the same portfolio, assuming nothing else is changed.
Algonquin |
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.
Related Correlations Analysis
| 0.15 | 0.51 | 0.18 | 0.8 | AQNB | ||
| 0.15 | 0.86 | 0.86 | -0.16 | CMSC | ||
| 0.51 | 0.86 | 0.77 | 0.23 | CMSD | ||
| 0.18 | 0.86 | 0.77 | -0.22 | ARGD | ||
| 0.8 | -0.16 | 0.23 | -0.22 | ENBA | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
|
Risk-Adjusted Indicators
There is a big difference between Algonquin Stock performing well and Algonquin Power 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 Algonquin Power'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| AQNB | 0.22 | 0.01 | (0.24) | 0.23 | 0.18 | 0.44 | 1.29 | |||
| CMSC | 0.33 | (0.05) | 0.00 | (0.09) | 0.00 | 0.74 | 2.69 | |||
| CMSD | 0.26 | (0.03) | (0.25) | (0.03) | 0.31 | 0.64 | 1.66 | |||
| ARGD | 0.51 | (0.08) | 0.00 | (0.07) | 0.00 | 1.30 | 4.72 | |||
| ENBA | 0.18 | 0.04 | (0.11) | 0.45 | 0.00 | 0.52 | 1.46 |
Algonquin Power Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Algonquin Power stock to make a market-neutral strategy. Peer analysis of Algonquin Power could also be used in its relative valuation, which is a method of valuing Algonquin Power by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
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 Director | Profile | |
| Dilek Samil | Independent Director | Profile | |
| Christopher Ball | Independent Director | Profile | |
| Masheed Saidi | Independent Director | Profile |
Still Interested in Algonquin Power Utilities?
Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.
Check out Trending Equities to better understand how to build diversified portfolios. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Consideration for investing in Algonquin Stock
If you are still planning to invest in Algonquin Power Utilities check if it may still be traded through OTC markets such as Pink Sheets or OTC Bulletin Board. You may also purchase it directly from the company, but this is not always possible and may require contacting the company directly. Please note that delisted stocks are often considered to be more risky investments, as they are no longer subject to the same regulatory and reporting requirements as listed stocks. Therefore, it is essential to carefully research the Algonquin Power's history and understand the potential risks before investing.
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |