Textron Correlations

0LF0 Stock

90.76 0.05 0.06%

The current 90-days correlation between Textron and Air Products Chemicals is 0.16 (i.e., Average diversification). The correlation of Textron 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.

Textron Correlation With Market

Very weak diversification

The correlation between Textron and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Textron and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Textron could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Textron 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 Textron - 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 Textron to buy it.

Moving together with Textron Stock

0.71	0HL5	Ball Corp	Pair Corr
0.74	0EG8	Finnair Oyj	Pair Corr
0.65	USA	Baillie Gifford Growth	Pair Corr
0.77	0RKH	BW Offshore	Pair Corr
0.79	BOY	Bodycote PLC	Pair Corr
0.72	APN	Applied Nutrition Plc	Pair Corr
0.73	HGT	HG Capital Trust	Pair Corr
0.76	THX	Thor Explorations	Pair Corr
0.61	CAML	Central Asia Metals	Pair Corr

Moving against Textron Stock

0.8	PANR	Pantheon Resources	Pair Corr
0.39	JFJ	JPMorgan Japanese	Pair Corr
0.37	LSEG	London Stock Exchange	Pair Corr
0.33	TUN	Tungsten West PLC	Pair Corr

Related Correlations Analysis

	CAML	0HBH	0N9K	ZIOC	POW	FGEN	JLEN
CAML		-0.6	0.66	-0.2	-0.49	0.0	0.03	CAML
0HBH	-0.6		-0.38	0.22	0.47	0.08	0.06	0HBH
0N9K	0.66	-0.38		-0.21	-0.66	-0.17	-0.2	0N9K
ZIOC	-0.2	0.22	-0.21		0.18	-0.14	-0.28	ZIOC
POW	-0.49	0.47	-0.66	0.18		0.29	0.33	POW
FGEN	0.0	0.08	-0.17	-0.14	0.29		0.86	FGEN
JLEN	0.03	0.06	-0.2	-0.28	0.33	0.86		JLEN
	CAML	0HBH	0N9K	ZIOC	POW	FGEN	JLEN

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

JLEN	+ 0.86	FGEN
0N9K	+ 0.66	CAML
POW	+ 0.47	0HBH
JLEN	+ 0.33	POW
FGEN	+ 0.29	POW
ZIOC	+ 0.22	0HBH

High negative correlations

POW	- 0.66	0N9K
0HBH	- 0.6	CAML
POW	- 0.49	CAML
0N9K	- 0.38	0HBH
JLEN	- 0.28	ZIOC
ZIOC	- 0.21	0N9K

Risk-Adjusted Indicators

There is a big difference between Textron Stock performing well and Textron 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 Textron'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
CAML	1.13	0.36	0.17	2.12	1.19	(1.28)	2.44	(2.18)	9.10
0HBH	1.29	(0.20)	0.00	(0.18)	0.00	0.00	2.62	(2.55)	20.35
0N9K	1.73	0.19	0.05	(6.03)	1.96	(1.82)	3.11	(3.21)	17.91
ZIOC	2.84	0.13	0.02	(3.01)	3.23	(3.48)	5.85	(6.44)	35.95
POW	1.88	(0.23)	0.00	(0.24)	0.00	0.00	4.48	(4.29)	11.89
FGEN	1.16	(0.05)	0.00	0.39	0.00	0.00	2.91	(2.18)	6.99
JLEN	1.14	(0.07)	0.00	(0.16)	0.00	0.00	2.91	(2.18)	6.99

Be your own money manager

Our tools can tell you how much better you can do entering a position in Textron 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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Textron Corporate Management

Elected by the shareholders, the Textron's board of directors comprises two types of representatives: Textron inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Textron. The board's role is to monitor Textron's management team and ensure that shareholders' interests are well served. Textron's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Textron's outside directors are responsible for providing unbiased perspectives on the board's policies.

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