Arista Networks Correlations

117 Stock

EUR 117.50 1.24 1.07%

The current 90-days correlation between Arista Networks and Texas Roadhouse is 0.24 (i.e., Modest diversification). The correlation of Arista Networks 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.

Arista Networks Correlation With Market

Average diversification

The correlation between Arista Networks and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Arista Networks and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Arista Stock

0.72	DVY	DEVRY EDUCATION GRP Earnings Call This Week	Pair Corr
0.8	XSFA	SENECA FOODS A	Pair Corr
0.69	SON1	Sony Group Corp	Pair Corr
0.7	LID	Alliance Data Systems Earnings Call Tomorrow	Pair Corr
0.67	TL0	Tesla Inc Earnings Call This Week	Pair Corr
0.73	BZB	CONTACT ENERGY	Pair Corr
0.67	ISW	Information Services	Pair Corr
0.62	9B7	AOYAMA TRADING	Pair Corr
0.9	UF2	Sunstone Hotel Investors	Pair Corr
0.74	L3L2	BELMONT RES INC	Pair Corr
0.8	1NX	SANOK RUBBER ZY	Pair Corr
0.81	E6Q	GOLD ROAD RES	Pair Corr
0.63	HSG	The Hongkong	Pair Corr
0.65	TE1	Bio Techne Corp	Pair Corr

Moving against Arista Stock

0.71	PQ9	BANK MANDIRI Earnings Call This Week	Pair Corr
0.7	BYRA	BANK RAKYAT IND	Pair Corr
0.69	BYRA	PT Bank Rakyat	Pair Corr
0.68	PQ9	BANK MANDIRI Earnings Call This Week	Pair Corr
0.66	PQ9	BANK MANDIRI Earnings Call This Week	Pair Corr
0.64	BYRA	BANK RAKYAT IND	Pair Corr
0.55	PQ9	PT Bank Mandiri Earnings Call This Week	Pair Corr
0.44	BYRA	PT Bank Rakyat	Pair Corr
0.4	BZG2	BANK CENTRAL ASIA Earnings Call This Week	Pair Corr
0.35	BZG2	BANK CENTRAL ASIA Earnings Call This Week	Pair Corr

Related Correlations Analysis

	ROW	2T9A	8D9	5B9	KWO	E6Q	GZ3
ROW		0.65	0.53	0.53	-0.36	-0.15	0.5	ROW
2T9A	0.65		0.56	0.67	-0.5	0.17	0.84	2T9A
8D9	0.53	0.56		0.28	-0.25	-0.21	0.34	8D9
5B9	0.53	0.67	0.28		-0.35	0.49	0.78	5B9
KWO	-0.36	-0.5	-0.25	-0.35		-0.17	-0.43	KWO
E6Q	-0.15	0.17	-0.21	0.49	-0.17		0.37	E6Q
GZ3	0.5	0.84	0.34	0.78	-0.43	0.37		GZ3
	ROW	2T9A	8D9	5B9	KWO	E6Q	GZ3

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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

GZ3	+ 0.84	2T9A
GZ3	+ 0.78	5B9
5B9	+ 0.67	2T9A
2T9A	+ 0.65	ROW
8D9	+ 0.56	2T9A
8D9	+ 0.53	ROW

High negative correlations

KWO	- 0.5	2T9A
GZ3	- 0.43	KWO
KWO	- 0.36	ROW
KWO	- 0.35	5B9
KWO	- 0.25	8D9
E6Q	- 0.21	8D9

Risk-Adjusted Indicators

There is a big difference between Arista Stock performing well and Arista Networks 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 Arista Networks' 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
ROW	1.43	0.13	0.06	(1.24)	1.44	(1.60)	4.24	(2.57)	10.17
2T9A	1.78	0.21	0.06	0.78	2.17	(2.33)	4.70	(4.47)	15.43
8D9	1.86	0.01	0.00	0.08	3.14	(5.62)	3.57	(3.45)	31.95
5B9	1.02	0.15	0.09	(9.73)	0.99	(1.41)	1.88	(1.96)	6.87
KWO	0.94	(0.04)	0.00	(0.06)	0.00	0.00	2.13	(3.06)	15.06
E6Q	1.75	0.43	0.20	2.72	1.68	(2.09)	4.88	(3.23)	9.16
GZ3	2.57	0.62	0.16	0.80	2.16	(4.70)	6.06	(4.17)	39.76

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