PennantPark Investment Correlations

12P Stock

EUR 6.54 0.02 0.30%

The current 90-days correlation between PennantPark Investment and The Bank of is 0.41 (i.e., Very weak diversification). The correlation of PennantPark Investment 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.

PennantPark Investment Correlation With Market

Very good diversification

The correlation between PennantPark Investment and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PennantPark Investment and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with PennantPark Stock

0.89	BBN1	Blackstone Group	Pair Corr
0.9	BLQA	BlackRock	Pair Corr
0.91	BN9	Bank of New York Mellon	Pair Corr
0.88	A4S	Ameriprise Financial	Pair Corr
0.88	ZYA	State Street	Pair Corr
0.88	TR1	T Rowe Price	Pair Corr
0.87	0QN	Ares Management Corp	Pair Corr
0.9	NT4	Northern Trust	Pair Corr
0.87	C2H	Copa Holdings SA	Pair Corr
0.61	UF0	UDR Inc	Pair Corr
0.79	YMI	Yellow Pages Limited	Pair Corr
0.83	UN3	United Natural Foods	Pair Corr

Moving against PennantPark Stock

0.74	6EQ	EQT AB	Pair Corr
0.45	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	BN9	0QN	8SP	6NM	39O1	2DG	TLX	TM9	INVN
BN9		0.97	-0.78	-0.18	0.03	-0.91	-0.33	-0.13	0.86	BN9
0QN	0.97		-0.73	-0.18	0.13	-0.85	-0.4	-0.03	0.86	0QN
8SP	-0.78	-0.73		0.62	0.28	0.72	0.3	0.27	-0.74	8SP
6NM	-0.18	-0.18	0.62		0.48	0.15	0.19	0.18	-0.31	6NM
39O1	0.03	0.13	0.28	0.48		0.11	-0.22	0.41	-0.02	39O1
2DG	-0.91	-0.85	0.72	0.15	0.11		0.18	0.19	-0.79	2DG
TLX	-0.33	-0.4	0.3	0.19	-0.22	0.18		0.03	-0.18	TLX
TM9	-0.13	-0.03	0.27	0.18	0.41	0.19	0.03		-0.02	TM9
INVN	0.86	0.86	-0.74	-0.31	-0.02	-0.79	-0.18	-0.02		INVN
	BN9	0QN	8SP	6NM	39O1	2DG	TLX	TM9	INVN

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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

0QN	+ 0.97	BN9
INVN	+ 0.86	BN9
INVN	+ 0.86	0QN
2DG	+ 0.72	8SP
6NM	+ 0.62	8SP
39O1	+ 0.48	6NM

High negative correlations

2DG	- 0.91	BN9
2DG	- 0.85	0QN
INVN	- 0.79	2DG
8SP	- 0.78	BN9
INVN	- 0.74	8SP
8SP	- 0.73	0QN

Risk-Adjusted Indicators

There is a big difference between PennantPark Stock performing well and PennantPark Investment 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 PennantPark Investment'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
BN9	1.01	0.41	0.27	(2.54)	0.58	(1.19)	2.47	(1.49)	7.67
0QN	1.46	0.41	0.16	(2.94)	1.34	(1.78)	4.21	(2.71)	12.65
8SP	2.14	(0.19)	0.00	0.38	0.00	0.00	3.38	(5.24)	20.22
6NM	1.21	0.10	(0.03)	(0.20)	1.77	(1.29)	2.79	(2.69)	9.64
39O1	3.76	0.12	0.02	0.29	3.51	(5.38)	8.41	(5.38)	34.42
2DG	3.82	(1.75)	0.00	(7.86)	0.00	0.00	6.06	(8.57)	52.42
TLX	0.97	0.04	(0.07)	(5.94)	1.13	(1.12)	2.67	(1.64)	7.58
TM9	2.79	(0.03)	(0.02)	0.02	4.27	(3.08)	5.56	(6.43)	36.50
INVN	2.19	0.28	0.05	(1.42)	2.54	(2.59)	5.61	(4.98)	14.01

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Our tools can tell you how much better you can do entering a position in PennantPark Investment 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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