FIRST NATIONAL Correlations

63Z Stock

EUR 29.60 0.40 1.37%

The current 90-days correlation between FIRST NATIONAL FIN and FUYO GENERAL LEASE is 0.24 (i.e., Modest diversification). The correlation of FIRST NATIONAL 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.

FIRST NATIONAL Correlation With Market

Significant diversification

The correlation between FIRST NATIONAL FIN and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FIRST NATIONAL FIN and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with FIRST Stock

0.75	07WA	Mr Cooper Group	Pair Corr
0.62	SWTF	Intouch Holdings Public	Pair Corr
0.71	1JU	FATFISH GROUP LTD	Pair Corr

Moving against FIRST Stock

0.89	LYV	Lundin Energy AB	Pair Corr
0.87	D7GA	NEL ASA ADR30	Pair Corr
0.65	OS3	Otello ASA	Pair Corr
0.53	T77	LendingTree	Pair Corr
0.48	DBPD	Xtrackers ShortDAX	Pair Corr
0.33	PBB	Deutsche Pfandbriefbank	Pair Corr

Related Correlations Analysis

	FXL	JJ1	AVLA	3GH	Z85	WIJ	2G0	KWO
FXL		-0.25	-0.22	-0.69	-0.29	-0.68	-0.47	-0.36	FXL
JJ1	-0.25		0.79	0.43	0.36	0.78	0.83	0.46	JJ1
AVLA	-0.22	0.79		0.21	0.39	0.66	0.76	0.13	AVLA
3GH	-0.69	0.43	0.21		0.5	0.79	0.52	0.63	3GH
Z85	-0.29	0.36	0.39	0.5		0.56	0.53	0.55	Z85
WIJ	-0.68	0.78	0.66	0.79	0.56		0.86	0.63	WIJ
2G0	-0.47	0.83	0.76	0.52	0.53	0.86		0.54	2G0
KWO	-0.36	0.46	0.13	0.63	0.55	0.63	0.54		KWO
	FXL	JJ1	AVLA	3GH	Z85	WIJ	2G0	KWO

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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

2G0	+ 0.86	WIJ
2G0	+ 0.83	JJ1
AVLA	+ 0.79	JJ1
WIJ	+ 0.79	3GH
WIJ	+ 0.78	JJ1
2G0	+ 0.76	AVLA

High negative correlations

3GH	- 0.69	FXL
WIJ	- 0.68	FXL
2G0	- 0.47	FXL
KWO	- 0.36	FXL
Z85	- 0.29	FXL
JJ1	- 0.25	FXL

Risk-Adjusted Indicators

There is a big difference between FIRST Stock performing well and FIRST NATIONAL 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 FIRST NATIONAL'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
FXL	1.05	(0.11)	0.00	(0.12)	0.00	0.00	2.21	(2.17)	6.42
JJ1	0.62	0.00	(0.06)	0.12	0.68	(1.20)	1.33	(1.34)	5.69
AVLA	1.20	0.07	0.09	0.17	1.20	(1.51)	3.05	(1.94)	7.65
3GH	1.29	0.05	(0.03)	0.34	1.47	(1.51)	2.72	(2.82)	11.08
Z85	1.11	0.06	0.00	0.24	1.30	(1.19)	2.31	(2.01)	7.05
WIJ	3.15	0.97	0.22	1.35	3.01	(3.86)	7.26	(5.64)	32.86
2G0	1.31	0.24	0.07	2.15	1.23	(1.82)	2.67	(2.78)	9.27
KWO	1.06	0.01	(0.03)	0.16	1.55	(2.24)	4.08	(3.06)	15.06

Be your own money manager

Our tools can tell you how much better you can do entering a position in FIRST NATIONAL 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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