JD SPORTS Correlations

9JD Stock

1.13 0.04 3.42%

The current 90-days correlation between JD SPORTS FASH and Nippon Steel is 0.09 (i.e., Significant diversification). The correlation of JD SPORTS 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.

JD SPORTS Correlation With Market

Good diversification

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

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

Moving together with 9JD Stock

0.72	D9W	Designer Brands	Pair Corr
0.74	BYRA	PT Bank Rakyat	Pair Corr
0.63	TCID	Telkom Indonesia Tbk	Pair Corr
0.62	NVPJ	TMBThanachart Bank Public	Pair Corr
0.76	OB8	PT Barito Pacific	Pair Corr

Moving against 9JD Stock

0.7	UN3	United Natural Foods	Pair Corr
0.64	6RK	CCC SA Earnings Call This Week	Pair Corr
0.59	9B7	AOYAMA TRADING	Pair Corr
0.56	EK7	AGRICUL BK CHINA	Pair Corr
0.52	PJM	PT Bumi Resources Earnings Call This Week	Pair Corr
0.49	C6T	China Construction Bank	Pair Corr
0.47	GFG	Global Fashion Group	Pair Corr
0.46	GN8	Genesco Earnings Call This Week	Pair Corr
0.45	ICK	Industrial and Commercial	Pair Corr
0.43	VAR1	Varta AG	Pair Corr
0.37	SYJ	Stitch Fix	Pair Corr

Related Correlations Analysis

	NPS	N5A	A1G	JAL	GOQN	NPSA	36E	SWN
NPS		0.0	-0.65	0.61	0.0	0.89	-0.25	-0.49	NPS
N5A	0.0		0.0	0.0	-1.0	0.0	0.0	0.0	N5A
A1G	-0.65	0.0		-0.69	0.0	-0.64	0.74	0.93	A1G
JAL	0.61	0.0	-0.69		0.0	0.51	-0.59	-0.61	JAL
GOQN	0.0	-1.0	0.0	0.0		0.0	0.0	0.0	GOQN
NPSA	0.89	0.0	-0.64	0.51	0.0		-0.19	-0.53	NPSA
36E	-0.25	0.0	0.74	-0.59	0.0	-0.19		0.75	36E
SWN	-0.49	0.0	0.93	-0.61	0.0	-0.53	0.75		SWN
	NPS	N5A	A1G	JAL	GOQN	NPSA	36E	SWN

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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

SWN	+ 0.93	A1G
NPSA	+ 0.89	NPS
SWN	+ 0.75	36E
36E	+ 0.74	A1G
JAL	+ 0.61	NPS
NPSA	+ 0.51	JAL

High negative correlations

GOQN	- 1.0	N5A
JAL	- 0.69	A1G
A1G	- 0.65	NPS
NPSA	- 0.64	A1G
SWN	- 0.61	JAL
36E	- 0.59	JAL

Risk-Adjusted Indicators

There is a big difference between 9JD Stock performing well and JD SPORTS 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 JD SPORTS'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
NPS	1.34	(0.10)	0.00	(0.08)	0.00	0.00	3.28	(2.64)	7.97
N5A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
A1G	2.19	0.54	0.26	0.82	1.55	(2.63)	5.67	(3.07)	14.19
JAL	0.97	(0.02)	(0.08)	(0.01)	1.13	(1.34)	1.97	(1.96)	6.76
GOQN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NPSA	1.30	(0.14)	0.00	0.97	0.00	0.00	2.44	(2.44)	9.79
36E	1.40	0.16	0.05	0.51	1.45	(1.76)	3.05	(2.76)	7.48
SWN	1.40	0.22	0.12	0.37	1.51	(1.58)	3.82	(2.44)	9.44

Be your own money manager

Our tools can tell you how much better you can do entering a position in JD SPORTS 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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