Analog Devices Correlations

A1DI34 Stock

BRL 802.13 25.56 3.29%

The current 90-days correlation between Analog Devices and Monster Beverage is -0.13 (i.e., Good diversification). The correlation of Analog Devices 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.

Analog Devices Correlation With Market

Significant diversification

The correlation between Analog Devices and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Analog Devices and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Analog Stock

0.74	TEXA34	Texas Instruments	Pair Corr
0.76	MUTC34	Micron Technology	Pair Corr
0.64	N1XP34	NXP Semiconductors	Pair Corr
0.64	R1KU34	Roku Inc	Pair Corr
0.9	VFCO34	VF Corporation	Pair Corr
0.81	SAPR11	Companhia de Saneamento	Pair Corr

Moving against Analog Stock

0.81	IFCM3	Infracommerce CXaaS Split	Pair Corr
0.78	NFLX34	Netflix Split	Pair Corr
0.65	N1OW34	ServiceNow Split	Pair Corr
0.46	A1MD34	Advanced Micro Devices	Pair Corr

Related Correlations Analysis

	M1NS34	MUTC34	H1RL34	I1RM34	S1SN34	MBRF3	TECN3
M1NS34		0.7	0.31	-0.84	0.78	0.39	0.75	M1NS34
MUTC34	0.7		0.01	-0.61	0.71	0.36	0.73	MUTC34
H1RL34	0.31	0.01		-0.08	0.42	-0.38	0.45	H1RL34
I1RM34	-0.84	-0.61	-0.08		-0.75	-0.67	-0.71	I1RM34
S1SN34	0.78	0.71	0.42	-0.75		0.26	0.89	S1SN34
MBRF3	0.39	0.36	-0.38	-0.67	0.26		0.25	MBRF3
TECN3	0.75	0.73	0.45	-0.71	0.89	0.25		TECN3
	M1NS34	MUTC34	H1RL34	I1RM34	S1SN34	MBRF3	TECN3

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

TECN3	+ 0.89	S1SN34
S1SN34	+ 0.78	M1NS34
TECN3	+ 0.75	M1NS34
TECN3	+ 0.73	MUTC34
S1SN34	+ 0.71	MUTC34
MUTC34	+ 0.7	M1NS34

High negative correlations

I1RM34	- 0.84	M1NS34
S1SN34	- 0.75	I1RM34
TECN3	- 0.71	I1RM34
MBRF3	- 0.67	I1RM34
I1RM34	- 0.61	MUTC34
MBRF3	- 0.38	H1RL34

Risk-Adjusted Indicators

There is a big difference between Analog Stock performing well and Analog Devices 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 Analog Devices' 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
M1NS34	1.22	0.22	0.08	1.64	1.41	(1.41)	3.17	(2.64)	9.82
MUTC34	3.24	0.87	0.28	0.61	2.80	(3.81)	7.94	(6.23)	15.57
H1RL34	0.73	(0.19)	0.00	(0.19)	0.00	0.00	0.84	(2.06)	11.72
I1RM34	0.97	(0.20)	0.00	2.34	0.00	0.00	2.16	(3.81)	10.46
S1SN34	0.01	(0.01)	0.00	(1.56)	0.00	0.00	0.00	0.00	0.21
MBRF3	2.67	0.26	0.01	(0.09)	3.36	(2.65)	6.45	(5.02)	24.25
TECN3	1.58	0.14	0.05	0.40	1.62	(1.81)	4.53	(2.89)	9.92

Be your own money manager

Our tools can tell you how much better you can do entering a position in Analog Devices 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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