Air Products Correlations
| A1PD34 Stock | 459.00 9.90 2.20% |
The current 90-days correlation between Air Products and Clover Health Investments, is 0.02 (i.e., Significant diversification). The correlation of Air Products 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.
Air Products Correlation With Market
Good diversification
The correlation between Air Products and and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Air Products and and DJI in the same portfolio, assuming nothing else is changed.
Air |
The ability to find closely correlated positions to Air Products could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Air Products 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 Air Products - 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 Air Products and to buy it.
Moving together with Air Stock
| 0.68 | MSFT34 | Microsoft | PairCorr |
| 0.69 | B1SA34 | Banco Santander Chile | PairCorr |
| 0.81 | JBSS3F | JBS ON NM | PairCorr |
| 0.67 | H1DB34 | HDFC Bank Limited | PairCorr |
| 0.65 | T1MU34 | T Mobile | PairCorr |
Moving against Air Stock
Related Correlations Analysis
| 0.57 | -0.75 | -0.62 | 0.32 | -0.02 | CLOV34 | ||
| 0.57 | -0.88 | -0.82 | 0.42 | 0.17 | LEVE3 | ||
| -0.75 | -0.88 | 0.89 | -0.45 | 0.0 | J1BH34 | ||
| -0.62 | -0.82 | 0.89 | -0.24 | 0.06 | Z1OM34 | ||
| 0.32 | 0.42 | -0.45 | -0.24 | 0.02 | STMN34 | ||
| -0.02 | 0.17 | 0.0 | 0.06 | 0.02 | USSX34 | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Air Stock performing well and Air Products 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 Air Products' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CLOV34 | 2.56 | 0.24 | 0.06 | 0.54 | 3.63 | 4.82 | 22.19 | |||
| LEVE3 | 1.09 | (0.18) | 0.00 | (0.76) | 0.00 | 2.45 | 7.83 | |||
| J1BH34 | 0.01 | (0.01) | 0.00 | 2.08 | 0.00 | 0.00 | 0.18 | |||
| Z1OM34 | 1.88 | 0.40 | 0.17 | 2.50 | 2.05 | 4.92 | 11.42 | |||
| STMN34 | 0.79 | (0.10) | 0.00 | 1.40 | 0.00 | 1.59 | 10.74 | |||
| USSX34 | 1.90 | 0.28 | 0.07 | 0.42 | 2.63 | 4.16 | 18.99 |
Air Products Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Air Products stock to make a market-neutral strategy. Peer analysis of Air Products could also be used in its relative valuation, which is a method of valuing Air Products by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |