Abbott Laboratories Correlations

ABOT Stock

998.48 24.62 2.41%

The current 90-days correlation between Abbott Laboratories and Masood Textile Mills is -0.22 (i.e., Very good diversification). The correlation of Abbott Laboratories 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.

Abbott Laboratories Correlation With Market

Good diversification

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

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

Moving together with Abbott Stock

0.9	OGDC	Oil and Gas	Pair Corr
0.94	PSO	Pakistan State Oil	Pair Corr
0.92	PPL	Pakistan Petroleum	Pair Corr
0.85	FFC	Fauji Fertilizer	Pair Corr
0.64	HBL	Habib Bank	Pair Corr
0.69	MCB	MCB Bank	Pair Corr
0.85	UBL	United Bank	Pair Corr
0.89	LUCK	Lucky Cement	Pair Corr

Related Correlations Analysis

	MSOT	FFL	KSBP	MARI	LOADS	THCCL	KAPCO	REWM
MSOT		-0.8	-0.1	-0.23	-0.44	-0.69	-0.6	-0.56	MSOT
FFL	-0.8		0.35	0.38	0.74	0.75	0.83	0.34	FFL
KSBP	-0.1	0.35		-0.14	0.5	-0.12	0.42	-0.32	KSBP
MARI	-0.23	0.38	-0.14		0.35	0.7	0.14	0.32	MARI
LOADS	-0.44	0.74	0.5	0.35		0.55	0.73	0.08	LOADS
THCCL	-0.69	0.75	-0.12	0.7	0.55		0.5	0.61	THCCL
KAPCO	-0.6	0.83	0.42	0.14	0.73	0.5		0.08	KAPCO
REWM	-0.56	0.34	-0.32	0.32	0.08	0.61	0.08		REWM
	MSOT	FFL	KSBP	MARI	LOADS	THCCL	KAPCO	REWM

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

KAPCO	+ 0.83	FFL
THCCL	+ 0.75	FFL
LOADS	+ 0.74	FFL
KAPCO	+ 0.73	LOADS
THCCL	+ 0.7	MARI
REWM	+ 0.61	THCCL

High negative correlations

FFL	- 0.8	MSOT
THCCL	- 0.69	MSOT
KAPCO	- 0.6	MSOT
REWM	- 0.56	MSOT
LOADS	- 0.44	MSOT
REWM	- 0.32	KSBP

Risk-Adjusted Indicators

There is a big difference between Abbott Stock performing well and Abbott Laboratories 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 Abbott Laboratories' 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
MSOT	1.96	(0.23)	0.00	0.42	0.00	0.00	6.08	(7.31)	19.24
FFL	1.90	0.52	0.21	(2.88)	1.35	(2.72)	5.43	(2.68)	12.51
KSBP	2.48	0.15	0.05	0.29	2.25	(2.96)	7.25	(3.57)	16.16
MARI	2.89	1.27	0.59	(13.61)	1.09	(3.75)	7.07	(2.36)	59.96
LOADS	2.11	0.27	0.09	0.64	2.07	(2.43)	6.33	(3.61)	14.03
THCCL	3.56	1.68	0.46	(2.24)	2.51	(4.59)	10.00	(5.02)	19.77
KAPCO	1.35	0.40	0.25	7.92	0.77	(1.72)	3.49	(1.88)	8.01
REWM	2.17	0.14	0.00	(0.55)	2.54	(5.22)	8.79	(6.49)	19.35

Be your own money manager

Our tools can tell you how much better you can do entering a position in Abbott Laboratories 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.

Did you try this?

Run Volatility Analysis Now

Volatility Analysis

Get historical volatility and risk analysis based on latest market data

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC