Hanover Insurance Correlations

AF4 Stock

EUR 145.00 4.00 2.68%

The current 90-days correlation between Hanover Insurance and Reliance Steel Aluminum is -0.02 (i.e., Good diversification). The correlation of Hanover Insurance 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.

Hanover Insurance Correlation With Market

Excellent diversification

The correlation between The Hanover Insurance and DJI is -0.57 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Hanover Insurance and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hanover Stock

0.68

DBPD

Xtrackers ShortDAX

Pair Corr

Moving against Hanover Stock

0.76	4OQ1	AGNC Investment Corp	Pair Corr
0.75	MM2	Mercator Medical	Pair Corr
0.68	FTD	FINDE TUBIZE ACTNOUV	Pair Corr
0.67	DBPE	Xtrackers LevDAX	Pair Corr
0.66	E908	Lyxor 1	Pair Corr
0.61	XSI	Sanyo Chemical Industries	Pair Corr
0.6	UUEC	United Utilities	Pair Corr
0.54	8SF	SLIGRO FOOD GROUP	Pair Corr
0.47	EUX	EUWAX Aktiengesellschaft	Pair Corr
0.41	HHX	HAMMONIA Schiffsholding	Pair Corr
0.39	T1A	Treasure ASA	Pair Corr

Related Correlations Analysis

	94P	DVDG	BTC1	RS6	9K1	9TO	SVKB	FUC	8SP	KKI
94P		0.01	-0.02	0.04	0.22	0.02	-0.01	0.18	0.13	-0.13	94P
DVDG	0.01		-0.67	0.92	0.62	0.93	0.9	0.82	-0.35	0.85	DVDG
BTC1	-0.02	-0.67		-0.6	-0.49	-0.54	-0.65	-0.34	0.55	-0.47	BTC1
RS6	0.04	0.92	-0.6		0.58	0.88	0.93	0.8	-0.21	0.89	RS6
9K1	0.22	0.62	-0.49	0.58		0.56	0.65	0.49	-0.11	0.45	9K1
9TO	0.02	0.93	-0.54	0.88	0.56		0.87	0.82	-0.22	0.86	9TO
SVKB	-0.01	0.9	-0.65	0.93	0.65	0.87		0.72	-0.19	0.89	SVKB
FUC	0.18	0.82	-0.34	0.8	0.49	0.82	0.72		-0.27	0.71	FUC
8SP	0.13	-0.35	0.55	-0.21	-0.11	-0.22	-0.19	-0.27		-0.13	8SP
KKI	-0.13	0.85	-0.47	0.89	0.45	0.86	0.89	0.71	-0.13		KKI
	94P	DVDG	BTC1	RS6	9K1	9TO	SVKB	FUC	8SP	KKI

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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

9TO	+ 0.93	DVDG
SVKB	+ 0.93	RS6
RS6	+ 0.92	DVDG
SVKB	+ 0.9	DVDG
KKI	+ 0.89	RS6
KKI	+ 0.89	SVKB

High negative correlations

BTC1	- 0.67	DVDG
SVKB	- 0.65	BTC1
RS6	- 0.6	BTC1
9TO	- 0.54	BTC1
9K1	- 0.49	BTC1
KKI	- 0.47	BTC1

Risk-Adjusted Indicators

There is a big difference between Hanover Stock performing well and Hanover Insurance 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 Hanover Insurance'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
94P	1.89	(0.04)	0.00	(0.72)	0.00	0.00	3.44	(3.93)	11.80
DVDG	0.47	0.12	0.05	(5.14)	0.38	(0.53)	1.00	(0.65)	3.06
BTC1	2.25	(0.72)	0.00	(0.97)	0.00	0.00	3.90	(5.63)	14.40
RS6	1.18	0.24	0.17	0.64	0.85	(1.44)	3.18	(1.57)	5.54
9K1	1.40	0.10	0.02	0.54	1.65	(1.83)	3.05	(2.79)	12.62
9TO	2.05	0.52	0.17	(34.97)	1.88	(2.70)	5.26	(2.82)	13.02
SVKB	1.10	0.41	0.25	0.93	0.97	(1.27)	3.05	(1.96)	6.58
FUC	2.49	0.41	0.12	(1.36)	2.18	(3.12)	5.00	(3.82)	20.33
8SP	1.14	(0.19)	0.00	(0.18)	0.00	0.00	2.84	(1.39)	23.94
KKI	1.19	0.14	0.04	0.97	1.62	(1.40)	2.67	(1.96)	11.85

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hanover Insurance 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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