ES Australia Correlations

AUIS Stock

954.80 9.40 0.99%

The current 90-days correlation between ES Australia Israel and Unicorn Technologies is -0.15 (i.e., Good diversification). The correlation of ES Australia 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.

ES Australia Correlation With Market

Good diversification

The correlation between ES Australia Israel and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ES Australia Israel and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against AUIS Stock

0.72	ELAL	El Al Israel	Pair Corr
0.56	TSEM	Tower Semiconductor	Pair Corr
0.53	BIG	Big Shopping Centers	Pair Corr
0.52	GOLD	Gold Bond	Pair Corr
0.44	ELDAV	Eldav L	Pair Corr
0.4	RMN	Ram On Investments	Pair Corr

Related Correlations Analysis

	UNCT	ICB	ORA	CMDR	TEDE	PMNT	ORBI	ABRA
UNCT		-0.51	-0.06	0.09	-0.42	-0.11	-0.06	0.07	UNCT
ICB	-0.51		-0.52	-0.44	0.74	-0.12	-0.38	-0.56	ICB
ORA	-0.06	-0.52		0.66	-0.54	0.25	0.75	0.81	ORA
CMDR	0.09	-0.44	0.66		-0.47	0.77	0.93	0.5	CMDR
TEDE	-0.42	0.74	-0.54	-0.47		-0.1	-0.45	-0.43	TEDE
PMNT	-0.11	-0.12	0.25	0.77	-0.1		0.7	0.02	PMNT
ORBI	-0.06	-0.38	0.75	0.93	-0.45	0.7		0.56	ORBI
ABRA	0.07	-0.56	0.81	0.5	-0.43	0.02	0.56		ABRA
	UNCT	ICB	ORA	CMDR	TEDE	PMNT	ORBI	ABRA

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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

ORBI	+ 0.93	CMDR
ABRA	+ 0.81	ORA
PMNT	+ 0.77	CMDR
ORBI	+ 0.75	ORA
TEDE	+ 0.74	ICB
ORBI	+ 0.7	PMNT

High negative correlations

ABRA	- 0.56	ICB
TEDE	- 0.54	ORA
ORA	- 0.52	ICB
ICB	- 0.51	UNCT
TEDE	- 0.47	CMDR
ORBI	- 0.45	TEDE

Risk-Adjusted Indicators

There is a big difference between AUIS Stock performing well and ES Australia 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 ES Australia'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
UNCT	1.88	0.09	0.01	0.26	2.26	(2.78)	6.77	(4.21)	13.87
ICB	2.85	(0.24)	0.00	(2.29)	0.00	0.00	6.29	(7.03)	20.11
ORA	1.05	0.05	(0.03)	0.35	1.43	(1.08)	2.04	(2.00)	6.36
CMDR	1.38	0.54	0.25	8.58	1.01	(1.54)	4.01	(2.64)	6.89
TEDE	3.30	(0.69)	0.00	(1.71)	0.00	0.00	8.87	(7.98)	24.74
PMNT	2.35	0.32	0.08	0.80	2.39	(2.67)	5.55	(4.47)	22.36
ORBI	1.44	0.25	0.07	20.87	1.48	(1.89)	4.23	(2.84)	9.90
ABRA	1.38	(0.02)	0.00	0.18	0.00	0.00	2.53	(3.22)	15.52

Be your own money manager

Our tools can tell you how much better you can do entering a position in ES Australia 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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