BAE Systems Correlations

BAESF Stock

USD 23.43 0.20 0.86%

The current 90-days correlation between BAE Systems PLC and Leonardo SpA ADR is 0.44 (i.e., Very weak diversification). The correlation of BAE Systems 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.

BAE Systems Correlation With Market

Average diversification

The correlation between BAE Systems PLC and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BAE Systems PLC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with BAE Pink Sheet

0.77	LMT	Lockheed Martin	Pair Corr
0.84	NOC	Northrop Grumman	Pair Corr
0.88	JD	JD Inc Adr Aggressive Push	Pair Corr
0.81	HD	Home Depot	Pair Corr
0.61	HPQ	HP Inc	Pair Corr
0.78	MSFT	Microsoft	Pair Corr

Moving against BAE Pink Sheet

0.62	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.6	VLKAF	Volkswagen AG	Pair Corr
0.6	VWAGY	Volkswagen AG 110	Pair Corr
0.53	ACN	Accenture plc	Pair Corr
0.5	VLKPF	Volkswagen AG VZO	Pair Corr
0.47	RTX	Raytheon Technologies	Pair Corr
0.42	TDG	Transdigm Group	Pair Corr
0.39	HWM	Howmet Aerospace	Pair Corr
0.81	DD	Dupont De Nemours	Pair Corr
0.79	JNJ	Johnson Johnson	Pair Corr
0.71	FTV	Fortive Corp	Pair Corr
0.65	BAC	Bank of America	Pair Corr
0.65	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.63	MCD	McDonalds	Pair Corr
0.55	TRV	The Travelers Companies	Pair Corr
0.54	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	FINMY	RCRRF	THLEF	THLLY	RCRUY	ATLCY	KNYJY	ATLPF	MITSF	MITSY
FINMY		0.05	0.84	0.91	0.1	0.12	-0.21	0.14	-0.32	-0.41	FINMY
RCRRF	0.05		-0.19	-0.13	0.83	0.5	0.57	0.36	0.62	0.57	RCRRF
THLEF	0.84	-0.19		0.95	-0.19	-0.07	-0.48	0.07	-0.57	-0.66	THLEF
THLLY	0.91	-0.13	0.95		-0.09	0.0	-0.41	0.13	-0.52	-0.61	THLLY
RCRUY	0.1	0.83	-0.19	-0.09		0.62	0.76	0.45	0.75	0.73	RCRUY
ATLCY	0.12	0.5	-0.07	0.0	0.62		0.66	0.84	0.61	0.54	ATLCY
KNYJY	-0.21	0.57	-0.48	-0.41	0.76	0.66		0.43	0.84	0.86	KNYJY
ATLPF	0.14	0.36	0.07	0.13	0.45	0.84	0.43		0.39	0.3	ATLPF
MITSF	-0.32	0.62	-0.57	-0.52	0.75	0.61	0.84	0.39		0.96	MITSF
MITSY	-0.41	0.57	-0.66	-0.61	0.73	0.54	0.86	0.3	0.96		MITSY
	FINMY	RCRRF	THLEF	THLLY	RCRUY	ATLCY	KNYJY	ATLPF	MITSF	MITSY

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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

MITSY	+ 0.96	MITSF
THLLY	+ 0.95	THLEF
THLLY	+ 0.91	FINMY
MITSY	+ 0.86	KNYJY
THLEF	+ 0.84	FINMY
ATLPF	+ 0.84	ATLCY

High negative correlations

MITSY	- 0.66	THLEF
MITSY	- 0.61	THLLY
MITSF	- 0.57	THLEF
MITSF	- 0.52	THLLY
KNYJY	- 0.48	THLEF
KNYJY	- 0.41	THLLY

Risk-Adjusted Indicators

There is a big difference between BAE Pink Sheet performing well and BAE Systems 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 BAE Systems' 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
FINMY	1.68	(0.11)	0.00	(0.10)	0.00	0.00	4.01	(3.99)	9.31
RCRRF	3.93	0.17	0.03	0.35	4.30	(5.02)	9.84	(6.93)	25.63
THLEF	1.88	(0.09)	0.00	0.19	0.00	0.00	3.61	(3.65)	19.20
THLLY	1.25	(0.19)	0.00	(2.85)	0.00	0.00	2.33	(3.17)	7.06
RCRUY	1.96	0.03	0.02	0.08	2.04	(2.52)	4.67	(3.68)	13.73
ATLCY	1.29	0.06	0.06	0.10	1.29	(1.48)	3.01	(2.60)	6.78
KNYJY	0.77	0.04	0.01	0.14	0.94	(0.80)	1.70	(1.44)	4.21
ATLPF	1.21	0.03	0.02	0.08	1.49	(3.46)	3.29	(3.49)	14.13
MITSF	1.63	0.23	0.12	0.40	1.48	(2.06)	4.55	(2.86)	9.55
MITSY	1.30	0.21	0.15	0.24	1.17	(1.48)	3.26	(2.27)	9.25

Be your own money manager

Our tools can tell you how much better you can do entering a position in BAE Systems 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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