CNB Financial Correlations

CCNEP Preferred Stock

USD 25.00 0.08 0.32%

The current 90-days correlation between CNB Financial and Mizuho Financial Group is -0.06 (i.e., Good diversification). The correlation of CNB Financial 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. If the correlation is 0, the equities are not correlated; they are entirely random.

CNB Financial Correlation With Market

Poor diversification

The correlation between CNB Financial and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CNB Financial and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CNB Preferred Stock

0.69	CIHHF	China Merchants Bank	Pair Corr
0.73	BBDC4	Banco Bradesco SA	Pair Corr
0.74	BBAS3	Banco do Brasil	Pair Corr
0.73	MFG	Mizuho Financial	Pair Corr
0.68	NFPDF	Nissin Foods Holdings	Pair Corr
0.81	FMCB	Farmers Merchants Bancorp	Pair Corr
0.76	DAIUF	Daifuku Co	Pair Corr
0.69	FUWAF	Furukawa Electric	Pair Corr
0.81	TPC	Tutor Perini	Pair Corr
0.62	ODC	Oil Dri	Pair Corr
0.61	UEC	Uranium Energy Corp	Pair Corr
0.73	THYCF	Taiheiyo Cement	Pair Corr
0.7	NDGPY	Nine Dragons Paper	Pair Corr
0.71	MSBHF	Mitsubishi Corp	Pair Corr
0.72	PZG	Paramount Gold Nevada	Pair Corr
0.62	NPSCY	Nippon Steel Corp	Pair Corr
0.73	FHI	Federated Investors	Pair Corr
0.63	SOMMY	Sumitomo Chemical	Pair Corr
0.73	SLF	Sun Life Financial	Pair Corr
0.68	PLD	Prologis	Pair Corr

Moving against CNB Preferred Stock

0.7	HDB	HDFC Bank Limited	Pair Corr
0.5	NDEKY	Nitto Denko Corp	Pair Corr
0.44	CIHKY	China Merchants Bank	Pair Corr
0.37	MITI	Mitesco	Pair Corr

Related Correlations Analysis

	DB	WFC	LYG	PNC	ITUB	TFC	HDB	MFG
DB		0.65	0.49	0.06	-0.36	0.43	-0.29	0.19	DB
WFC	0.65		0.22	-0.04	-0.49	0.41	0.16	-0.03	WFC
LYG	0.49	0.22		0.63	0.41	0.86	-0.73	0.88	LYG
PNC	0.06	-0.04	0.63		0.81	0.68	-0.55	0.75	PNC
ITUB	-0.36	-0.49	0.41	0.81		0.35	-0.46	0.63	ITUB
TFC	0.43	0.41	0.86	0.68	0.35		-0.53	0.85	TFC
HDB	-0.29	0.16	-0.73	-0.55	-0.46	-0.53		-0.76	HDB
MFG	0.19	-0.03	0.88	0.75	0.63	0.85	-0.76		MFG
	DB	WFC	LYG	PNC	ITUB	TFC	HDB	MFG

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

MFG	+ 0.88	LYG
TFC	+ 0.86	LYG
MFG	+ 0.85	TFC
ITUB	+ 0.81	PNC
MFG	+ 0.75	PNC
TFC	+ 0.68	PNC

High negative correlations

MFG	- 0.76	HDB
HDB	- 0.73	LYG
HDB	- 0.55	PNC
HDB	- 0.53	TFC
ITUB	- 0.49	WFC
HDB	- 0.46	ITUB

Risk-Adjusted Indicators

There is a big difference between CNB Preferred Stock performing well and CNB Financial 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 CNB Financial'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
DB	1.48	0.10	(0.02)	(0.26)	2.10	(1.37)	2.71	(3.58)	8.19
WFC	1.24	(0.07)	(0.02)	0.06	1.70	(1.19)	2.59	(2.99)	8.11
LYG	1.24	0.39	0.12	(0.80)	1.39	(1.31)	2.99	(2.08)	10.01
PNC	1.14	0.14	0.11	0.24	1.15	(1.39)	2.38	(1.55)	9.02
ITUB	1.59	0.34	0.13	0.52	1.96	(1.66)	3.67	(3.58)	9.18
TFC	1.03	0.21	0.06	(3.41)	1.28	(1.07)	2.40	(1.85)	7.70
HDB	0.99	(0.16)	0.00	0.66	0.00	0.00	1.38	(2.17)	8.44
MFG	1.36	0.40	0.20	0.51	1.45	(1.49)	2.99	(2.77)	12.43

Be your own money manager

Our tools can tell you how much better you can do entering a position in CNB Financial 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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