Ciena Correlations

CIE1 Stock

EUR 259.90 32.00 14.04%

The current 90-days correlation between Ciena and PT Bank Mandiri is 0.01 (i.e., Significant diversification). The correlation of Ciena 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.

Ciena Correlation With Market

Very poor diversification

The correlation between Ciena and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ciena and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Ciena Stock

0.72	O3I	FLOW TRADERS LTD	Pair Corr
0.76	NPV	Nippon Carbon	Pair Corr
0.9	ENR	Siemens Energy AG	Pair Corr
0.73	HSY	HERSHEY	Pair Corr
0.75	7YZ	THARISA NON LIST	Pair Corr
0.63	FOJ1	Premier Foods PLC	Pair Corr
0.79	SZL	SOLSTAD OFFSHORE	Pair Corr
0.7	TCW	TOKYU STRUCTION	Pair Corr
0.8	NEF	Neste Oyj	Pair Corr
0.79	LPK	LPKF Laser Electronics	Pair Corr
0.78	DJDA	DIeteren Group SA	Pair Corr
0.73	7GA	Gestamp Automoción	Pair Corr
0.64	FEV	FORTEC Elektronik	Pair Corr
0.75	6IC	Iridium Communications	Pair Corr
0.81	BAS	BASF SE	Pair Corr
0.82	H3M	Hochschild Mining plc	Pair Corr
0.77	NCO	Nedbank Group Limited	Pair Corr
0.8	ENI	Eni SpA	Pair Corr

Moving against Ciena Stock

0.48	4AH1	PT Ace Hardware	Pair Corr
0.46	BYRA	BANK RAKYAT IND Earnings Call This Week	Pair Corr
0.46	BZG2	PT Bank Central	Pair Corr
0.58	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	PQ9	PQ90	BYRA	SSUN	SSU	SSUN	SSU	BZG2	TCID	PTI
PQ9		0.37	0.11	0.18	-0.13	-0.04	-0.03	0.18	-0.11	-0.15	PQ9
PQ90	0.37		0.02	0.22	-0.11	-0.02	-0.02	0.16	0.01	0.04	PQ90
BYRA	0.11	0.02		0.39	0.46	0.46	0.46	-0.46	0.01	-0.1	BYRA
SSUN	0.18	0.22	0.39		0.61	0.69	0.7	-0.49	-0.26	-0.3	SSUN
SSU	-0.13	-0.11	0.46	0.61		0.89	0.9	-0.76	-0.23	-0.39	SSU
SSUN	-0.04	-0.02	0.46	0.69	0.89		0.99	-0.7	-0.2	-0.4	SSUN
SSU	-0.03	-0.02	0.46	0.7	0.9	0.99		-0.7	-0.22	-0.41	SSU
BZG2	0.18	0.16	-0.46	-0.49	-0.76	-0.7	-0.7		0.22	0.44	BZG2
TCID	-0.11	0.01	0.01	-0.26	-0.23	-0.2	-0.22	0.22		0.64	TCID
PTI	-0.15	0.04	-0.1	-0.3	-0.39	-0.4	-0.41	0.44	0.64		PTI
	PQ9	PQ90	BYRA	SSUN	SSU	SSUN	SSU	BZG2	TCID	PTI

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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

SSU	+ 0.99	SSUN
SSU	+ 0.9	SSU
SSUN	+ 0.89	SSU
SSU	+ 0.7	SSUN
SSUN	+ 0.69	SSUN
PTI	+ 0.64	TCID

High negative correlations

BZG2	- 0.76	SSU
BZG2	- 0.7	SSU
BZG2	- 0.7	SSUN
BZG2	- 0.49	SSUN
BZG2	- 0.46	BYRA
PTI	- 0.41	SSU

Risk-Adjusted Indicators

There is a big difference between Ciena Stock performing well and Ciena 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 Ciena'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
PQ9	4.85	0.31	0.04	0.18	5.73	(9.30)	17.39	(14.29)	40.26
PQ90	2.75	0.17	0.04	0.22	3.82	(3.46)	3.57	(9.09)	42.92
BYRA	3.95	0.27	0.03	(0.30)	4.28	(7.53)	11.11	(10.00)	26.67
SSUN	2.57	0.78	0.26	0.95	2.29	(2.95)	6.04	(4.93)	14.94
SSU	2.85	1.13	0.43	6.25	2.03	(3.72)	7.77	(5.10)	15.03
SSUN	2.53	0.98	0.32	(1.24)	2.09	(3.05)	6.10	(4.11)	13.83
SSU	2.87	1.08	0.36	(2.08)	1.99	(3.88)	6.22	(3.69)	15.50
BZG2	3.02	(0.08)	0.00	0.12	0.00	0.00	8.33	(9.09)	22.82
TCID	4.01	0.12	0.01	0.27	5.37	(10.33)	12.50	(15.00)	35.42
PTI	1.49	0.00	(0.01)	0.03	2.48	(1.65)	2.81	(3.30)	16.77

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ciena 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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Ciena Corporate Management

Elected by the shareholders, the Ciena's board of directors comprises two types of representatives: Ciena inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Ciena. The board's role is to monitor Ciena's management team and ensure that shareholders' interests are well served. Ciena's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Ciena's outside directors are responsible for providing unbiased perspectives on the board's policies.

Patrick Nettles	Ex Chairman	Profile
Jason Phipps	Senior Engagement	Profile
Stephen Alexander	CTO VP	Profile
David Rothenstein	Gen VP	Profile
Judi Hartono	Country Indonesia	Profile
James Moylan	Sr CFO	Profile

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