Cellnex Telecom Correlations

CLNXF Stock

USD 32.97 3.72 12.72%

The current 90-days correlation between Cellnex Telecom SA and CBRE Group Class is 0.1 (i.e., Average diversification). The correlation of Cellnex Telecom 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.

Cellnex Telecom Correlation With Market

Average diversification

The correlation between Cellnex Telecom SA and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cellnex Telecom SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Cellnex Pink Sheet

0.95	CLLNY	Cellnex Telecom SA	Pair Corr
0.9	VONOY	Vonovia SE ADR	Pair Corr
0.78	VNNVF	Vonovia SE	Pair Corr
0.81	BEKE	Ke Holdings	Pair Corr
0.86	WRFRF	Wharf Real Estate	Pair Corr
0.93	PPERF	Bank Mandiri Persero	Pair Corr
0.94	PPERY	Bank Mandiri Persero	Pair Corr
0.73	BKRKF	PT Bank Rakyat	Pair Corr
0.69	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.88	TLK	Telkom Indonesia Tbk	Pair Corr
0.8	PTAIY	Astra International Tbk	Pair Corr
0.7	PTAIF	PT Astra International	Pair Corr
0.81	PBCRF	PT Bank Central Earnings Call This Week	Pair Corr
0.94	PBCRY	Bank Central Asia Earnings Call This Week	Pair Corr

Moving against Cellnex Pink Sheet

0.68	VTWRF	Vantage Towers AG	Pair Corr
0.67	VTAGY	Vantage Towers AG	Pair Corr
0.83	FMCC	Federal Home Loan Upward Rally	Pair Corr
0.75	DRI	Darden Restaurants	Pair Corr
0.71	RGTI	Rigetti Computing Aggressive Push	Pair Corr
0.7	BE	Bloom Energy Corp	Pair Corr
0.7	MTSI	MACOM Technology Sol	Pair Corr
0.67	NTES	NetEase	Pair Corr
0.65	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.61	TOYO	TOYO Co, Tech Boost	Pair Corr
0.55	SE	Sea	Pair Corr
0.51	CF	CF Industries Holdings Sell-off Trend	Pair Corr
0.51	QD	Qudian Inc	Pair Corr
0.49	IP	International Paper	Pair Corr
0.44	HESAF	Hermes International SCA	Pair Corr
0.38	OKE	ONEOK Inc	Pair Corr
0.38	SNA	Snap On	Pair Corr
0.85	TSLA	Tesla Inc Aggressive Push	Pair Corr
0.77	CXW	CoreCivic	Pair Corr
0.73	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.72	ONMD	OneMedNet Corp	Pair Corr

Related Correlations Analysis

	CBRE	CWK	NMRK	CIGI	MMI	OPEN	EXPI	OPAD	WE	RMAX
CBRE		0.83	0.45	0.36	0.74	0.58	0.44	0.69	-0.62	0.47	CBRE
CWK	0.83		0.75	0.61	0.92	0.79	0.77	0.84	-0.44	0.77	CWK
NMRK	0.45	0.75		0.92	0.79	0.73	0.89	0.64	0.04	0.86	NMRK
CIGI	0.36	0.61	0.92		0.61	0.75	0.82	0.49	0.28	0.87	CIGI
MMI	0.74	0.92	0.79	0.61		0.73	0.8	0.85	-0.46	0.75	MMI
OPEN	0.58	0.79	0.73	0.75	0.73		0.72	0.76	-0.16	0.91	OPEN
EXPI	0.44	0.77	0.89	0.82	0.8	0.72		0.69	0.02	0.86	EXPI
OPAD	0.69	0.84	0.64	0.49	0.85	0.76	0.69		-0.55	0.68	OPAD
WE	-0.62	-0.44	0.04	0.28	-0.46	-0.16	0.02	-0.55		0.03	WE
RMAX	0.47	0.77	0.86	0.87	0.75	0.91	0.86	0.68	0.03		RMAX
	CBRE	CWK	NMRK	CIGI	MMI	OPEN	EXPI	OPAD	WE	RMAX

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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

MMI	+ 0.92	CWK
CIGI	+ 0.92	NMRK
RMAX	+ 0.91	OPEN
EXPI	+ 0.89	NMRK
RMAX	+ 0.87	CIGI
RMAX	+ 0.86	NMRK

High negative correlations

WE	- 0.62	CBRE
WE	- 0.55	OPAD
WE	- 0.46	MMI
WE	- 0.44	CWK
WE	- 0.16	OPEN

Risk-Adjusted Indicators

There is a big difference between Cellnex Pink Sheet performing well and Cellnex Telecom 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 Cellnex Telecom'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
CBRE	1.46	0.17	0.09	0.25	1.77	(1.61)	2.87	(2.83)	13.52
CWK	1.94	0.09	0.04	0.06	2.58	(1.98)	5.06	(3.75)	24.00
NMRK	1.65	(0.17)	0.00	(0.18)	0.00	0.00	2.63	(3.62)	12.37
CIGI	1.22	(0.12)	0.00	(0.40)	0.00	0.00	2.64	(1.80)	10.03
MMI	1.33	(0.02)	(0.01)	0.00	1.89	(1.19)	3.14	(2.63)	9.45
OPEN	3.59	(0.37)	0.00	(0.26)	0.00	0.00	6.86	(7.14)	26.48
EXPI	2.15	(0.23)	0.00	(0.13)	0.00	0.00	6.04	(5.03)	16.29
OPAD	4.96	(0.12)	0.00	(0.04)	0.00	0.00	11.39	(10.09)	28.99
WE	5.56	(0.57)	0.00	(2.63)	0.00	0.00	11.76	(13.04)	35.71
RMAX	2.46	(0.24)	0.00	(0.15)	0.00	0.00	5.11	(3.99)	22.02

Be your own money manager

Our tools can tell you how much better you can do entering a position in Cellnex Telecom 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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