CSL Correlations

CSJA Stock

EUR 82.00 1.50 1.80%

The current 90-days correlation between CSL LTD SPONADR and CSL Limited is 0.03 (i.e., Significant diversification). The correlation of CSL 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.

CSL Correlation With Market

Good diversification

The correlation between CSL LTD SPONADR and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CSL LTD SPONADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CSL Stock

0.9	CSJ	CSL Limited	Pair Corr
0.76	0QF	Moderna	Pair Corr
0.79	ROM	ROHM	Pair Corr
0.65	NVE	NVR Inc	Pair Corr
0.76	0JM	PT Jasa Marga	Pair Corr

Moving against CSL Stock

0.71	ABEA	Alphabet Class A	Pair Corr
0.43	N9B	BANDAI NAMCO Holdings	Pair Corr
0.34	1FW1	WUXI BIOLOGICS UNSPADR2	Pair Corr
0.79	HEI	Heidelberg Materials	Pair Corr
0.76	CAI	CDN IMPERIAL BANK	Pair Corr
0.72	RHM	Rheinmetall AG	Pair Corr
0.71	C8C	Consolidated Communications	Pair Corr
0.71	IUI1	Intuitive Surgical Earnings Call This Week	Pair Corr
0.71	3RKU	RYOHIN UNSPADR/1	Pair Corr
0.71	3BZ	Bank of Zhengzhou	Pair Corr
0.67	SNQB	SANOMA Dusseldorf	Pair Corr
0.67	1FA	SPROUTS FARMERS MKT	Pair Corr
0.61	AAH	AHLERS	Pair Corr
0.61	FAA	FABASOFT Dusseldorf	Pair Corr
0.55	C7T	CTT Correios	Pair Corr
0.5	NH5	NH HOTEL GROUP	Pair Corr
0.48	1YD	Broadcom	Pair Corr
0.36	GI4	G III Apparel	Pair Corr
0.36	IFX	Infineon Technologies	Pair Corr
0.7	MEC	Meiko Electronics	Pair Corr
0.69	OD7B	ETFS Coffee ETC	Pair Corr
0.65	GIFN	GigaMedia	Pair Corr
0.64	LIE	SUN LIFE FINANCIAL	Pair Corr

Related Correlations Analysis

	NOVA	CSJA	CSJ	MBG	VX1	0QF	1FW1	22UA
NOVA		0.6	0.58	0.3	0.78	0.58	-0.47	-0.33	NOVA
CSJA	0.6		0.9	0.55	0.41	0.76	-0.34	-0.25	CSJA
CSJ	0.58	0.9		0.52	0.34	0.81	-0.32	-0.22	CSJ
MBG	0.3	0.55	0.52		0.01	0.61	0.25	-0.07	MBG
VX1	0.78	0.41	0.34	0.01		0.23	-0.49	-0.5	VX1
0QF	0.58	0.76	0.81	0.61	0.23		-0.2	-0.17	0QF
1FW1	-0.47	-0.34	-0.32	0.25	-0.49	-0.2		0.42	1FW1
22UA	-0.33	-0.25	-0.22	-0.07	-0.5	-0.17	0.42		22UA
	NOVA	CSJA	CSJ	MBG	VX1	0QF	1FW1	22UA

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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

CSJ	+ 0.9	CSJA
0QF	+ 0.81	CSJ
VX1	+ 0.78	NOVA
0QF	+ 0.76	CSJA
0QF	+ 0.61	MBG
CSJA	+ 0.6	NOVA

High negative correlations

22UA	- 0.5	VX1
1FW1	- 0.49	VX1
1FW1	- 0.47	NOVA
1FW1	- 0.34	CSJA
22UA	- 0.33	NOVA
1FW1	- 0.32	CSJ

Risk-Adjusted Indicators

There is a big difference between CSL Stock performing well and CSL 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 CSL'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
NOVA	1.89	(0.50)	0.00	4.23	0.00	0.00	3.26	(4.20)	22.78
CSJA	1.06	(0.13)	0.00	0.74	0.00	0.00	2.41	(2.34)	6.98
CSJ	0.96	(0.14)	0.00	(0.52)	0.00	0.00	1.92	(2.10)	4.44
MBG	1.08	(0.07)	0.00	0.46	0.00	0.00	2.52	(2.06)	7.42
VX1	1.43	(0.04)	0.00	(0.34)	0.00	0.00	3.36	(2.69)	20.51
0QF	3.21	(0.63)	0.00	(1.82)	0.00	0.00	6.22	(8.86)	28.12
1FW1	3.01	0.19	0.04	(0.54)	3.56	(3.50)	6.56	(5.35)	23.89
22UA	2.27	0.07	0.01	(0.33)	3.01	(2.41)	5.82	(6.01)	14.85

Be your own money manager

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