COMMONWBK AUSTRSPADRS Correlations

CWW0 Stock

EUR 86.50 0.50 0.57%

The current 90-days correlation between COMMONWBK AUSTRSPADRS and INDCOMMBK CHINA ADR20 is 0.29 (i.e., Modest diversification). The correlation of COMMONWBK AUSTRSPADRS 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.

COMMONWBK AUSTRSPADRS Correlation With Market

Average diversification

The correlation between COMMONWBK AUSTRSPADRS and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding COMMONWBK AUSTRSPADRS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with COMMONWBK Stock

0.82	BZZ	Bank of Montreal	Pair Corr
0.63	RDEB	RELX PLC	Pair Corr

Moving against COMMONWBK Stock

0.84	AG9	ACTIA GROUP SA	Pair Corr
0.62	DUBA	DRDGold	Pair Corr
0.56	BSN	Danone SA	Pair Corr
0.54	KB9	KBC Ancora SCA	Pair Corr
0.52	SVM	Sovereign Metals	Pair Corr
0.51	EK7A	AGRICULTBK HADR/25	Pair Corr
0.41	KONN	Komercn banka as	Pair Corr
0.37	W8VS	BANK OCHINA H	Pair Corr
0.37	BSDK	Banco Santander SA	Pair Corr
0.36	GOC	Star Diamond	Pair Corr
0.33	SNK	Sankyu Inc	Pair Corr
0.33	BRH	Berkshire Hathaway	Pair Corr
0.84	PKX	POSCO Holdings	Pair Corr
0.68	RHM	Rheinmetall AG	Pair Corr
0.66	TKA	thyssenkrupp AG	Pair Corr
0.59	JYS1	JYSKE BANK	Pair Corr
0.5	5TP	BLUE LABEL	Pair Corr
0.49	6BW	BW ENERGY LTD	Pair Corr
0.49	BTQ	BT Group plc	Pair Corr
0.4	ROI	Rosenbauer International	Pair Corr
0.4	3RE	Rejlerkoncernen AB	Pair Corr
0.38	T62	TOHO ZINC LTD	Pair Corr

Related Correlations Analysis

	ICKB	ICK	C6TB	EK7A	W8VS	CWW0	TDB	BZZ	BSDK
ICKB		0.8	0.91	0.63	0.79	0.13	0.83	0.24	0.8	ICKB
ICK	0.8		0.64	0.49	0.66	0.14	0.83	0.26	0.66	ICK
C6TB	0.91	0.64		0.78	0.87	-0.11	0.68	0.07	0.86	C6TB
EK7A	0.63	0.49	0.78		0.86	-0.51	0.36	-0.31	0.87	EK7A
W8VS	0.79	0.66	0.87	0.86		-0.37	0.64	-0.13	0.96	W8VS
CWW0	0.13	0.14	-0.11	-0.51	-0.37		0.32	0.82	-0.37	CWW0
TDB	0.83	0.83	0.68	0.36	0.64	0.32		0.49	0.63	TDB
BZZ	0.24	0.26	0.07	-0.31	-0.13	0.82	0.49		-0.17	BZZ
BSDK	0.8	0.66	0.86	0.87	0.96	-0.37	0.63	-0.17		BSDK
	ICKB	ICK	C6TB	EK7A	W8VS	CWW0	TDB	BZZ	BSDK

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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

BSDK	+ 0.96	W8VS
C6TB	+ 0.91	ICKB
W8VS	+ 0.87	C6TB
BSDK	+ 0.87	EK7A
BSDK	+ 0.86	C6TB
W8VS	+ 0.86	EK7A

High negative correlations

CWW0	- 0.51	EK7A
BSDK	- 0.37	CWW0
CWW0	- 0.37	W8VS
BZZ	- 0.31	EK7A
BSDK	- 0.17	BZZ
BZZ	- 0.13	W8VS

Risk-Adjusted Indicators

There is a big difference between COMMONWBK Stock performing well and COMMONWBK AUSTRSPADRS 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 COMMONWBK AUSTRSPADRS'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
ICKB	1.19	0.19	0.13	0.73	1.33	(1.64)	2.54	(1.64)	9.71
ICK	2.32	0.65	0.27	(3.17)	1.74	(3.62)	4.55	(4.23)	34.33
C6TB	1.16	0.12	0.08	0.30	1.56	(1.43)	2.07	(1.87)	10.15
EK7A	1.31	0.17	0.10	(40.84)	1.66	(1.67)	3.23	(2.86)	10.14
W8VS	1.28	0.34	0.17	(2.58)	1.52	(1.76)	2.94	(1.66)	13.41
CWW0	1.11	0.00	0.00	(0.06)	0.00	0.00	2.35	(2.20)	8.23
TDB	0.85	0.23	0.27	9.08	0.80	(0.95)	1.81	(1.59)	6.89
BZZ	0.90	(0.04)	0.00	0.74	0.00	0.00	1.57	(2.07)	7.27
BSDK	1.46	0.62	0.31	1.17	1.40	(1.82)	3.67	(2.31)	11.73

Be your own money manager

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