DISTRICT METALS Correlations

DFPP Stock

EUR 0.24 0.01 4.35%

The current 90-days correlation between DISTRICT METALS and American Lithium Corp is 0.15 (i.e., Average diversification). The correlation of DISTRICT METALS 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.

DISTRICT METALS Correlation With Market

Good diversification

The correlation between DISTRICT METALS and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DISTRICT METALS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with DISTRICT Stock

0.67	CRA1	Rio Tinto Group	Pair Corr
0.69	NGLB	Anglo American plc	Pair Corr
0.71	LIS	Liontown Resources	Pair Corr
0.64	NE0	NEXA RESOURCES SA	Pair Corr
0.7	5LA1	American Lithium Corp	Pair Corr
0.62	3FN	Adriatic Metals Plc	Pair Corr
0.61	3FNA	ADRIATIC METALS LS	Pair Corr
0.73	C6TB	CHINA BANK ADR20	Pair Corr
0.72	ICK	Industrial and Commercial	Pair Corr
0.71	ICKB	INDCOMMBK CHINA ADR20	Pair Corr

Moving against DISTRICT Stock

0.61	DBPD	Xtrackers ShortDAX	Pair Corr
0.38	SSU	Samsung Electronics	Pair Corr

Related Correlations Analysis

	5LA1	3FNA	8SP	2DG	RS6	XYTA	9K1	3RKU	VUSA	MEL
5LA1		0.77	-0.47	-0.46	0.48	0.74	-0.11	-0.06	0.55	0.48	5LA1
3FNA	0.77		-0.6	-0.6	0.64	0.59	-0.41	0.1	0.7	0.6	3FNA
8SP	-0.47	-0.6		0.71	-0.74	-0.34	0.51	-0.18	-0.71	-0.72	8SP
2DG	-0.46	-0.6	0.71		-0.9	-0.29	0.78	-0.65	-0.93	-0.79	2DG
RS6	0.48	0.64	-0.74	-0.9		0.28	-0.78	0.61	0.95	0.75	RS6
XYTA	0.74	0.59	-0.34	-0.29	0.28		0.07	-0.17	0.36	0.29	XYTA
9K1	-0.11	-0.41	0.51	0.78	-0.78	0.07		-0.81	-0.81	-0.57	9K1
3RKU	-0.06	0.1	-0.18	-0.65	0.61	-0.17	-0.81		0.63	0.33	3RKU
VUSA	0.55	0.7	-0.71	-0.93	0.95	0.36	-0.81	0.63		0.77	VUSA
MEL	0.48	0.6	-0.72	-0.79	0.75	0.29	-0.57	0.33	0.77		MEL
	5LA1	3FNA	8SP	2DG	RS6	XYTA	9K1	3RKU	VUSA	MEL

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

VUSA	+ 0.95	RS6
9K1	+ 0.78	2DG
3FNA	+ 0.77	5LA1
MEL	+ 0.77	VUSA
MEL	+ 0.75	RS6
XYTA	+ 0.74	5LA1

High negative correlations

VUSA	- 0.93	2DG
RS6	- 0.9	2DG
VUSA	- 0.81	9K1
3RKU	- 0.81	9K1
MEL	- 0.79	2DG
9K1	- 0.78	RS6

Risk-Adjusted Indicators

There is a big difference between DISTRICT Stock performing well and DISTRICT METALS 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 DISTRICT METALS'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
5LA1	6.67	1.29	0.19	1.42	5.74	(9.57)	16.67	(11.11)	48.57
3FNA	2.95	0.74	0.16	10.68	3.35	(3.61)	7.61	(4.63)	27.81
8SP	2.10	(0.10)	0.00	(2.54)	0.00	0.00	3.36	(3.96)	20.22
2DG	4.86	(1.33)	0.00	(0.44)	0.00	0.00	9.09	(10.00)	52.42
RS6	1.33	0.25	0.11	1.56	1.16	(1.55)	2.94	(2.03)	13.65
XYTA	11.55	4.13	0.13	(1.74)	8.11	(58.33)	33.33	(20.00)	233.33
9K1	1.64	(0.35)	0.00	3.07	0.00	0.00	2.94	(4.62)	14.80
3RKU	1.55	0.28	0.10	1.12	1.49	(2.09)	3.25	(2.50)	9.52
VUSA	0.55	0.12	0.12	0.25	0.44	(0.61)	1.27	(1.04)	6.02
MEL	1.05	0.11	0.01	0.72	1.15	(1.22)	2.95	(1.78)	7.09

Be your own money manager

Our tools can tell you how much better you can do entering a position in DISTRICT METALS 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.

Did you try this?

Run Share Portfolio Now

Share Portfolio

Track or share privately all of your investments from the convenience of any device

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC