ASOS PLC Correlations

Stocks . Germany . 
Stock . ASOS PLC
DYQ Stock  EUR 3.25  0.43  11.68%   
The correlation of ASOS PLC 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.

ASOS PLC Correlation With Market

Poor diversification

The correlation between ASOS PLC and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ASOS PLC and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ASOS PLC could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ASOS PLC 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 ASOS PLC - 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 ASOS PLC to buy it.

Moving together with ASOS Stock

  0.88SF SLIGRO FOOD GROUP Earnings Call ShortlyPairCorr
  0.67UUEC United UtilitiesPairCorr
  0.84XSI Sanyo Chemical IndustriesPairCorr
  0.834OQ1 AGNC Investment CorpPairCorr
  0.72DBPE Xtrackers LevDAXPairCorr
  0.66E908 Lyxor 1PairCorr

Moving against ASOS Stock

  0.74DBPD Xtrackers ShortDAXPairCorr
  0.65APC8 APPLE INC CDRPairCorr
  0.625E9 BUKALAPAK TBKPT RP50PairCorr

Related Correlations Analysis


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

SPT6
+ 0.71
SGM
RE3
+ 0.64
SGM
3C3
+ 0.53
RE3
SPT6
+ 0.5
RE3
3C3
+ 0.45
SGM
3C3
+ 0.34
SPT6
  

High negative correlations

W9C
- 0.59
SPT6
NEN0
- 0.47
SPT6
W9C
- 0.45
RE3
W9C
- 0.35
SGM
3C3
- 0.33
W9C
NEN0
- 0.31
SGM

Risk-Adjusted Indicators

There is a big difference between ASOS Stock performing well and ASOS PLC 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 ASOS PLC'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.

Be your own money manager

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