EBay Correlations

EBAY34 Stock

BRL 183.40 3.00 1.66%

The current 90-days correlation between eBay Inc and Automatic Data Processing is 0.14 (i.e., Average diversification). The correlation of EBay 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.

EBay Correlation With Market

Average diversification

The correlation between eBay Inc 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 eBay Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with EBay Stock

0.74	BABA34	Alibaba Group Holding	Pair Corr
0.68	S2EA34	Sea Limited	Pair Corr
0.76	V1IP34	Vipshop Holdings	Pair Corr

Moving against EBay Stock

0.62	E2TS34	Etsy Inc	Pair Corr
0.57	FIGS11	Fundo de Investimento	Pair Corr
0.56	ENJU3	Enjoei SA	Pair Corr

Related Correlations Analysis

	BROF11	SSFO34	ADPR34	HOME34	U1AL34	LEVE3	U1RI34	TSMC34
BROF11		0.38	0.42	0.13	0.4	-0.23	0.3	0.22	BROF11
SSFO34	0.38		0.87	0.86	0.96	-0.81	0.89	0.84	SSFO34
ADPR34	0.42	0.87		0.74	0.92	-0.66	0.82	0.8	ADPR34
HOME34	0.13	0.86	0.74		0.85	-0.7	0.89	0.86	HOME34
U1AL34	0.4	0.96	0.92	0.85		-0.79	0.9	0.88	U1AL34
LEVE3	-0.23	-0.81	-0.66	-0.7	-0.79		-0.64	-0.58	LEVE3
U1RI34	0.3	0.89	0.82	0.89	0.9	-0.64		0.9	U1RI34
TSMC34	0.22	0.84	0.8	0.86	0.88	-0.58	0.9		TSMC34
	BROF11	SSFO34	ADPR34	HOME34	U1AL34	LEVE3	U1RI34	TSMC34

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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

U1AL34	+ 0.96	SSFO34
U1AL34	+ 0.92	ADPR34
U1RI34	+ 0.9	U1AL34
TSMC34	+ 0.9	U1RI34
U1RI34	+ 0.89	SSFO34
U1RI34	+ 0.89	HOME34

High negative correlations

LEVE3	- 0.81	SSFO34
LEVE3	- 0.79	U1AL34
LEVE3	- 0.7	HOME34
LEVE3	- 0.66	ADPR34
U1RI34	- 0.64	LEVE3
TSMC34	- 0.58	LEVE3

Risk-Adjusted Indicators

There is a big difference between EBay Stock performing well and EBay 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 EBay'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
BROF11	0.78	0.05	(0.09)	(0.12)	0.94	(0.86)	2.13	(1.72)	5.96
SSFO34	1.32	0.47	0.22	1.63	1.08	(1.46)	4.07	(2.04)	11.21
ADPR34	0.78	0.28	0.12	2.15	0.56	(1.33)	2.58	(1.47)	9.17
HOME34	1.22	0.30	0.08	(2.98)	1.63	(1.31)	2.51	(2.20)	18.08
U1AL34	2.07	1.42	0.61	(3.77)	0.73	(2.75)	6.59	(2.28)	18.77
LEVE3	0.90	(0.19)	0.00	(0.46)	0.00	0.00	2.07	(1.78)	7.84
U1RI34	1.69	0.38	0.08	(0.96)	2.32	(1.76)	3.39	(2.73)	17.36
TSMC34	1.79	0.30	0.07	(1.16)	2.10	(1.97)	4.36	(3.99)	15.95

Be your own money manager

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