C PARAN Correlations

ELP1 Stock

EUR 6.00 0.35 5.51%

The current 90-days correlation between C PARAN EN and Automatic Data Processing is 0.01 (i.e., Significant diversification). The correlation of C PARAN 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.

C PARAN Correlation With Market

Good diversification

The correlation between C PARAN EN and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding C PARAN EN and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ELP1 Stock

0.82	SCTA	SSE PLC ADR	Pair Corr
0.83	EVN	EVN AG	Pair Corr
0.85	LYV	Lundin Energy AB	Pair Corr
0.63	OS3	Otello ASA	Pair Corr
0.72	D7GA	NEL ASA ADR30	Pair Corr

Moving against ELP1 Stock

0.63	CIDA	Companhia Energética	Pair Corr
0.59	1JU	FATFISH GROUP LTD	Pair Corr
0.52	SWTF	Intouch Holdings Public	Pair Corr
0.47	E908	Lyxor 1	Pair Corr
0.46	B5R	Berkeley Energia	Pair Corr
0.41	DBPE	Xtrackers LevDAX	Pair Corr

Related Correlations Analysis

	ADP	ODP	TM5	20Y	CC3	WX7	ISW	PUP
ADP		0.0	0.98	0.33	0.89	0.85	-0.55	0.15	ADP
ODP	0.0		0.0	0.0	0.0	0.0	0.0	0.0	ODP
TM5	0.98	0.0		0.27	0.88	0.87	-0.59	0.12	TM5
20Y	0.33	0.0	0.27		0.46	0.06	0.22	0.52	20Y
CC3	0.89	0.0	0.88	0.46		0.66	-0.4	0.09	CC3
WX7	0.85	0.0	0.87	0.06	0.66		-0.65	0.09	WX7
ISW	-0.55	0.0	-0.59	0.22	-0.4	-0.65		0.2	ISW
PUP	0.15	0.0	0.12	0.52	0.09	0.09	0.2		PUP
	ADP	ODP	TM5	20Y	CC3	WX7	ISW	PUP

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

TM5	+ 0.98	ADP
CC3	+ 0.89	ADP
CC3	+ 0.88	TM5
WX7	+ 0.87	TM5
WX7	+ 0.85	ADP
WX7	+ 0.66	CC3

High negative correlations

ISW	- 0.65	WX7
ISW	- 0.59	TM5
ISW	- 0.55	ADP
ISW	- 0.4	CC3
PUP	- 0.0	ODP
ISW	- 0.0	ODP

Risk-Adjusted Indicators

There is a big difference between ELP1 Stock performing well and C PARAN 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 C PARAN'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
ADP	0.82	0.19	0.17	0.44	0.41	(0.97)	2.06	(0.99)	5.19
ODP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TM5	0.93	0.38	0.24	2.16	0.74	(1.14)	2.15	(1.65)	5.94
20Y	1.53	(0.05)	(0.02)	0.08	1.85	(1.71)	3.18	(2.75)	11.26
CC3	1.31	(0.03)	0.01	0.10	1.57	(1.55)	3.24	(2.80)	8.40
WX7	0.96	0.20	0.08	1.29	0.89	(1.22)	2.08	(1.49)	5.53
ISW	1.41	(0.19)	0.00	(0.14)	0.00	0.00	3.77	(3.39)	13.42
PUP	1.07	0.13	(0.01)	(1.12)	1.25	(1.10)	3.09	(2.18)	6.54

Be your own money manager

Our tools can tell you how much better you can do entering a position in C PARAN 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 Portfolio Rebalancing Now

Portfolio Rebalancing

Analyze risk-adjusted returns against different time horizons to find asset-allocation targets

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