ENDESA ADR Correlations

ENAA Stock

EUR 10.10 0.10 1.00%

The current 90-days correlation between ENDESA ADR 12 and Duke Energy is 0.16 (i.e., Average diversification). The correlation of ENDESA ADR 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.

ENDESA ADR Correlation With Market

Good diversification

The correlation between ENDESA ADR 12 and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ENDESA ADR 12 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to ENDESA ADR could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ENDESA ADR 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 ENDESA ADR - 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 ENDESA ADR 12 to buy it.

Moving together with ENDESA Stock

0.72	355	Enel Chile SA	Pair Corr
0.72	C3TA	CENTRAL PUERTO ADR1	Pair Corr
0.85	WMT	Walmart	Pair Corr
0.85	WMT	Walmart	Pair Corr
0.77	AMZ	Amazon Inc	Pair Corr
0.79	AMZ	Amazon Inc	Pair Corr
0.88	3RKU	RYOHIN UNSPADR1	Pair Corr
0.83	SNB1	SOCKET MOBILE NEW	Pair Corr
0.81	SYJ	Stitch Fix	Pair Corr
0.7	1MA	MACOM Technology Sol	Pair Corr
0.89	14N1	New Residential Inve Earnings Call This Week	Pair Corr
0.74	DVY	DEVRY EDUCATION GRP	Pair Corr
0.68	5UM	Genertec Universal	Pair Corr
0.83	UN3	United Natural Foods	Pair Corr
0.77	CLH	CARDINAL HEALTH	Pair Corr
0.83	NRM	Insurance Australia	Pair Corr
0.78	55O1	Apollo Investment Corp	Pair Corr
0.81	27M	Melrose Industries PLC	Pair Corr

Moving against ENDESA Stock

0.72	HHP2	Hon Hai Precision	Pair Corr
0.51	5JT	INNOVATEC SPA	Pair Corr

Related Correlations Analysis

	D2MN	WIC	ENAA	CHH	355	ECEA	5JT
D2MN		0.64	0.07	-0.24	-0.31	-0.26	-0.04	D2MN
WIC	0.64		0.56	0.04	0.29	0.26	-0.37	WIC
ENAA	0.07	0.56		0.43	0.72	0.44	-0.51	ENAA
CHH	-0.24	0.04	0.43		0.51	0.29	-0.06	CHH
355	-0.31	0.29	0.72	0.51		0.49	-0.54	355
ECEA	-0.26	0.26	0.44	0.29	0.49		-0.42	ECEA
5JT	-0.04	-0.37	-0.51	-0.06	-0.54	-0.42		5JT
	D2MN	WIC	ENAA	CHH	355	ECEA	5JT

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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

355	+ 0.72	ENAA
WIC	+ 0.64	D2MN
ENAA	+ 0.56	WIC
355	+ 0.51	CHH
ECEA	+ 0.49	355
ECEA	+ 0.44	ENAA

High negative correlations

5JT	- 0.54	355
5JT	- 0.51	ENAA
5JT	- 0.42	ECEA
5JT	- 0.37	WIC
355	- 0.31	D2MN
ECEA	- 0.26	D2MN

Risk-Adjusted Indicators

There is a big difference between ENDESA Stock performing well and ENDESA ADR 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 ENDESA ADR'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
D2MN	0.92	(0.02)	0.00	0.18	0.00	0.00	1.87	(1.92)	4.92
WIC	1.07	0.06	(0.02)	0.75	1.02	(1.34)	2.94	(1.78)	6.65
ENAA	0.94	0.15	0.04	(2.25)	0.93	(1.34)	2.17	(1.59)	5.64
CHH	1.26	0.00	0.00	0.10	0.00	0.00	2.94	(2.50)	7.45
355	1.25	0.23	0.07	(2.05)	1.35	(1.66)	3.25	(3.08)	7.70
ECEA	1.30	0.25	0.05	0.52	1.39	(4.61)	6.48	(4.17)	15.56
5JT	5.92	(0.84)	0.00	(1.70)	0.00	0.00	20.27	(19.35)	89.57

Be your own money manager

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