ESE Entertainment Correlations

ESE Stock

CAD 0.07 0.01 16.67%

The current 90-days correlation between ESE Entertainment and Westbond Enterprises Corp is -0.1 (i.e., Good diversification). The correlation of ESE Entertainment 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ESE Entertainment Correlation With Market

Good diversification

The correlation between ESE Entertainment and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ESE Entertainment and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against ESE Stock

0.62

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Pair Corr

Related Correlations Analysis

	WBE	NTE	TBRD	XHB	ALA-PA	ERE-UN	CLU	RUDB	BN-PFI	XEG
WBE		-0.81	-0.64	0.52	-0.3	0.76	0.76	0.72	-0.41	0.33	WBE
NTE	-0.81		0.8	-0.74	0.64	-0.84	-0.83	-0.88	0.67	-0.22	NTE
TBRD	-0.64	0.8		-0.5	0.6	-0.55	-0.73	-0.83	0.62	-0.36	TBRD
XHB	0.52	-0.74	-0.5		-0.62	0.81	0.67	0.73	-0.63	-0.16	XHB
ALA-PA	-0.3	0.64	0.6	-0.62		-0.52	-0.53	-0.54	0.7	-0.07	ALA-PA
ERE-UN	0.76	-0.84	-0.55	0.81	-0.52		0.86	0.71	-0.43	0.26	ERE-UN
CLU	0.76	-0.83	-0.73	0.67	-0.53	0.86		0.75	-0.5	0.46	CLU
RUDB	0.72	-0.88	-0.83	0.73	-0.54	0.71	0.75		-0.63	0.18	RUDB
BN-PFI	-0.41	0.67	0.62	-0.63	0.7	-0.43	-0.5	-0.63		0.17	BN-PFI
XEG	0.33	-0.22	-0.36	-0.16	-0.07	0.26	0.46	0.18	0.17		XEG
	WBE	NTE	TBRD	XHB	ALA-PA	ERE-UN	CLU	RUDB	BN-PFI	XEG

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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

CLU	+ 0.86	ERE-UN
ERE-UN	+ 0.81	XHB
TBRD	+ 0.8	NTE
ERE-UN	+ 0.76	WBE
CLU	+ 0.76	WBE
RUDB	+ 0.75	CLU

High negative correlations

RUDB	- 0.88	NTE
ERE-UN	- 0.84	NTE
RUDB	- 0.83	TBRD
CLU	- 0.83	NTE
NTE	- 0.81	WBE
XHB	- 0.74	NTE

Risk-Adjusted Indicators

There is a big difference between ESE Stock performing well and ESE Entertainment 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 ESE Entertainment'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
WBE	4.97	1.26	0.10	(2.68)	4.86	(10.32)	16.67	(11.76)	48.42
NTE	3.21	(1.22)	0.00	(9.05)	0.00	0.00	5.26	(10.00)	29.67
TBRD	2.02	(0.27)	0.00	(0.34)	0.00	0.00	4.85	(4.88)	15.87
XHB	0.19	0.02	(0.44)	(0.96)	0.06	(0.26)	0.46	(0.31)	1.07
ALA-PA	0.50	0.01	(0.17)	0.07	0.67	(0.60)	1.15	(1.45)	3.73
ERE-UN	1.45	0.54	0.29	(3.20)	0.75	(1.99)	3.95	(1.58)	20.23
CLU	0.50	0.10	(0.02)	4.86	0.35	(0.74)	1.07	(0.97)	4.36
RUDB	0.25	0.02	(0.19)	0.34	0.34	(0.26)	0.58	(0.62)	1.96
BN-PFI	0.48	(0.02)	0.00	0.73	0.00	0.00	1.09	(1.12)	2.87
XEG	1.20	(0.02)	(0.06)	0.05	1.65	(1.15)	2.20	(2.34)	8.20

Be your own money manager

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