WW Grainger Correlations

GWW Stock

954.80 6.60 0.70%

The current 90-days correlation between WW Grainger and ARROW ELECTRONICS is 0.24 (i.e., Modest diversification). The correlation of WW Grainger 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.

WW Grainger Correlation With Market

Very poor diversification

The correlation between WW Grainger and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WW Grainger and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with GWW Stock

0.71	KSF1	SHINHAN FINL ADR1	Pair Corr
0.7	KBIA	KB Financial Group	Pair Corr
0.86	LFL0	LATAM Airlines Group	Pair Corr
0.71	2WGA	WOORI FIN GRP	Pair Corr
0.88	BSA	Banco Santander Chile	Pair Corr
0.83	JSE	Japan Securities Finance	Pair Corr
0.77	STD	STANDARD CHARTERED	Pair Corr
0.9	TEY	Teradyne	Pair Corr
0.61	BBZA	BB Biotech AG	Pair Corr
0.76	KGHA	KGHM Polska Miedz	Pair Corr
0.85	I9V	TITANIUM TRANSPORTGROUP	Pair Corr
0.78	JOT	BITTIUM (JOTSG)	Pair Corr
0.74	HABA	Hamborner REIT AG Earnings Call Tomorrow	Pair Corr
0.76	KUO1	Kubota	Pair Corr
0.85	1WT	WisdomTree Investments	Pair Corr
0.79	7FW	TELLUSGRUPPEN AB	Pair Corr
0.89	SV5	VISHAY PREC GRP	Pair Corr
0.79	NPV	Nippon Carbon	Pair Corr
0.68	RBG	ROTTNEROS	Pair Corr
0.78	SUI	Sekisui Chemical	Pair Corr

Moving against GWW Stock

0.43	APC	Apple Inc	Pair Corr
0.42	APC	Apple Inc	Pair Corr

Related Correlations Analysis

	SSUN	S4M	RE3	ARW	CVB	UE1	9YM	NU42
SSUN		0.08	0.73	0.84	-0.64	0.92	-0.82	-0.76	SSUN
S4M	0.08		0.09	0.06	0.08	0.11	-0.09	-0.02	S4M
RE3	0.73	0.09		0.83	-0.66	0.64	-0.62	-0.8	RE3
ARW	0.84	0.06	0.83		-0.82	0.77	-0.82	-0.93	ARW
CVB	-0.64	0.08	-0.66	-0.82		-0.59	0.69	0.75	CVB
UE1	0.92	0.11	0.64	0.77	-0.59		-0.76	-0.7	UE1
9YM	-0.82	-0.09	-0.62	-0.82	0.69	-0.76		0.81	9YM
NU42	-0.76	-0.02	-0.8	-0.93	0.75	-0.7	0.81		NU42
	SSUN	S4M	RE3	ARW	CVB	UE1	9YM	NU42

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

UE1	+ 0.92	SSUN
ARW	+ 0.84	SSUN
ARW	+ 0.83	RE3
NU42	+ 0.81	9YM
UE1	+ 0.77	ARW
NU42	+ 0.75	CVB

High negative correlations

NU42	- 0.93	ARW
9YM	- 0.82	ARW
CVB	- 0.82	ARW
9YM	- 0.82	SSUN
NU42	- 0.8	RE3
9YM	- 0.76	UE1

Risk-Adjusted Indicators

There is a big difference between GWW Stock performing well and WW Grainger 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 WW Grainger'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
SSUN	2.60	0.83	0.27	1.29	2.31	(2.99)	6.04	(4.93)	14.94
S4M	0.80	(0.10)	0.00	(0.79)	0.00	0.00	3.02	(2.29)	7.04
RE3	2.86	0.39	0.08	0.70	3.91	(3.23)	5.21	(5.76)	35.44
ARW	1.60	0.64	0.32	(61.66)	1.01	(2.23)	4.66	(1.98)	14.05
CVB	1.94	(0.16)	0.00	(0.72)	0.00	0.00	6.25	(5.88)	12.92
UE1	2.50	0.47	0.13	1.53	2.70	(3.00)	4.46	(4.91)	21.38
9YM	2.24	(0.51)	0.00	(0.44)	0.00	0.00	4.57	(4.37)	22.80
NU42	2.22	(0.43)	0.00	0.46	0.00	0.00	4.32	(4.14)	35.15

Be your own money manager

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