Engie SA Correlations

GZF Stock

25.21 0.39 1.57%

The current 90-days correlation between Engie SA and VARIOUS EATERIES LS is 0.11 (i.e., Average diversification). The correlation of Engie SA 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.

Engie SA Correlation With Market

Very weak diversification

The correlation between Engie SA and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Engie SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Engie Stock

0.83	XMF	STOMO MITSUI FINL	Pair Corr
0.92	SCL	Schlumberger Limited	Pair Corr
0.7	RWL	ROCKWELL AUTOMATION Earnings Call This Week	Pair Corr
0.67	FUC	Fanuc	Pair Corr
0.61	I5X	Precigen	Pair Corr
0.65	SOP	Oppmann Immobilien	Pair Corr
0.61	DBPE	Xtrackers LevDAX	Pair Corr
0.71	E908	Lyxor 1	Pair Corr

Moving against Engie Stock

0.81	MBJ	MBIA	Pair Corr
0.73	ABL	Abbott Laboratories	Pair Corr
0.73	BT3	BIOTIME	Pair Corr
0.62	DBPD	Xtrackers ShortDAX	Pair Corr
0.56	AJW	AnGes Inc Earnings Call Next Week	Pair Corr

Related Correlations Analysis

	CNJ	P4Q	O3I	CNJ	T2G	WN6	63U
CNJ		0.62	0.37	0.77	-0.26	-0.64	0.35	CNJ
P4Q	0.62		0.71	0.63	-0.51	-0.78	0.06	P4Q
O3I	0.37	0.71		0.34	-0.77	-0.59	-0.22	O3I
CNJ	0.77	0.63	0.34		-0.26	-0.63	0.29	CNJ
T2G	-0.26	-0.51	-0.77	-0.26		0.6	0.26	T2G
WN6	-0.64	-0.78	-0.59	-0.63	0.6		0.07	WN6
63U	0.35	0.06	-0.22	0.29	0.26	0.07		63U
	CNJ	P4Q	O3I	CNJ	T2G	WN6	63U

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

CNJ	+ 0.77	CNJ
O3I	+ 0.71	P4Q
CNJ	+ 0.63	P4Q
P4Q	+ 0.62	CNJ
WN6	+ 0.6	T2G
O3I	+ 0.37	CNJ

High negative correlations

WN6	- 0.78	P4Q
T2G	- 0.77	O3I
WN6	- 0.64	CNJ
WN6	- 0.63	CNJ
WN6	- 0.59	O3I
T2G	- 0.51	P4Q

Risk-Adjusted Indicators

There is a big difference between Engie Stock performing well and Engie SA 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 Engie SA'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
CNJ	1.06	0.01	(0.01)	0.06	1.28	(1.25)	2.22	(2.20)	5.88
P4Q	2.12	0.26	0.06	0.55	3.30	(2.19)	4.45	(3.41)	16.53
O3I	1.36	0.11	0.05	0.38	1.70	(1.54)	3.06	(2.13)	8.71
CNJ	1.11	0.11	0.03	1.18	1.35	(1.43)	2.12	(2.21)	13.57
T2G	0.16	(0.04)	0.00	(0.11)	0.00	0.00	0.56	(1.10)	3.29
WN6	0.98	(0.24)	0.00	(0.53)	0.00	0.00	1.96	(2.59)	5.70
63U	1.76	(0.16)	0.00	(0.07)	0.00	0.00	9.09	(9.09)	24.77

Be your own money manager

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