HITACHI CONSTRMACHADR/2 Correlations

HCMA Stock

EUR 45.00 0.40 0.88%

The current 90-days correlation between HITACHI CONSTRMACHADR/2 and CarsalesCom is 0.17 (i.e., Average diversification). The correlation of HITACHI CONSTRMACHADR/2 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.

HITACHI CONSTRMACHADR/2 Correlation With Market

Average diversification

The correlation between HITACHI STRMACHADR2 and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HITACHI STRMACHADR2 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to HITACHI CONSTRMACHADR/2 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace HITACHI CONSTRMACHADR/2 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 HITACHI CONSTRMACHADR/2 - 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 HITACHI STRMACHADR2 to buy it.

Moving together with HITACHI Stock

0.75	DCO	Deere Company	Pair Corr
0.77	VOL1	AB Volvo	Pair Corr
0.91	KOMA	KOMATSU LTD SPONS	Pair Corr
0.71	M6Q	Metso Outotec Oyj	Pair Corr
0.75	WMT	Walmart	Pair Corr
0.84	6EQ	EQT AB	Pair Corr
0.81	AIR	Airbus SE	Pair Corr
0.69	ZYA	State Street	Pair Corr
0.89	E908	Lyxor 1	Pair Corr
0.82	DBPE	Xtrackers LevDAX	Pair Corr

Moving against HITACHI Stock

0.86	DBPD	Xtrackers ShortDAX	Pair Corr
0.62	SSUN	Samsung Electronics	Pair Corr
0.59	SSUN	Samsung Electronics	Pair Corr
0.55	SSU	Samsung Electronics	Pair Corr
0.54	SSU	Samsung Electronics	Pair Corr
0.37	TCID	Telkom Indonesia Tbk	Pair Corr

Related Correlations Analysis

	0AI1	WN6	BOQ	M8Z	5PMA	DFPP	4P7	3MJ
0AI1		0.02	0.0	0.0	-0.06	0.22	0.0	0.23	0AI1
WN6	0.02		0.0	0.0	-0.38	-0.43	0.0	0.31	WN6
BOQ	0.0	0.0		-1.0	0.0	0.0	1.0	0.0	BOQ
M8Z	0.0	0.0	-1.0		0.0	0.0	-1.0	0.0	M8Z
5PMA	-0.06	-0.38	0.0	0.0		0.14	0.0	-0.17	5PMA
DFPP	0.22	-0.43	0.0	0.0	0.14		0.0	0.03	DFPP
4P7	0.0	0.0	1.0	-1.0	0.0	0.0		0.0	4P7
3MJ	0.23	0.31	0.0	0.0	-0.17	0.03	0.0		3MJ
	0AI1	WN6	BOQ	M8Z	5PMA	DFPP	4P7	3MJ

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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

4P7	+ 1.0	BOQ
3MJ	+ 0.31	WN6
3MJ	+ 0.23	0AI1
DFPP	+ 0.22	0AI1
DFPP	+ 0.14	5PMA
3MJ	+ 0.03	DFPP

High negative correlations

4P7	- 1.0	M8Z
M8Z	- 1.0	BOQ
DFPP	- 0.43	WN6
5PMA	- 0.38	WN6
3MJ	- 0.17	5PMA
5PMA	- 0.06	0AI1

Risk-Adjusted Indicators

There is a big difference between HITACHI Stock performing well and HITACHI CONSTRMACHADR/2 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 HITACHI CONSTRMACHADR/2'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
0AI1	3.18	0.31	0.03	(0.12)	3.95	(4.57)	9.73	(8.74)	26.79
WN6	1.15	0.10	0.03	0.35	1.14	(1.54)	2.73	(2.34)	6.56
BOQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
M8Z	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
5PMA	3.08	0.20	0.02	(0.41)	3.18	(4.60)	7.89	(6.12)	17.57
DFPP	2.87	(0.01)	0.00	0.14	0.00	0.00	8.70	(8.00)	23.70
4P7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
3MJ	1.70	0.00	(0.02)	0.09	1.78	(2.47)	3.54	(2.68)	14.48

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Our tools can tell you how much better you can do entering a position in HITACHI CONSTRMACHADR/2 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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