Heidelberg Materials Correlations

HEI Stock

EUR 123.50 0.40 0.32%

The current 90-days correlation between Heidelberg Materials and Apple Inc is 0.11 (i.e., Average diversification). The correlation of Heidelberg Materials 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.

Heidelberg Materials Correlation With Market

Weak diversification

The correlation between Heidelberg Materials AG and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Heidelberg Materials AG and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Heidelberg Stock

0.81	APC	Apple Inc	Pair Corr
0.63	APC	Apple Inc	Pair Corr
0.63	APC	Apple Inc	Pair Corr
0.8	APC	Apple Inc	Pair Corr
0.8	APC	Apple Inc	Pair Corr
0.81	APC	Apple Inc	Pair Corr
0.82	MSF	Microsoft	Pair Corr
0.81	MSF	Microsoft	Pair Corr
0.81	MSF	Microsoft	Pair Corr
0.81	MSF	Microsoft	Pair Corr
0.86	6GAA	Grupo Aval Acciones	Pair Corr
0.83	6GAA	Grupo Aval Acciones	Pair Corr
0.89	MFZA	Mitsubishi UFJ Financial	Pair Corr

Moving against Heidelberg Stock

0.85	HYU	Hyundai Motor	Pair Corr
0.85	HYU	Hyundai Motor	Pair Corr
0.84	HYU	Hyundai Motor	Pair Corr
0.4	ECHA	Ecopetrol SA	Pair Corr
0.4	DBPD	Xtrackers ShortDAX	Pair Corr
0.37	ECHA	Ecopetrol SA	Pair Corr

Related Correlations Analysis

	APC	APC	APC	APC	APC	MSF	MSF	MSF	MSF
APC		0.8	0.99	0.99	1.0	0.92	0.91	0.92	0.91	APC
APC	0.8		0.78	0.78	0.8	0.83	0.84	0.83	0.83	APC
APC	0.99	0.78		0.99	0.99	0.91	0.9	0.9	0.9	APC
APC	0.99	0.78	0.99		0.99	0.91	0.9	0.9	0.9	APC
APC	1.0	0.8	0.99	0.99		0.92	0.91	0.91	0.91	APC
MSF	0.92	0.83	0.91	0.91	0.92		0.99	1.0	0.99	MSF
MSF	0.91	0.84	0.9	0.9	0.91	0.99		0.99	0.99	MSF
MSF	0.92	0.83	0.9	0.9	0.91	1.0	0.99		0.98	MSF
MSF	0.91	0.83	0.9	0.9	0.91	0.99	0.99	0.98		MSF
	APC	APC	APC	APC	APC	MSF	MSF	MSF	MSF

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Risk-Adjusted Indicators

There is a big difference between Heidelberg Stock performing well and Heidelberg Materials 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 Heidelberg Materials' 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
APC	0.94	0.29	0.23	1.55	0.94	(1.07)	2.09	(1.75)	6.17
APC	0.86	0.24	0.18	0.73	0.99	(0.94)	1.88	(1.73)	5.24
APC	0.99	0.34	0.23	179.16	0.98	(1.10)	2.24	(1.83)	9.79
APC	0.98	0.00	0.30	0.00	0.67	(1.18)	2.83	(1.69)	8.21
APC	0.87	0.28	0.22	2.03	0.96	(1.00)	1.91	(1.61)	7.12
MSF	0.95	0.15	0.10	0.79	1.22	(1.17)	2.55	(1.46)	8.71
MSF	1.01	0.14	0.09	1.46	1.30	(1.16)	2.35	(1.56)	9.11
MSF	1.01	0.16	0.09	2.01	1.43	(1.17)	2.42	(1.55)	11.42
MSF	0.91	0.16	0.10	10.33	1.22	(1.04)	2.04	(1.28)	8.79

Be your own money manager

Our tools can tell you how much better you can do entering a position in Heidelberg Materials 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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