Heating Oil Correlations

HOUSD Commodity

2.54 0.13 4.87%

The current 90-days correlation between Heating Oil and Cocoa is -0.17 (i.e., Good diversification). The correlation of Heating Oil 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.

Heating Oil Correlation With Market

Weak diversification

The correlation between Heating Oil and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Heating Oil and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Heating Commodity

0.67	TSM	Taiwan Semiconductor Aggressive Push	Pair Corr
0.71	BCPC	Balchem	Pair Corr
0.66	FGBIP	First Guaranty Bancshares	Pair Corr
0.76	MDDVF	Medical Developments	Pair Corr
0.74	ASML	ASML Holding NV	Pair Corr
0.75	WEEI	Westwood Salient Enhanced	Pair Corr
0.61	CNAV	Mohr Company Low Volatility	Pair Corr
0.63	HYP	Golden Eagle Dynamic	Pair Corr
0.68	USRT	iShares Core REIT	Pair Corr
0.69	FLMB	Franklin Liberty Federal	Pair Corr
0.64	CLSE	Trust For Professional	Pair Corr
0.66	GEND	Spinnaker ETF Series	Pair Corr
0.64	HISF	First Trust High	Pair Corr
0.72	ENFR	Alerian Energy Infra	Pair Corr
0.68	YDEC	First Trust Exchange	Pair Corr
0.66	VFMV	Vanguard Minimum Vol	Pair Corr

Moving against Heating Commodity

0.66	MSFT	Microsoft	Pair Corr
0.61	LOWLF	Lowell Farms	Pair Corr
0.46	47233JDN5	US47233JDN54	Pair Corr
0.35	AMZN	Amazon Inc	Pair Corr

Related Correlations Analysis

	ZOUSX	KEUSX	GFUSX	SILUSD	ZQUSD	YMUSD	RBUSD	ZRUSD	PLUSD	ZSUSX
ZOUSX		0.79	0.08	-0.05	-0.25	0.03	0.58	0.11	-0.14	0.7	ZOUSX
KEUSX	0.79		0.45	0.28	-0.22	0.36	0.75	0.23	0.13	0.68	KEUSX
GFUSX	0.08	0.45		0.77	0.18	0.88	0.41	0.46	0.72	-0.11	GFUSX
SILUSD	-0.05	0.28	0.77		0.03	0.66	0.3	0.42	0.91	-0.27	SILUSD
ZQUSD	-0.25	-0.22	0.18	0.03		0.12	-0.2	-0.07	0.06	-0.27	ZQUSD
YMUSD	0.03	0.36	0.88	0.66	0.12		0.37	0.31	0.67	-0.08	YMUSD
RBUSD	0.58	0.75	0.41	0.3	-0.2	0.37		0.3	0.06	0.69	RBUSD
ZRUSD	0.11	0.23	0.46	0.42	-0.07	0.31	0.3		0.31	0.11	ZRUSD
PLUSD	-0.14	0.13	0.72	0.91	0.06	0.67	0.06	0.31		-0.47	PLUSD
ZSUSX	0.7	0.68	-0.11	-0.27	-0.27	-0.08	0.69	0.11	-0.47		ZSUSX
	ZOUSX	KEUSX	GFUSX	SILUSD	ZQUSD	YMUSD	RBUSD	ZRUSD	PLUSD	ZSUSX

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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

PLUSD	+ 0.91	SILUSD
YMUSD	+ 0.88	GFUSX
KEUSX	+ 0.79	ZOUSX
SILUSD	+ 0.77	GFUSX
RBUSD	+ 0.75	KEUSX
PLUSD	+ 0.72	GFUSX

High negative correlations

ZSUSX	- 0.47	PLUSD
ZSUSX	- 0.27	ZQUSD
ZSUSX	- 0.27	SILUSD
ZQUSD	- 0.25	ZOUSX
ZQUSD	- 0.22	KEUSX
RBUSD	- 0.2	ZQUSD

Risk-Adjusted Indicators

There is a big difference between Heating Commodity performing well and Heating Oil Commodity 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 Heating Oil'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
ZOUSX	1.50	0.14	(0.01)	(0.22)	1.96	(1.51)	3.43	(2.92)	10.00
KEUSX	1.04	0.15	(0.01)	(0.26)	0.98	(1.22)	2.04	(1.74)	5.10
GFUSX	0.78	0.21	0.07	(0.80)	0.79	(0.82)	1.68	(1.58)	4.57
SILUSD	4.30	0.93	0.12	0.84	7.03	(4.37)	7.94	(9.11)	45.36
ZQUSD	0.02	(0.01)	(1.93)	2.19	0.03	(0.04)	0.04	(0.04)	0.43
YMUSD	0.53	0.03	(0.06)	0.21	0.61	(0.54)	1.23	(1.19)	4.12
RBUSD	1.62	0.35	0.11	(0.90)	1.52	(2.10)	3.14	(2.86)	8.78
ZRUSD	2.70	0.11	0.03	0.18	5.94	(3.36)	2.63	(4.24)	90.61
PLUSD	3.46	0.61	0.10	0.87	5.82	(3.72)	6.93	(9.35)	28.45
ZSUSX	0.82	0.03	(0.06)	0.31	1.01	(0.86)	2.32	(1.65)	5.86

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