Leidos Holdings Correlations

L1DO34 Stock

93.51 2.19 2.29%

The current 90-days correlation between Leidos Holdings and Verizon Communications is -0.12 (i.e., Good diversification). The correlation of Leidos Holdings 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.

Leidos Holdings Correlation With Market

Good diversification

The correlation between Leidos Holdings and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Leidos Holdings and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Leidos Stock

0.64	MSFT34	Microsoft	Pair Corr
0.83	GOGL35	Alphabet	Pair Corr
0.83	GOGL34	Alphabet	Pair Corr
0.88	AMZO34	Amazon Inc	Pair Corr
0.73	H1SB34	HSBC Holdings plc	Pair Corr

Related Correlations Analysis

	VERZ34	U1BE34	T1TW34	RYTT34	F1NI34	LUPA3	CTSH34	U2ST34
VERZ34		0.36	0.03	0.3	0.27	-0.56	0.37	0.63	VERZ34
U1BE34	0.36		0.02	0.62	0.51	-0.13	0.29	0.53	U1BE34
T1TW34	0.03	0.02		0.55	0.68	-0.28	0.43	0.2	T1TW34
RYTT34	0.3	0.62	0.55		0.77	-0.17	0.32	0.31	RYTT34
F1NI34	0.27	0.51	0.68	0.77		-0.32	0.65	0.44	F1NI34
LUPA3	-0.56	-0.13	-0.28	-0.17	-0.32		-0.47	-0.58	LUPA3
CTSH34	0.37	0.29	0.43	0.32	0.65	-0.47		0.48	CTSH34
U2ST34	0.63	0.53	0.2	0.31	0.44	-0.58	0.48		U2ST34
	VERZ34	U1BE34	T1TW34	RYTT34	F1NI34	LUPA3	CTSH34	U2ST34

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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

F1NI34	+ 0.77	RYTT34
F1NI34	+ 0.68	T1TW34
CTSH34	+ 0.65	F1NI34
U2ST34	+ 0.63	VERZ34
RYTT34	+ 0.62	U1BE34
RYTT34	+ 0.55	T1TW34

High negative correlations

U2ST34	- 0.58	LUPA3
LUPA3	- 0.56	VERZ34
CTSH34	- 0.47	LUPA3
LUPA3	- 0.32	F1NI34
LUPA3	- 0.28	T1TW34
LUPA3	- 0.17	RYTT34

Risk-Adjusted Indicators

There is a big difference between Leidos Stock performing well and Leidos Holdings 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 Leidos Holdings' 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
VERZ34	1.11	0.15	0.04	0.62	1.36	(1.16)	2.78	(2.36)	7.91
U1BE34	1.90	0.04	(0.01)	0.21	2.50	(2.13)	3.73	(3.23)	19.08
T1TW34	1.21	0.36	0.13	(1.89)	1.36	(1.35)	2.48	(1.99)	8.63
RYTT34	1.05	0.09	0.00	0.45	1.21	(1.21)	2.18	(1.65)	9.72
F1NI34	0.81	0.26	0.08	(0.72)	0.58	(1.35)	2.32	(1.77)	7.29
LUPA3	1.48	(0.18)	0.00	(0.94)	0.00	0.00	2.96	(3.60)	17.30
CTSH34	0.32	0.07	0.00	(0.72)	0.00	0.00	0.89	(0.05)	7.66
U2ST34	3.29	0.56	0.12	(50.32)	3.06	(3.94)	8.32	(5.55)	16.74

Leidos Holdings Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Leidos Holdings stock to make a market-neutral strategy. Peer analysis of Leidos Holdings could also be used in its relative valuation, which is a method of valuing Leidos Holdings by comparing valuation metrics with similar companies.

Verizon Communications Uber Technologies Take Two Interactive Software Raytheon Technologies Fidelity National Information Lupatech SA Cognizant Technology Solutions Unity Software American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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