| MENA Stock | | | 1.05 0.03 2.78% |
A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Mena Transport moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Mena Transport Public moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Mena Transport Correlation With Market
Average diversification
The correlation between Mena Transport Public and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mena Transport Public and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Mena Transport could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Mena Transport 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 Mena Transport - 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 Mena Transport Public to buy it.
Moving together with Mena Stock
Moving against Mena Stock
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between Mena Stock performing well and Mena Transport 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 Mena Transport'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.
Be your own money manager
Our tools can tell you how much better you can do entering a position in Mena Transport 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.
| | Competition AnalyzerAnalyze and compare many basic indicators for a group of related or unrelated entities |