MAGNA INTL Correlations

MGA Stock

EUR 42.27 0.25 0.59%

The current 90-days correlation between MAGNA INTL and Arrow Electronics is 0.12 (i.e., Average diversification). The correlation of MAGNA INTL 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.

MAGNA INTL Correlation With Market

Weak diversification

The correlation between MAGNA INTL and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MAGNA INTL and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with MAGNA Stock

0.83	APC	Apple Inc	Pair Corr
0.85	APC	Apple Inc	Pair Corr
0.84	APC	Apple Inc	Pair Corr
0.83	APC	Apple Inc	Pair Corr
0.72	MSF	Microsoft	Pair Corr
0.71	MSF	Microsoft	Pair Corr
0.72	MSF	Microsoft	Pair Corr
0.7	MSF	Microsoft	Pair Corr
0.72	MSF	Microsoft	Pair Corr
0.87	AMZ	Amazon Inc	Pair Corr
0.77	KBIA	KB Financial Group	Pair Corr
0.9	FHL	Federal Home Loan	Pair Corr
0.78	SID	State Bank	Pair Corr

Moving against MAGNA Stock

0.67	TKDA	Takeda Pharmaceutical	Pair Corr
0.44	DBPD	Xtrackers ShortDAX	Pair Corr
0.36	OIXA	Orix Corp Ads	Pair Corr
0.35	LLD2	Lloyds Banking Group	Pair Corr
0.33	OIX	ORIX	Pair Corr
0.31	SUMB	SUMITOMO P SP	Pair Corr

Related Correlations Analysis

	ARW	B7O	NUC	ERT	BW8	LGLG	ME5A	SGM
ARW		-0.07	0.0	-0.58	0.32	0.42	0.33	0.59	ARW
B7O	-0.07		0.0	0.31	-0.23	-0.43	0.19	-0.55	B7O
NUC	0.0	0.0		0.0	0.0	0.0	0.0	0.0	NUC
ERT	-0.58	0.31	0.0		0.1	-0.85	-0.26	-0.6	ERT
BW8	0.32	-0.23	0.0	0.1		0.12	0.23	0.21	BW8
LGLG	0.42	-0.43	0.0	-0.85	0.12		0.37	0.55	LGLG
ME5A	0.33	0.19	0.0	-0.26	0.23	0.37		0.16	ME5A
SGM	0.59	-0.55	0.0	-0.6	0.21	0.55	0.16		SGM
	ARW	B7O	NUC	ERT	BW8	LGLG	ME5A	SGM

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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

SGM	+ 0.59	ARW
SGM	+ 0.55	LGLG
LGLG	+ 0.42	ARW
ME5A	+ 0.37	LGLG
ME5A	+ 0.33	ARW
BW8	+ 0.32	ARW

High negative correlations

LGLG	- 0.85	ERT
SGM	- 0.6	ERT
ERT	- 0.58	ARW
SGM	- 0.55	B7O
LGLG	- 0.43	B7O
ME5A	- 0.26	ERT

Risk-Adjusted Indicators

There is a big difference between MAGNA Stock performing well and MAGNA INTL 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 MAGNA INTL'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
ARW	1.30	(0.25)	0.00	(0.08)	0.00	0.00	2.59	(2.68)	14.99
B7O	2.22	0.55	0.09	12.72	1.74	(6.68)	4.35	(4.00)	38.72
NUC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ERT	0.95	0.17	0.05	1.48	1.01	(1.10)	1.74	(1.56)	6.85
BW8	0.69	0.00	0.00	0.15	0.00	0.00	1.94	(0.99)	3.92
LGLG	1.13	(0.12)	0.00	(30.04)	0.00	0.00	2.60	(2.58)	8.89
ME5A	2.70	0.17	0.04	0.34	2.96	(3.58)	6.55	(5.01)	17.80
SGM	1.69	(0.33)	0.00	(0.29)	0.00	0.00	3.29	(3.72)	10.07

Be your own money manager

Our tools can tell you how much better you can do entering a position in MAGNA INTL 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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