METISA Metalrgica Correlations

MTSA4 Preferred Stock

BRL 34.18 0.45 1.33%

The current 90-days correlation between METISA Metalrgica and Fras le SA is 0.08 (i.e., Significant diversification). The correlation of METISA Metalrgica 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.

METISA Metalrgica Correlation With Market

Significant diversification

The correlation between METISA Metalrgica Timboense and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding METISA Metalrgica Timboense and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with METISA Preferred Stock

0.63	LWSA3	Locaweb Servios de	Pair Corr
0.91	SEQL3	Sequoia Logstica e	Pair Corr
0.82	HBTS5	Companhia Habitasul	Pair Corr

Moving against METISA Preferred Stock

0.9	N1OW34	ServiceNow	Pair Corr
0.8	F1NI34	Fidelity National	Pair Corr
0.8	NFLX34	Netflix	Pair Corr
0.69	E1OG34	EOG Resources	Pair Corr
0.69	R1KU34	Roku Inc	Pair Corr

Related Correlations Analysis

	FRAS3	ROMI3	CLIN11	BTLG11	E1RI34	C1AB34	RAPT3	GOGL35	NCRI11
FRAS3		-0.36	-0.22	-0.8	0.76	0.1	0.63	0.39	0.15	FRAS3
ROMI3	-0.36		0.16	0.61	-0.77	-0.86	-0.71	-0.83	0.29	ROMI3
CLIN11	-0.22	0.16		0.31	-0.26	-0.07	-0.14	-0.22	-0.05	CLIN11
BTLG11	-0.8	0.61	0.31		-0.86	-0.43	-0.72	-0.73	-0.15	BTLG11
E1RI34	0.76	-0.77	-0.26	-0.86		0.53	0.86	0.77	-0.13	E1RI34
C1AB34	0.1	-0.86	-0.07	-0.43	0.53		0.64	0.8	-0.25	C1AB34
RAPT3	0.63	-0.71	-0.14	-0.72	0.86	0.64		0.78	-0.15	RAPT3
GOGL35	0.39	-0.83	-0.22	-0.73	0.77	0.8	0.78		-0.16	GOGL35
NCRI11	0.15	0.29	-0.05	-0.15	-0.13	-0.25	-0.15	-0.16		NCRI11
	FRAS3	ROMI3	CLIN11	BTLG11	E1RI34	C1AB34	RAPT3	GOGL35	NCRI11

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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

RAPT3	+ 0.86	E1RI34
GOGL35	+ 0.8	C1AB34
GOGL35	+ 0.78	RAPT3
GOGL35	+ 0.77	E1RI34
E1RI34	+ 0.76	FRAS3
RAPT3	+ 0.64	C1AB34

High negative correlations

E1RI34	- 0.86	BTLG11
C1AB34	- 0.86	ROMI3
GOGL35	- 0.83	ROMI3
BTLG11	- 0.8	FRAS3
E1RI34	- 0.77	ROMI3
GOGL35	- 0.73	BTLG11

Risk-Adjusted Indicators

There is a big difference between METISA Preferred Stock performing well and METISA Metalrgica 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 METISA Metalrgica'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
FRAS3	1.02	0.12	0.00	(0.86)	1.17	(1.14)	2.61	(1.71)	8.74
ROMI3	0.96	(0.23)	0.00	1.24	0.00	0.00	2.27	(1.92)	8.35
CLIN11	0.66	(0.05)	0.00	0.55	0.00	0.00	1.01	(1.58)	4.19
BTLG11	0.51	(0.08)	0.00	(0.81)	0.00	0.00	1.20	(1.20)	4.73
E1RI34	1.26	0.29	0.13	(4.13)	0.87	(2.07)	3.48	(2.09)	16.05
C1AB34	1.44	0.18	0.06	0.29	1.49	(2.43)	4.35	(2.75)	14.25
RAPT3	1.28	(0.02)	(0.06)	(0.03)	1.57	(1.41)	2.43	(2.66)	9.30
GOGL35	1.22	0.10	(0.01)	(0.61)	1.58	(1.32)	2.59	(2.88)	5.42
NCRI11	1.55	(0.05)	0.00	(0.07)	0.00	0.00	4.06	(3.45)	11.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in METISA Metalrgica 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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