AURUBIS AG Correlations

NDA1 Stock

EUR 35.60 0.40 1.14%

The correlation of AURUBIS AG 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.

AURUBIS AG Correlation With Market

Good diversification

The correlation between AURUBIS AG UNSPADR and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AURUBIS AG UNSPADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AURUBIS Stock

0.9	NDA	Aurubis AG	Pair Corr
0.89	NDA	Aurubis AG	Pair Corr
0.77	FOO	Salesforce	Pair Corr
0.69	ROW	TEXAS ROADHOUSE	Pair Corr
0.74	CAI	CDN IMPERIAL BANK	Pair Corr

Moving against AURUBIS Stock

0.56	KGHA	KGHM Polska Miedz	Pair Corr
0.51	FG1	Antofagasta plc	Pair Corr
0.42	FPMB	Freeport McMoRan Earnings Call This Week	Pair Corr
0.4	PCU	Southern Copper Split	Pair Corr
0.33	S2Z	Sandfire Resources	Pair Corr

Related Correlations Analysis

	FPMB	PCU	FG1	IZ1	KGHA	NDA1	NDA	NDA	S2Z
FPMB		0.88	0.78	-0.31	0.88	-0.42	-0.4	-0.37	0.93	FPMB
PCU	0.88		0.86	-0.3	0.92	-0.4	-0.37	-0.35	0.82	PCU
FG1	0.78	0.86		-0.14	0.85	-0.51	-0.43	-0.4	0.76	FG1
IZ1	-0.31	-0.3	-0.14		-0.44	0.48	0.46	0.45	-0.2	IZ1
KGHA	0.88	0.92	0.85	-0.44		-0.56	-0.49	-0.47	0.77	KGHA
NDA1	-0.42	-0.4	-0.51	0.48	-0.56		0.9	0.89	-0.33	NDA1
NDA	-0.4	-0.37	-0.43	0.46	-0.49	0.9		1.0	-0.3	NDA
NDA	-0.37	-0.35	-0.4	0.45	-0.47	0.89	1.0		-0.28	NDA
S2Z	0.93	0.82	0.76	-0.2	0.77	-0.33	-0.3	-0.28		S2Z
	FPMB	PCU	FG1	IZ1	KGHA	NDA1	NDA	NDA	S2Z

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

NDA	+ 1.0	NDA
S2Z	+ 0.93	FPMB
KGHA	+ 0.92	PCU
NDA	+ 0.9	NDA1
NDA	+ 0.89	NDA1
PCU	+ 0.88	FPMB

High negative correlations

NDA1	- 0.56	KGHA
NDA1	- 0.51	FG1
NDA	- 0.49	KGHA
NDA	- 0.47	KGHA
KGHA	- 0.44	IZ1
NDA	- 0.43	FG1

Risk-Adjusted Indicators

There is a big difference between AURUBIS Stock performing well and AURUBIS AG 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 AURUBIS AG'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
FPMB	1.48	(0.21)	0.00	(0.40)	0.00	0.00	3.18	(3.54)	9.41
PCU	1.49	(0.12)	0.00	(0.44)	0.00	0.00	2.54	(3.10)	11.16
FG1	1.56	(0.12)	0.00	0.39	0.00	0.00	2.90	(4.00)	10.45
IZ1	2.25	0.15	0.04	(0.54)	2.63	(2.40)	5.81	(4.84)	18.39
KGHA	1.93	(0.36)	0.00	(3.11)	0.00	0.00	4.10	(4.37)	14.58
NDA1	1.69	0.27	0.08	(1.05)	2.12	(2.13)	4.74	(3.41)	14.73
NDA	1.73	0.23	0.12	0.33	1.86	(2.16)	4.83	(2.91)	13.39
NDA	1.68	0.25	0.10	0.40	1.99	(1.89)	4.02	(4.15)	15.95
S2Z	1.53	(0.16)	0.00	13.24	0.00	0.00	3.03	(3.97)	10.12

Be your own money manager

Our tools can tell you how much better you can do entering a position in AURUBIS AG 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.

Did you try this?

Run Stock Screener Now

Stock Screener

Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook.

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC