NIKE Correlations

NIKE34 Stock

BRL 44.76 0.45 1.02%

The current 90-days correlation between NIKE Inc and Deutsche Bank Aktiengesellschaft is 0.03 (i.e., Significant diversification). The correlation of NIKE 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.

NIKE Correlation With Market

Good diversification

The correlation between NIKE Inc and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NIKE Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against NIKE Stock

0.74	JPMC34	JPMorgan Chase	Pair Corr
0.73	FMSC34	Fresenius Medical Care	Pair Corr
0.71	CTGP34	Citigroup	Pair Corr
0.68	VULC3	Vulcabras Azaleia	Pair Corr
0.6	I1SR34	Intuitive Surgical	Pair Corr
0.58	BMKS3	Bicicletas Monark	Pair Corr
0.55	GRND3	Grendene SA	Pair Corr
0.55	RPMG3	Refinaria de Petrleos	Pair Corr
0.55	BBAS3	Banco do Brasil	Pair Corr
0.54	SHUL4	Schulz SA	Pair Corr
0.48	S1TT34	State Street	Pair Corr
0.37	BONY34	The Bank	Pair Corr
0.36	AURA33	Aura Minerals	Pair Corr
0.33	L1RC34	Lam Research	Pair Corr
0.32	ALPA3	Alpargatas SA	Pair Corr

Related Correlations Analysis

	A1LL34	DBAG34	P1YC34	T1TW34	D1FS34	BMOB3	CHCM34	CAON34
A1LL34		-0.3	0.25	-0.47	-0.25	-0.45	0.0	-0.03	A1LL34
DBAG34	-0.3		-0.53	0.47	0.69	0.36	-0.46	0.34	DBAG34
P1YC34	0.25	-0.53		-0.27	-0.81	-0.08	0.83	-0.29	P1YC34
T1TW34	-0.47	0.47	-0.27		0.19	0.57	-0.14	0.01	T1TW34
D1FS34	-0.25	0.69	-0.81	0.19		0.08	-0.7	0.59	D1FS34
BMOB3	-0.45	0.36	-0.08	0.57	0.08		0.08	0.06	BMOB3
CHCM34	0.0	-0.46	0.83	-0.14	-0.7	0.08		-0.3	CHCM34
CAON34	-0.03	0.34	-0.29	0.01	0.59	0.06	-0.3		CAON34
	A1LL34	DBAG34	P1YC34	T1TW34	D1FS34	BMOB3	CHCM34	CAON34

Click cells to compare fundamentals

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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

CHCM34	+ 0.83	P1YC34
D1FS34	+ 0.69	DBAG34
CAON34	+ 0.59	D1FS34
BMOB3	+ 0.57	T1TW34
T1TW34	+ 0.47	DBAG34
BMOB3	+ 0.36	DBAG34

High negative correlations

D1FS34	- 0.81	P1YC34
CHCM34	- 0.7	D1FS34
P1YC34	- 0.53	DBAG34
T1TW34	- 0.47	A1LL34
CHCM34	- 0.46	DBAG34
BMOB3	- 0.45	A1LL34

Risk-Adjusted Indicators

There is a big difference between NIKE Stock performing well and NIKE 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 NIKE'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
A1LL34	1.75	(0.15)	0.00	0.79	0.00	0.00	3.87	(4.94)	19.56
DBAG34	1.43	0.56	0.30	(13.82)	0.89	(2.42)	3.86	(1.49)	10.69
P1YC34	0.84	(0.01)	0.01	0.42	1.63	(2.76)	2.89	(2.66)	15.59
T1TW34	1.75	0.22	0.13	(2.92)	1.93	(1.97)	4.16	(3.29)	18.74
D1FS34	1.27	0.54	0.16	1.16	0.78	(5.15)	3.70	(0.37)	31.43
BMOB3	1.87	0.07	0.05	4.73	2.54	(1.80)	3.64	(3.57)	15.66
CHCM34	1.51	(0.03)	0.00	(1.50)	0.00	0.00	2.76	(3.37)	14.83
CAON34	0.72	0.04	0.06	(0.51)	0.92	(2.44)	3.15	(2.42)	9.47

Be your own money manager

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