New Work Correlations

NWO Stock

EUR 67.50 0.30 0.45%

The current 90-days correlation between New Work SE and China BlueChemical is 0.04 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as New Work moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if New Work SE moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

New Work Correlation With Market

Significant diversification

The correlation between New Work SE and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Work SE and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with New Stock

0.73	MSF	Microsoft	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.73	MSF	Microsoft	Pair Corr
0.75	MSF	Microsoft	Pair Corr

Moving against New Stock

0.54	HYU	Hyundai Motor	Pair Corr
0.53	HYU	Hyundai Motor	Pair Corr
0.52	HYU	Hyundai Motor	Pair Corr
0.37	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	FJZ	H1Q	SEH	KGZ	XSI	SOQ	GM6	EAC
FJZ		0.33	0.45	0.31	0.24	0.0	0.0	0.43	FJZ
H1Q	0.33		-0.22	0.81	-0.17	0.0	0.0	0.3	H1Q
SEH	0.45	-0.22		-0.32	0.64	0.0	0.0	0.52	SEH
KGZ	0.31	0.81	-0.32		-0.19	0.0	0.0	0.03	KGZ
XSI	0.24	-0.17	0.64	-0.19		0.0	0.0	0.15	XSI
SOQ	0.0	0.0	0.0	0.0	0.0		1.0	0.0	SOQ
GM6	0.0	0.0	0.0	0.0	0.0	1.0		0.0	GM6
EAC	0.43	0.3	0.52	0.03	0.15	0.0	0.0		EAC
	FJZ	H1Q	SEH	KGZ	XSI	SOQ	GM6	EAC

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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

GM6	+ 1.0	SOQ
KGZ	+ 0.81	H1Q
XSI	+ 0.64	SEH
EAC	+ 0.52	SEH
SEH	+ 0.45	FJZ
EAC	+ 0.43	FJZ

High negative correlations

KGZ	- 0.32	SEH
SEH	- 0.22	H1Q
XSI	- 0.19	KGZ
XSI	- 0.17	H1Q
EAC	- 0.0	GM6
EAC	- 0.0	SOQ

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Work 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 New Work'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
FJZ	2.73	0.07	0.02	0.15	3.39	(3.03)	5.62	(6.28)	17.91
H1Q	2.46	0.40	0.06	(2.48)	2.51	(5.82)	8.33	(4.76)	16.70
SEH	1.48	(0.21)	0.00	(0.39)	0.00	0.00	2.94	(2.88)	8.99
KGZ	2.47	0.70	0.15	6.08	3.14	(3.02)	5.95	(3.59)	26.08
XSI	0.78	(0.08)	0.00	(0.23)	0.00	0.00	1.63	(1.63)	5.67
SOQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GM6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EAC	1.06	(0.01)	(0.03)	0.04	1.26	(1.15)	2.45	(1.83)	6.72

Be your own money manager

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