Paychex Correlations

PCX Stock

EUR 74.89 0.66 0.89%

The current 90-days correlation between Paychex and Reliance Steel Aluminum is 0.2 (i.e., Modest diversification). The correlation of Paychex 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.

Paychex Correlation With Market

Excellent diversification

The correlation between Paychex and DJI is -0.59 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Paychex and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Paychex Stock

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0.9	SSU	Samsung Electronics	Pair Corr
0.9	SSU	Samsung Electronics	Pair Corr
0.9	IMP	IMPERIAL OIL	Pair Corr
0.89	HY9H	SK hynix	Pair Corr
0.88	SSUN	Samsung Electronics	Pair Corr
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0.88	TGE1	Mobilezone Holding	Pair Corr
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0.82	L3XC	Centrais Elétricas Earnings Call Today	Pair Corr
0.81	RE3	Richardson Electronics	Pair Corr
0.79	ODF	Old Dominion Freight	Pair Corr
0.79	REPA	Repsol SA	Pair Corr
0.78	DYF1	Dynavax Technologies	Pair Corr
0.69	WHX	APRANGA AB EO Earnings Call Today	Pair Corr
0.68	AIL	LAir Liquide SA	Pair Corr
0.67	TGR	YUM BRANDS	Pair Corr
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0.5	SK3	Smurfit Kappa Group	Pair Corr
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0.36	B1C	Baidu Inc Earnings Call Today	Pair Corr
0.98	TOTB	TotalEnergies SE	Pair Corr
0.96	ECK	LUDWIG BECK	Pair Corr
0.93	R6N	Retail Estates NV	Pair Corr
0.87	KU1	Kulicke and Soffa	Pair Corr
0.85	HSY	Hershey	Pair Corr
0.85	UHRA	Swatch Group	Pair Corr
0.8	SQUA	VINCI SA EO	Pair Corr
0.8	V1L	Valero Energy	Pair Corr
0.79	GWW	WW Grainger	Pair Corr

Related Correlations Analysis

	94P	8SP	DVDG	INL	VOW	BTC1	RRU	RS6	9K1	3RKU
94P		0.09	0.17	0.02	0.55	-0.21	0.01	0.11	0.29	0.31	94P
8SP	0.09		0.53	0.46	0.12	-0.37	0.44	0.58	0.55	0.39	8SP
DVDG	0.17	0.53		0.7	0.39	-0.81	0.82	0.9	0.81	0.69	DVDG
INL	0.02	0.46	0.7		0.35	-0.37	0.71	0.79	0.53	0.24	INL
VOW	0.55	0.12	0.39	0.35		-0.14	0.5	0.43	0.29	0.04	VOW
BTC1	-0.21	-0.37	-0.81	-0.37	-0.14		-0.45	-0.7	-0.78	-0.79	BTC1
RRU	0.01	0.44	0.82	0.71	0.5	-0.45		0.8	0.55	0.33	RRU
RS6	0.11	0.58	0.9	0.79	0.43	-0.7	0.8		0.71	0.52	RS6
9K1	0.29	0.55	0.81	0.53	0.29	-0.78	0.55	0.71		0.71	9K1
3RKU	0.31	0.39	0.69	0.24	0.04	-0.79	0.33	0.52	0.71		3RKU
	94P	8SP	DVDG	INL	VOW	BTC1	RRU	RS6	9K1	3RKU

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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

RS6	+ 0.9	DVDG
RRU	+ 0.82	DVDG
9K1	+ 0.81	DVDG
RS6	+ 0.8	RRU
RS6	+ 0.79	INL
RRU	+ 0.71	INL

High negative correlations

BTC1	- 0.81	DVDG
3RKU	- 0.79	BTC1
9K1	- 0.78	BTC1
RS6	- 0.7	BTC1
RRU	- 0.45	BTC1
BTC1	- 0.37	INL

Risk-Adjusted Indicators

There is a big difference between Paychex Stock performing well and Paychex 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 Paychex'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
94P	1.75	0.10	0.02	0.39	1.98	(2.01)	3.44	(3.49)	11.80
8SP	1.39	(0.02)	(0.03)	(0.04)	3.00	(1.54)	3.59	(2.27)	23.50
DVDG	0.43	0.13	0.09	0.76	0.28	(0.50)	0.96	(0.57)	3.06
INL	3.05	0.54	0.09	(0.87)	3.73	(3.32)	8.76	(5.40)	24.14
VOW	0.49	0.10	0.01	0.75	0.48	(1.07)	1.70	(1.00)	6.39
BTC1	2.28	(0.42)	0.00	(34.66)	0.00	0.00	4.44	(5.63)	14.40
RRU	1.79	0.37	0.14	2.03	1.81	(1.98)	3.53	(2.91)	9.23
RS6	1.27	0.30	0.14	(2.12)	1.11	(1.51)	3.18	(1.57)	7.73
9K1	1.79	0.13	0.00	(0.41)	2.47	(2.09)	4.86	(5.15)	12.87
3RKU	2.36	0.28	0.07	1.60	2.32	(3.00)	4.91	(4.46)	12.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in Paychex 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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Paychex Corporate Management

Elected by the shareholders, the Paychex's board of directors comprises two types of representatives: Paychex inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Paychex. The board's role is to monitor Paychex's management team and ensure that shareholders' interests are well served. Paychex's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Paychex's outside directors are responsible for providing unbiased perspectives on the board's policies.

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