RenaissanceRe Holdings Correlations

RNR-PG Preferred Stock   16.85  0.08  0.48%   
The current 90-days correlation between RenaissanceRe Holdings and RenaissanceRe Holdings is 0.79 (i.e., Poor diversification). The correlation of RenaissanceRe Holdings 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.

RenaissanceRe Holdings Correlation With Market

Average diversification

The correlation between RenaissanceRe Holdings and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding RenaissanceRe Holdings and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to RenaissanceRe Holdings could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace RenaissanceRe Holdings 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 RenaissanceRe Holdings - 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 RenaissanceRe Holdings to buy it.

Moving together with RenaissanceRe Preferred Stock

  0.72RNR Renaissancere HoldingsPairCorr
  0.81MHLD Maiden HoldingsPairCorr
  0.72AHL-PD Aspen Insurance HoldingsPairCorr
  0.87AHL-PE Aspen Insurance HoldingsPairCorr
  0.9AHL-PC Aspen Insurance HoldingsPairCorr
  0.95RNR-PF RenaissanceRe HoldingsPairCorr
  0.68DHIL Diamond Hill InvestmentPairCorr
  0.77CB Chubb Sell-off TrendPairCorr
  0.68IX Orix Corp Ads Earnings Call This WeekPairCorr
  0.69KB KB Financial Group Earnings Call This WeekPairCorr

Moving against RenaissanceRe Preferred Stock

  0.84OXBRW Oxbridge Re HoldingsPairCorr
  0.79OXBR Oxbridge Re HoldingsPairCorr
  0.63C Citigroup Earnings Call This WeekPairCorr
  0.61SPNT-PB SiriusPointPairCorr
  0.54V Visa Class APairCorr
  0.45HG Hamilton Insurance Group,PairCorr
  0.75LX Lexinfintech Holdings TrendingPairCorr
  0.6GL Globe Life Earnings Call This WeekPairCorr
  0.5DB Deutsche Bank AGPairCorr
  0.43LC LendingClub CorpPairCorr
  0.34DIST Distoken AcquisitionPairCorr
  0.33GS Goldman Sachs GroupPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between RenaissanceRe Preferred Stock performing well and RenaissanceRe Holdings 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 RenaissanceRe Holdings' 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.

RenaissanceRe Holdings Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with RenaissanceRe Holdings preferred stock to make a market-neutral strategy. Peer analysis of RenaissanceRe Holdings could also be used in its relative valuation, which is a method of valuing RenaissanceRe Holdings by comparing valuation metrics with similar companies.
 Risk & Return  Correlation