AutoNation Correlations

RWI Stock

EUR 178.85 0.00 0.00%

The current 90-days correlation between AutoNation and Zhongsheng Group Holdings is 0.2 (i.e., Modest diversification). The correlation of AutoNation 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.

AutoNation Correlation With Market

Significant diversification

The correlation between AutoNation 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 AutoNation and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AutoNation Stock

0.83	UA9	Penske Automotive	Pair Corr
0.75	AWG	Asbury Automotive	Pair Corr
0.61	PQ9	BANK MANDIRI	Pair Corr

Moving against AutoNation Stock

0.65	BYRA	PT Bank Rakyat	Pair Corr
0.46	BYRA	BANK RAKYAT IND	Pair Corr
0.44	PQ9	BANK MANDIRI	Pair Corr
0.34	IJCA	Inchcape plc	Pair Corr
0.32	PQ9	PT Bank Mandiri	Pair Corr
0.56	P911	Dr Ing hcF	Pair Corr
0.49	34T1	Tiangong International	Pair Corr
0.35	AFO1	Associated British Foods	Pair Corr
0.67	HY9H	SK hynix	Pair Corr
0.64	BFP	BBVA Banco Frances	Pair Corr
0.55	FR70	FAST RETAIL ADR	Pair Corr
0.5	LL0	HOVE AS DK	Pair Corr

Related Correlations Analysis

	CO6	5Z0	XA4	DJDA	RWI	IJCA	USV
CO6		0.82	0.61	0.89	0.24	-0.63	-0.12	CO6
5Z0	0.82		0.73	0.86	0.53	-0.7	-0.14	5Z0
XA4	0.61	0.73		0.74	0.6	-0.44	-0.13	XA4
DJDA	0.89	0.86	0.74		0.26	-0.53	-0.14	DJDA
RWI	0.24	0.53	0.6	0.26		-0.34	0.01	RWI
IJCA	-0.63	-0.7	-0.44	-0.53	-0.34		0.28	IJCA
USV	-0.12	-0.14	-0.13	-0.14	0.01	0.28		USV
	CO6	5Z0	XA4	DJDA	RWI	IJCA	USV

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

DJDA	+ 0.89	CO6
DJDA	+ 0.86	5Z0
5Z0	+ 0.82	CO6
DJDA	+ 0.74	XA4
XA4	+ 0.73	5Z0
XA4	+ 0.61	CO6

High negative correlations

IJCA	- 0.7	5Z0
IJCA	- 0.63	CO6
IJCA	- 0.53	DJDA
IJCA	- 0.44	XA4
IJCA	- 0.34	RWI
USV	- 0.14	DJDA

Risk-Adjusted Indicators

There is a big difference between AutoNation Stock performing well and AutoNation 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 AutoNation'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
CO6	1.32	(0.23)	0.00	(2.59)	0.00	0.00	2.24	(3.52)	10.56
5Z0	1.56	(0.35)	0.00	(1.48)	0.00	0.00	3.33	(3.23)	9.93
XA4	2.61	(0.55)	0.00	20.98	0.00	0.00	4.74	(5.21)	29.46
DJDA	1.03	(0.11)	0.00	(1.85)	0.00	0.00	2.27	(2.19)	6.11
RWI	1.47	(0.07)	0.00	(0.44)	0.00	0.00	3.22	(3.57)	8.83
IJCA	1.17	0.14	0.08	0.51	1.08	(1.37)	2.67	(2.28)	7.63
USV	4.91	(2.49)	0.00	5.54	0.00	0.00	2.14	(2.60)	164.46

Be your own money manager

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

Elected by the shareholders, the AutoNation's board of directors comprises two types of representatives: AutoNation inside directors who are chosen from within the company, and outside directors, selected externally and held independent of AutoNation. The board's role is to monitor AutoNation's management team and ensure that shareholders' interests are well served. AutoNation'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, AutoNation's outside directors are responsible for providing unbiased perspectives on the board's policies.

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