Santander Renda Correlations

SARE11 Fund

BRL 3.71 0.08 2.20%

The current 90-days correlation between Santander Renda De and Energisa SA is 0.02 (i.e., Significant diversification). The correlation of Santander Renda 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.

Santander Renda Correlation With Market

Average diversification

The correlation between Santander Renda De and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Santander Renda De and DJI in the same portfolio, assuming nothing else is changed.

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

Related Correlations Analysis

	ENGI11	BTLG11	PLPL3	PGCO34	C1AB34	BEWZ39	B1TI34	SUZB3	R1KU34	BIYE39
ENGI11		0.88	-0.64	-0.18	-0.58	-0.79	0.21	-0.72	-0.57	-0.78	ENGI11
BTLG11	0.88		-0.77	-0.19	-0.35	-0.8	0.23	-0.57	-0.65	-0.56	BTLG11
PLPL3	-0.64	-0.77		0.22	0.17	0.77	-0.37	0.49	0.53	0.45	PLPL3
PGCO34	-0.18	-0.19	0.22		0.48	0.07	0.69	0.34	-0.07	0.4	PGCO34
C1AB34	-0.58	-0.35	0.17	0.48		0.29	0.4	0.75	0.05	0.81	C1AB34
BEWZ39	-0.79	-0.8	0.77	0.07	0.29		-0.47	0.65	0.52	0.5	BEWZ39
B1TI34	0.21	0.23	-0.37	0.69	0.4	-0.47		0.08	-0.46	0.09	B1TI34
SUZB3	-0.72	-0.57	0.49	0.34	0.75	0.65	0.08		0.14	0.78	SUZB3
R1KU34	-0.57	-0.65	0.53	-0.07	0.05	0.52	-0.46	0.14		0.26	R1KU34
BIYE39	-0.78	-0.56	0.45	0.4	0.81	0.5	0.09	0.78	0.26		BIYE39
	ENGI11	BTLG11	PLPL3	PGCO34	C1AB34	BEWZ39	B1TI34	SUZB3	R1KU34	BIYE39

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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

BTLG11	+ 0.88	ENGI11
BIYE39	+ 0.81	C1AB34
BIYE39	+ 0.78	SUZB3
BEWZ39	+ 0.77	PLPL3
SUZB3	+ 0.75	C1AB34
B1TI34	+ 0.69	PGCO34

High negative correlations

BEWZ39	- 0.8	BTLG11
BEWZ39	- 0.79	ENGI11
BIYE39	- 0.78	ENGI11
PLPL3	- 0.77	BTLG11
SUZB3	- 0.72	ENGI11
R1KU34	- 0.65	BTLG11

Risk-Adjusted Indicators

There is a big difference between Santander Fund performing well and Santander Renda Fund 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 Santander Renda'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
ENGI11	0.99	(0.23)	0.00	(0.85)	0.00	0.00	2.44	(2.29)	6.68
BTLG11	0.52	(0.11)	0.00	(1.59)	0.00	0.00	0.98	(1.29)	4.73
PLPL3	1.71	0.15	0.05	0.44	1.68	(1.97)	3.50	(3.19)	8.69
PGCO34	1.02	0.21	0.05	(0.73)	1.00	(1.15)	2.19	(1.84)	7.52
C1AB34	1.48	0.48	0.11	(0.64)	1.28	(2.51)	4.35	(2.60)	14.25
BEWZ39	0.96	0.05	(0.04)	1.02	1.23	(1.00)	2.06	(2.07)	8.19
B1TI34	0.97	0.17	0.02	(0.71)	1.07	(1.16)	2.42	(1.94)	6.07
SUZB3	0.93	0.10	(0.04)	(0.70)	0.98	(1.05)	2.33	(1.65)	6.36
R1KU34	2.14	0.00	(0.01)	0.13	3.65	(2.30)	4.26	(5.17)	29.58
BIYE39	0.86	0.20	0.07	(5.73)	0.74	(1.05)	3.09	(1.44)	6.25

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