Textron Correlations

TXT Stock

EUR 79.92 0.84 1.04%

The current 90-days correlation between Textron and UNITED RENTALS is -0.16 (i.e., Good diversification). The correlation of Textron 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Textron Correlation With Market

Good diversification

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

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

Moving together with Textron Stock

0.65	SSU	Samsung Electronics	Pair Corr
0.62	SSUN	Samsung Electronics	Pair Corr
0.62	SSU	Samsung Electronics	Pair Corr
0.63	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Textron Stock

0.65	DBPD	Xtrackers ShortDAX	Pair Corr
0.61	MSF	Microsoft	Pair Corr
0.59	MSF	Microsoft	Pair Corr
0.58	MSF	Microsoft	Pair Corr
0.57	MSF	Microsoft	Pair Corr
0.57	MSF	Microsoft	Pair Corr

Related Correlations Analysis

	FOS	SNB1	TGE1	1ZG	CI1A	UR3	SIT4	4C6
FOS		0.42	-0.66	-0.28	-0.06	0.21	0.05	-0.25	FOS
SNB1	0.42		-0.25	0.12	-0.62	-0.62	0.83	0.25	SNB1
TGE1	-0.66	-0.25		0.62	-0.01	-0.39	0.13	0.47	TGE1
1ZG	-0.28	0.12	0.62		-0.17	-0.43	0.23	0.64	1ZG
CI1A	-0.06	-0.62	-0.01	-0.17		0.53	-0.62	-0.26	CI1A
UR3	0.21	-0.62	-0.39	-0.43	0.53		-0.8	-0.66	UR3
SIT4	0.05	0.83	0.13	0.23	-0.62	-0.8		0.29	SIT4
4C6	-0.25	0.25	0.47	0.64	-0.26	-0.66	0.29		4C6
	FOS	SNB1	TGE1	1ZG	CI1A	UR3	SIT4	4C6

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

SIT4	+ 0.83	SNB1
4C6	+ 0.64	1ZG
1ZG	+ 0.62	TGE1
UR3	+ 0.53	CI1A
4C6	+ 0.47	TGE1
SNB1	+ 0.42	FOS

High negative correlations

SIT4	- 0.8	UR3
4C6	- 0.66	UR3
TGE1	- 0.66	FOS
SIT4	- 0.62	CI1A
UR3	- 0.62	SNB1
CI1A	- 0.62	SNB1

Risk-Adjusted Indicators

There is a big difference between Textron Stock performing well and Textron 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 Textron'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
FOS	1.41	(0.16)	0.00	(2.48)	0.00	0.00	3.17	(3.12)	11.63
SNB1	2.54	0.01	(0.01)	0.09	3.42	(2.87)	4.95	(4.55)	19.91
TGE1	0.99	0.28	0.16	(12.74)	0.80	(1.23)	2.03	(1.85)	13.26
1ZG	2.16	0.24	0.05	(0.79)	2.26	(2.61)	4.41	(3.68)	11.82
CI1A	2.19	0.00	(0.01)	0.10	3.03	(2.72)	4.38	(5.42)	16.45
UR3	1.31	(0.27)	0.00	(159.74)	0.00	0.00	2.05	(3.51)	8.76
SIT4	1.26	0.10	0.02	0.84	1.30	(1.72)	2.91	(2.47)	7.81
4C6	1.91	0.44	0.00	(0.29)	0.00	0.00	9.09	(8.33)	19.09

Be your own money manager

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