Textron Correlations

TXT Stock

79.90 0.64 0.79%

The current 90-days correlation between Textron and Westinghouse Air Brake is -0.04 (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

Significant diversification

The correlation between Textron and DJI is 0.09 (i.e., Significant 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

0.76	W5E	Peel Mining Limited	Pair Corr
0.66	BBZA	BB Biotech AG	Pair Corr
0.67	BBZA	BB Biotech AG	Pair Corr
0.63	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Textron Stock

0.84	3HB	HYBRIGENICS A	Pair Corr
0.68	4OV	Iron Road Limited	Pair Corr
0.68	DBPD	Xtrackers ShortDAX	Pair Corr
0.64	MSF	Microsoft	Pair Corr
0.51	MSF	Microsoft	Pair Corr
0.51	MSF	Microsoft	Pair Corr
0.5	MSF	Microsoft	Pair Corr
0.38	APC	Apple Inc	Pair Corr
0.37	APC	Apple Inc	Pair Corr
0.32	APC	Apple Inc	Pair Corr
0.31	APC	Apple Inc	Pair Corr

Related Correlations Analysis

	WB2	9M50	6CF	AXL1	07M	WI20	JJ1	AFR0
WB2		0.56	-0.01	0.33	0.56	0.48	0.22	0.18	WB2
9M50	0.56		0.0	0.68	0.48	0.69	0.58	0.5	9M50
6CF	-0.01	0.0		-0.05	0.04	0.03	-0.14	-0.24	6CF
AXL1	0.33	0.68	-0.05		0.55	0.83	0.58	0.62	AXL1
07M	0.56	0.48	0.04	0.55		0.63	0.05	0.22	07M
WI20	0.48	0.69	0.03	0.83	0.63		0.59	0.71	WI20
JJ1	0.22	0.58	-0.14	0.58	0.05	0.59		0.69	JJ1
AFR0	0.18	0.5	-0.24	0.62	0.22	0.71	0.69		AFR0
	WB2	9M50	6CF	AXL1	07M	WI20	JJ1	AFR0

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

WI20	+ 0.83	AXL1
AFR0	+ 0.71	WI20
WI20	+ 0.69	9M50
AFR0	+ 0.69	JJ1
AXL1	+ 0.68	9M50
WI20	+ 0.63	07M

High negative correlations

AFR0	- 0.24	6CF
JJ1	- 0.14	6CF
AXL1	- 0.05	6CF
6CF	- 0.01	WB2
6CF	- 0.0	9M50

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
WB2	1.12	0.26	0.13	(0.71)	0.95	(1.39)	2.47	(1.82)	6.13
9M50	3.63	0.57	0.11	7.82	3.76	(4.62)	8.87	(6.18)	20.13
6CF	1.18	0.04	(0.02)	1.23	1.42	(1.50)	2.51	(2.36)	7.99
AXL1	0.83	0.08	0.00	1.67	1.49	(0.81)	1.72	(1.63)	8.76
07M	2.19	0.43	0.04	(0.61)	2.45	(8.41)	8.33	(7.14)	19.22
WI20	2.87	0.30	0.03	(0.30)	3.91	(3.40)	7.25	(6.76)	28.25
JJ1	0.69	(0.05)	0.00	(0.13)	0.00	0.00	1.31	(2.44)	9.51
AFR0	1.96	0.11	0.01	0.97	2.92	(2.30)	4.02	(3.34)	17.80

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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