AVALONBAY Correlations

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The current 90-days correlation between AVALONBAY CMNTYS INC and AEP TEX INC is -0.18 (i.e., Good diversification). The correlation of AVALONBAY 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.

AVALONBAY Correlation With Market

Significant diversification

The correlation between AVALONBAY CMNTYS INC and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AVALONBAY CMNTYS INC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AVALONBAY Bond

0.62

DIS

Walt Disney Earnings Call This Week

Pair Corr

Moving against AVALONBAY Bond

0.61	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.44	GE	GE Aerospace	Pair Corr
0.36	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	00108WAF7	90331HPL1	BAMXF	CHKP	RELIW	LPTH	V	GILD	VLY	OILCF
00108WAF7		-0.03	-0.13	-0.2	-0.14	0.01	0.27	0.16	0.13	0.1	00108WAF7
90331HPL1	-0.03		-0.12	-0.39	0.41	-0.24	-0.33	-0.21	-0.1	-0.31	90331HPL1
BAMXF	-0.13	-0.12		0.56	-0.35	0.48	0.14	0.17	-0.32	-0.43	BAMXF
CHKP	-0.2	-0.39	0.56		-0.4	0.34	0.39	0.35	0.06	0.05	CHKP
RELIW	-0.14	0.41	-0.35	-0.4		-0.2	-0.21	-0.25	0.06	0.07	RELIW
LPTH	0.01	-0.24	0.48	0.34	-0.2		0.55	0.37	-0.57	0.05	LPTH
V	0.27	-0.33	0.14	0.39	-0.21	0.55		0.69	0.25	0.25	V
GILD	0.16	-0.21	0.17	0.35	-0.25	0.37	0.69		0.15	-0.03	GILD
VLY	0.13	-0.1	-0.32	0.06	0.06	-0.57	0.25	0.15		0.13	VLY
OILCF	0.1	-0.31	-0.43	0.05	0.07	0.05	0.25	-0.03	0.13		OILCF
	00108WAF7	90331HPL1	BAMXF	CHKP	RELIW	LPTH	V	GILD	VLY	OILCF

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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

GILD	+ 0.69	V
CHKP	+ 0.56	BAMXF
V	+ 0.55	LPTH
LPTH	+ 0.48	BAMXF
RELIW	+ 0.41	90331HPL1
V	+ 0.39	CHKP

High negative correlations

VLY	- 0.57	LPTH
OILCF	- 0.43	BAMXF
RELIW	- 0.4	CHKP
CHKP	- 0.39	90331HPL1
RELIW	- 0.35	BAMXF
V	- 0.33	90331HPL1

Risk-Adjusted Indicators

There is a big difference between AVALONBAY Bond performing well and AVALONBAY Corporate Bond 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 AVALONBAY'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
00108WAF7	1.53	0.13	0.02	1.16	2.23	(1.73)	5.47	(2.57)	15.94
90331HPL1	0.48	(0.02)	0.00	0.33	0.00	0.00	1.64	(1.87)	7.38
BAMXF	1.82	0.05	(0.02)	(0.16)	2.08	(2.19)	4.21	(3.44)	10.15
CHKP	1.29	0.05	0.01	0.17	2.90	(1.21)	2.71	(1.86)	15.33
RELIW	23.09	3.70	0.11	(1.46)	23.07	(31.47)	48.76	(42.45)	213.63
LPTH	4.13	1.02	0.18	(1.99)	3.97	(5.16)	12.58	(6.41)	35.98
V	0.75	0.27	0.22	1.57	0.52	(0.89)	2.13	(1.15)	7.49
GILD	1.00	0.12	0.04	0.50	1.35	(0.96)	1.94	(2.23)	10.79
VLY	1.60	0.08	0.02	0.23	1.93	(1.84)	3.99	(3.47)	17.36
OILCF	394.49	211.74	0.00	(1.87)	0.00	0.00	27.57	(3.49)	13,214

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