055451AZ1 Correlations

055451AZ1

100.71 0.60 0.60%

The current 90-days correlation between BHP 475 28 and AEP TEX INC is 0.01 (i.e., Significant diversification). The correlation of 055451AZ1 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.

055451AZ1 Correlation With Market

Significant diversification

The correlation between BHP 475 28 FEB 28 and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BHP 475 28 FEB 28 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 055451AZ1 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 055451AZ1 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 055451AZ1 - 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 BHP 475 28 FEB 28 to buy it.

Moving together with 055451AZ1 Bond

0.77	JNJ	Johnson Johnson	Pair Corr
0.64	HPQ	HP Inc	Pair Corr
0.66	TRV	The Travelers Companies	Pair Corr
0.7	VZ	Verizon Communications	Pair Corr
0.68	AA	Alcoa Corp	Pair Corr
0.66	KO	Coca Cola Earnings Call This Week	Pair Corr

Moving against 055451AZ1 Bond

0.71	LPTH	LightPath Technologies Earnings Call This Week	Pair Corr
0.6	BA	Boeing	Pair Corr
0.45	GILT	Gilat Satellite Networks	Pair Corr
0.42	BAMXF	Bayerische Motoren Werke	Pair Corr
0.31	V	Visa Class A	Pair Corr

Related Correlations Analysis

	00108WAF7	90331HPL1	RELIW	BAMXF	OILCF	V	GILT	CHKP	GILD	VLY
00108WAF7		-0.12	-0.03	-0.13	0.07	-0.09	-0.06	0.22	0.0	0.34	00108WAF7
90331HPL1	-0.12		0.41	-0.12	-0.23	-0.41	-0.56	-0.45	-0.34	-0.2	90331HPL1
RELIW	-0.03	0.41		-0.35	0.07	-0.22	-0.39	-0.27	-0.31	0.09	RELIW
BAMXF	-0.13	-0.12	-0.35		-0.33	0.14	0.48	0.49	0.17	-0.36	BAMXF
OILCF	0.07	-0.23	0.07	-0.33		0.28	0.08	0.06	-0.03	0.11	OILCF
V	-0.09	-0.41	-0.22	0.14	0.28		0.75	0.55	0.7	0.27	V
GILT	-0.06	-0.56	-0.39	0.48	0.08	0.75		0.58	0.54	-0.06	GILT
CHKP	0.22	-0.45	-0.27	0.49	0.06	0.55	0.58		0.48	0.11	CHKP
GILD	0.0	-0.34	-0.31	0.17	-0.03	0.7	0.54	0.48		0.17	GILD
VLY	0.34	-0.2	0.09	-0.36	0.11	0.27	-0.06	0.11	0.17		VLY
	00108WAF7	90331HPL1	RELIW	BAMXF	OILCF	V	GILT	CHKP	GILD	VLY

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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

GILT	+ 0.75	V
GILD	+ 0.7	V
CHKP	+ 0.58	GILT
CHKP	+ 0.55	V
GILD	+ 0.54	GILT
CHKP	+ 0.49	BAMXF

High negative correlations

GILT	- 0.56	90331HPL1
CHKP	- 0.45	90331HPL1
V	- 0.41	90331HPL1
GILT	- 0.39	RELIW
VLY	- 0.36	BAMXF
BAMXF	- 0.35	RELIW

Risk-Adjusted Indicators

There is a big difference between 055451AZ1 Bond performing well and 055451AZ1 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 055451AZ1'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	0.18	0.03	(0.26)	2.23	(1.67)	5.43	(2.57)	15.90
90331HPL1	0.48	(0.02)	0.00	0.31	0.00	0.00	1.64	(1.87)	7.38
RELIW	23.09	3.54	0.11	(4.82)	23.07	(31.47)	48.76	(42.45)	213.63
BAMXF	1.82	0.02	(0.01)	0.20	2.08	(2.19)	4.21	(3.44)	10.15
OILCF	394.51	207.41	3.34	(2.42)	11.87	(1,356)	27.57	(21.87)	13,214
V	0.75	0.28	0.25	1.42	0.51	(0.89)	2.13	(1.15)	7.49
GILT	2.06	0.60	0.17	5.62	2.60	(2.47)	5.47	(3.12)	18.07
CHKP	1.28	0.05	0.01	0.14	2.86	(1.22)	2.71	(1.86)	14.86
GILD	1.00	0.13	0.05	0.51	1.35	(0.96)	1.94	(2.23)	10.79
VLY	1.55	0.15	0.06	0.31	1.85	(1.79)	3.99	(2.75)	17.36

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Our tools can tell you how much better you can do entering a position in 055451AZ1 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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