CSLAU Correlations

12661PAB5

96.19 0.48 0.50%

The current 90-days correlation between CSLAU 405 27 and Hafnia Limited is 0.02 (i.e., Significant diversification). The correlation of CSLAU 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.

CSLAU Correlation With Market

Significant diversification

The correlation between CSLAU 405 27 APR 29 and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CSLAU 405 27 APR 29 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to CSLAU could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CSLAU 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 CSLAU - 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 CSLAU 405 27 APR 29 to buy it.

Moving together with CSLAU Bond

0.74	HPQ	HP Inc	Pair Corr
0.66	TRV	The Travelers Companies	Pair Corr
0.75	AA	Alcoa Corp	Pair Corr
0.75	INTC	Intel	Pair Corr

Moving against CSLAU Bond

0.78	BA	Boeing	Pair Corr
0.7	GILT	Gilat Satellite Networks	Pair Corr
0.67	LPTH	LightPath Technologies Earnings Call This Week	Pair Corr
0.65	BAMXF	Bayerische Motoren Werke	Pair Corr
0.61	CHKP	Check Point Software Earnings Call This Week	Pair Corr
0.52	MMM	3M Company	Pair Corr
0.47	AXP	American Express	Pair Corr
0.43	CSCO	Cisco Systems	Pair Corr
0.39	IBM	International Business Tech Boost	Pair Corr
0.35	JPM	JPMorgan Chase	Pair Corr
0.34	V	Visa Class A	Pair Corr
0.32	GILD	Gilead Sciences Earnings Call This Week	Pair Corr

Related Correlations Analysis

	HAFN	MESA	LUV	ODFL	SAIA	LTM	RYAAY	CHKIF
HAFN		0.37	0.06	-0.58	-0.65	-0.3	-0.44	0.07	HAFN
MESA	0.37		0.49	-0.75	-0.47	-0.02	-0.2	0.47	MESA
LUV	0.06	0.49		-0.3	0.01	0.09	-0.16	0.77	LUV
ODFL	-0.58	-0.75	-0.3		0.88	0.04	0.2	-0.41	ODFL
SAIA	-0.65	-0.47	0.01	0.88		0.21	0.21	-0.1	SAIA
LTM	-0.3	-0.02	0.09	0.04	0.21		0.64	0.16	LTM
RYAAY	-0.44	-0.2	-0.16	0.2	0.21	0.64		-0.17	RYAAY
CHKIF	0.07	0.47	0.77	-0.41	-0.1	0.16	-0.17		CHKIF
	HAFN	MESA	LUV	ODFL	SAIA	LTM	RYAAY	CHKIF

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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

SAIA	+ 0.88	ODFL
CHKIF	+ 0.77	LUV
RYAAY	+ 0.64	LTM
LUV	+ 0.49	MESA
CHKIF	+ 0.47	MESA
MESA	+ 0.37	HAFN

High negative correlations

ODFL	- 0.75	MESA
SAIA	- 0.65	HAFN
ODFL	- 0.58	HAFN
SAIA	- 0.47	MESA
RYAAY	- 0.44	HAFN
CHKIF	- 0.41	ODFL

Risk-Adjusted Indicators

There is a big difference between CSLAU Bond performing well and CSLAU 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 CSLAU'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
HAFN	2.17	(0.10)	0.00	0.37	0.00	0.00	4.97	(3.40)	12.74
MESA	2.95	0.61	0.14	21.00	3.00	(3.87)	9.80	(5.30)	23.87
LUV	1.27	0.11	0.02	1.26	1.44	(1.29)	2.75	(2.30)	7.88
ODFL	1.50	(0.07)	0.00	(0.05)	0.00	0.00	2.53	(3.39)	15.02
SAIA	2.20	0.24	0.10	0.43	2.09	(2.64)	3.84	(4.04)	18.12
LTM	1.13	0.14	0.03	(5.85)	1.36	(1.19)	2.35	(2.41)	6.43
RYAAY	1.55	0.11	0.03	0.38	1.67	(1.70)	4.29	(2.89)	8.97
CHKIF	1.62	0.39	0.00	(11.22)	0.00	0.00	4.55	(2.17)	35.19

Be your own money manager

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