Clearway Correlations
| 18539UAC9 | 97.26 2.55 2.55% |
The current 90-days correlation between Clearway Energy Operating and Sleep Number Corp is 0.1 (i.e., Average diversification). The correlation of Clearway 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.
Clearway Correlation With Market
Very good diversification
The correlation between Clearway Energy Operating and DJI is -0.45 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Clearway Energy Operating and DJI in the same portfolio, assuming nothing else is changed.
Clearway |
The ability to find closely correlated positions to Clearway could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Clearway 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 Clearway - 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 Clearway Energy Operating to buy it.
Moving against Clearway Bond
| 0.64 | EMIF | iShares Emerging Markets | PairCorr |
| 0.59 | GRBK | Green Brick Partners | PairCorr |
| 0.58 | MEXX | Direxion Daily MSCI | PairCorr |
| 0.57 | ABCB | Ameris Bancorp | PairCorr |
| 0.57 | WLK | Westlake Chemical | PairCorr |
| 0.56 | MEEEF | Metal Energy Corp | PairCorr |
| 0.55 | ALFVF | Alfa Laval AB | PairCorr |
| 0.52 | PRTS | CarPartsCom Earnings Call This Week | PairCorr |
| 0.52 | FNDA | Schwab Fundamental Small | PairCorr |
| 0.52 | FIEE | FiEE Inc Symbol Change | PairCorr |
| 0.51 | OXY | Occidental Petroleum | PairCorr |
| 0.49 | UEVM | VictoryShares Emerging | PairCorr |
| 0.47 | HEEM | iShares Currency Hedged | PairCorr |
| 0.45 | CMI | Cummins | PairCorr |
| 0.4 | FMFP | First Community Financial | PairCorr |
| 0.39 | BKCYF | Bank Of Cyprus Holdings P Normal Trading | PairCorr |
| 0.38 | SOJE | Southern Company | PairCorr |
| 0.37 | ESTA | Establishment Labs Earnings Call This Week | PairCorr |
| 0.33 | QTAP | Innovator Growth 100 | PairCorr |
| 0.64 | DXJ | WisdomTree Japan Hedged | PairCorr |
| 0.61 | PID | Invesco International | PairCorr |
| 0.6 | QLV | FlexShares Quality Low | PairCorr |
| 0.57 | JEPI | JPMorgan Equity Premium | PairCorr |
| 0.57 | JHBSX | John Hancock Bond | PairCorr |
| 0.57 | MBCAX | Mfs California Municipal | PairCorr |
| 0.55 | PFCJX | Pimco Preferred And | PairCorr |
| 0.53 | FILFX | Strategic Advisers | PairCorr |
| 0.52 | HGXIX | Hartford Global Impact | PairCorr |
| 0.52 | RNDLX | Rivernorthdoubleline | PairCorr |
| 0.51 | GSXPX | Goldman Sachs Small | PairCorr |
| 0.51 | FIOOX | Fidelity Series 1000 | PairCorr |
| 0.48 | NDASX | Nationwide Investor | PairCorr |
| 0.38 | AUMI | Themes Gold Miners | PairCorr |
| 0.38 | RFGTX | American Funds 2040 | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Clearway Bond performing well and Clearway 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 Clearway'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 | 1.38 | 0.02 | (0.01) | 0.14 | 2.23 | 3.89 | 12.47 | |||
| ALLO | 4.52 | 1.00 | 0.18 | 5.22 | 4.22 | 13.43 | 26.97 | |||
| HBB | 2.04 | 0.42 | 0.22 | 0.40 | 1.67 | 5.68 | 17.33 | |||
| WDKA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| SMFG | 1.24 | 0.32 | 0.21 | 0.39 | 1.21 | 2.90 | 11.75 | |||
| MOHCF | 0.05 | 0.02 | 0.00 | (0.59) | 0.00 | 0.00 | 1.77 | |||
| TEXG | 0.33 | 0.17 | 0.00 | (1.80) | 0.00 | 0.00 | 11.11 | |||
| TRTN-PC | 0.29 | 0.01 | (0.15) | 0.23 | 0.41 | 0.68 | 2.46 | |||
| SNBR | 4.83 | 1.23 | 0.24 | 3.94 | 4.26 | 13.66 | 27.96 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Clearway 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.Did you try this?
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