Hyundai Correlations

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The current 90-days correlation between Hyundai Capital America and Avient Corp is 0.1 (i.e., Average diversification). The correlation of Hyundai 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.

Hyundai Correlation With Market

Significant diversification

The correlation between Hyundai Capital America and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hyundai Capital America and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Hyundai Bond

0.61	WCC-PA	WESCO International	Pair Corr
0.53	AEM	Agnico Eagle Mines	Pair Corr
0.51	ORLY	OReilly Automotive	Pair Corr
0.43	MOH	Molina Healthcare	Pair Corr
0.43	NOK	Nokia Corp ADR Earnings Call This Week	Pair Corr
0.4	SJCP	SanJac Alpha Core	Pair Corr
0.38	002824BN9	ABBOTT LABS 475	Pair Corr
0.34	GRRR	Gorilla Technology Buyout Trend	Pair Corr
0.33	594918BM5	MICROSOFT P 475	Pair Corr
0.32	00108WAF7	AEP TEX INC	Pair Corr
0.65	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.6	SWSFX	Ultra Short Fixed	Pair Corr
0.59	RILEX	American Funds Inflation	Pair Corr
0.56	SGDM	Sprott Gold Miners	Pair Corr
0.56	MNCPX	Unconstrained Bond Series	Pair Corr
0.54	DODIX	Dodge Income	Pair Corr
0.53	EKWAX	Wells Fargo Advantage	Pair Corr
0.51	EUAD	Select STOXX Europe	Pair Corr
0.51	INIVX	International Investors	Pair Corr
0.51	BCRAX	Blackrock Corealpha Bond	Pair Corr
0.5	GRNB	VanEck Green Bond	Pair Corr
0.48	GLTR	abrdn Physical Precious	Pair Corr
0.37	PCCMX	Pimco Short Duration	Pair Corr

Related Correlations Analysis

	AVNT	BAK	MOLN	WETO	SCWTF	APD	UAN
AVNT		0.74	0.69	-0.12	0.0	0.8	0.79	AVNT
BAK	0.74		0.61	0.23	0.0	0.78	0.8	BAK
MOLN	0.69	0.61		-0.13	0.0	0.64	0.67	MOLN
WETO	-0.12	0.23	-0.13		0.0	-0.11	0.16	WETO
SCWTF	0.0	0.0	0.0	0.0		0.0	0.0	SCWTF
APD	0.8	0.78	0.64	-0.11	0.0		0.77	APD
UAN	0.79	0.8	0.67	0.16	0.0	0.77		UAN
	AVNT	BAK	MOLN	WETO	SCWTF	APD	UAN

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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

APD	+ 0.8	AVNT
UAN	+ 0.8	BAK
UAN	+ 0.79	AVNT
APD	+ 0.78	BAK
UAN	+ 0.77	APD
BAK	+ 0.74	AVNT

High negative correlations

WETO	- 0.13	MOLN
WETO	- 0.12	AVNT
APD	- 0.11	WETO
UAN	- 0.0	SCWTF
APD	- 0.0	SCWTF
SCWTF	- 0.0	WETO

Risk-Adjusted Indicators

There is a big difference between Hyundai Bond performing well and Hyundai 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 Hyundai'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
AVNT	1.95	(0.09)	(0.13)	3.54	(3.60)	18.82
BAK	3.19	(0.03)	(0.09)	6.08	(6.02)	24.13
MOLN	2.99	(0.25)	(1.03)	8.19	(7.53)	26.61
WETO	2.45	(0.05)	0.50	5.56	(5.26)	10.00
SCWTF	0.00	0.00	0.00	0.00	0.00	0.00
APD	1.25	(0.18)	20.44	2.38	(4.01)	9.92
UAN	1.34	(0.05)	(0.13)	3.38	(3.27)	12.78

Be your own money manager

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