683720AA4 Correlations

683720AA4

88.75 2.99 3.26%

The current 90-days correlation between Open Text and AEP TEX INC is 0.12 (i.e., Average diversification). The correlation of 683720AA4 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.

683720AA4 Correlation With Market

Significant diversification

The correlation between Open Text and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Open Text and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 683720AA4 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 683720AA4 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 683720AA4 - 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 Open Text to buy it.

Moving against 683720AA4 Bond

0.79	NFLX	Netflix Fiscal Year End 28th of January 2025	Pair Corr
0.73	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.72	BMYMP	Bristol Myers Squibb	Pair Corr
0.71	EOS	Eaton Vance Enhanced	Pair Corr
0.7	STR	Sitio Royalties Corp	Pair Corr
0.68	ETH	Grayscale Ethereum Mini	Pair Corr
0.63	AMGIX	Income Growth	Pair Corr
0.58	FDS	FactSet Research Systems	Pair Corr
0.52	DDD	3D Systems	Pair Corr
0.47	AUR	Aurora Innovation Sell-off Trend	Pair Corr
0.46	GAPIX	Goldman Sachs Equity	Pair Corr
0.38	CIADY	China Mengniu Dairy	Pair Corr

Related Correlations Analysis

	00108WAF7	90331HPL1	FDS	GARPF	CIADY	STR	UDR	NFLX	PLTR	ESRT
00108WAF7		-0.04	-0.06	-0.07	-0.15	-0.06	0.18	-0.07	-0.09	-0.06	00108WAF7
90331HPL1	-0.04		-0.17	0.24	0.09	-0.32	-0.21	-0.5	-0.36	0.02	90331HPL1
FDS	-0.06	-0.17		0.58	0.55	0.7	0.2	0.79	0.86	0.5	FDS
GARPF	-0.07	0.24	0.58		0.62	0.19	-0.13	0.26	0.3	0.6	GARPF
CIADY	-0.15	0.09	0.55	0.62		0.44	-0.35	0.42	0.48	0.35	CIADY
STR	-0.06	-0.32	0.7	0.19	0.44		-0.07	0.83	0.87	0.29	STR
UDR	0.18	-0.21	0.2	-0.13	-0.35	-0.07		0.04	0.07	0.18	UDR
NFLX	-0.07	-0.5	0.79	0.26	0.42	0.83	0.04		0.95	0.22	NFLX
PLTR	-0.09	-0.36	0.86	0.3	0.48	0.87	0.07	0.95		0.24	PLTR
ESRT	-0.06	0.02	0.5	0.6	0.35	0.29	0.18	0.22	0.24		ESRT
	00108WAF7	90331HPL1	FDS	GARPF	CIADY	STR	UDR	NFLX	PLTR	ESRT

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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

PLTR	+ 0.95	NFLX
PLTR	+ 0.87	STR
PLTR	+ 0.86	FDS
NFLX	+ 0.83	STR
NFLX	+ 0.79	FDS
STR	+ 0.7	FDS

High negative correlations

NFLX	- 0.5	90331HPL1
PLTR	- 0.36	90331HPL1
UDR	- 0.35	CIADY
STR	- 0.32	90331HPL1
UDR	- 0.21	90331HPL1
FDS	- 0.17	90331HPL1

Risk-Adjusted Indicators

There is a big difference between 683720AA4 Bond performing well and 683720AA4 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 683720AA4'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	1.31	0.12	0.01	0.73	1.60	(1.41)	3.24	(2.55)	10.75
90331HPL1	0.33	(0.03)	0.00	(0.13)	0.00	0.00	0.45	(0.85)	6.98
FDS	0.92	0.18	0.15	0.36	0.79	(1.06)	2.25	(1.45)	7.46
GARPF	1.38	0.32	0.00	(1.97)	0.00	0.00	4.76	(4.55)	32.62
CIADY	3.54	0.59	0.11	1.16	3.98	(4.14)	10.70	(6.20)	33.77
STR	1.51	0.04	0.01	0.15	1.71	(1.81)	3.96	(2.62)	8.57
UDR	0.93	0.06	(0.01)	0.27	1.02	(1.01)	2.08	(1.44)	5.53
NFLX	1.33	0.29	0.15	0.57	1.35	(1.46)	2.80	(2.47)	14.67
PLTR	2.56	0.96	0.47	0.52	1.43	(3.01)	8.61	(2.80)	30.33
ESRT	1.07	0.01	(0.02)	0.12	1.27	(1.10)	2.21	(2.31)	5.76

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Our tools can tell you how much better you can do entering a position in 683720AA4 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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