ZIMMER Correlations

98956PAH5   84.79  0.25  0.29%   
The current 90-days correlation between ZIMMER BIOMET HLDGS and AEP TEX INC is 0.06 (i.e., Significant diversification). The correlation of ZIMMER 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.

ZIMMER Correlation With Market

ZIMMERDowDiversified AwayZIMMERDowDiversified Away100%

Weak diversification

The correlation between ZIMMER BIOMET HLDGS and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ZIMMER BIOMET HLDGS and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ZIMMER could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ZIMMER 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 ZIMMER - 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 ZIMMER BIOMET HLDGS to buy it.

Moving against ZIMMER Bond

  0.58AE Adams Resources EnergyPairCorr
  0.41SMCX Defiance Daily Target TrendingPairCorr
  0.39VONG Vanguard Russell 1000PairCorr
  0.38SCHG Schwab Large CapPairCorr
  0.36QQQ Invesco QQQ TrustPairCorr
  0.35PLTR Palantir TechnologiesPairCorr
  0.49CGLBX Six Circles GlobalPairCorr
  0.34DINAX Global Fixed IncomePairCorr

Related Correlations Analysis

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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   
NTESHQGE
NTESQETA
OXLCGLXZ
HQGEQETA
GLXZQETA
NTESOXLC
  
High negative correlations   
HQGE00108WAF7
NTES00108WAF7
HGYN00108WAF7
QETA00108WAF7
WALRF00108WAF7
OXLC00108WAF7

Risk-Adjusted Indicators

There is a big difference between ZIMMER Bond performing well and ZIMMER 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 ZIMMER'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
00108WAF7  0.83 (0.05) 0.00 (0.14) 0.00 
 1.46 
 5.16 
QETA  0.23  0.02  0.02  0.90  0.29 
 0.76 
 3.02 
GLXZ  0.69  0.00  0.00  0.03  0.84 
 1.83 
 3.64 
OXLC  0.38  0.01  0.01  0.04  0.41 
 1.01 
 2.20 
HQGE  36.73  14.96  0.22 (4.34) 19.31 
 100.00 
 480.00 
HGYN  25.28  5.87  0.15  9.06  23.36 
 87.69 
 161.73 
NTES  1.84  0.46  0.21  1.28  1.70 
 3.95 
 15.03 
CMCM  4.17  0.59  0.11  0.22  5.16 
 9.67 
 33.86 
WALRF  16.82  3.45  0.16 (0.41) 15.18 
 47.50 
 177.52 

Be your own money manager

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