Volvo AB Correlations

VLVLY Stock

USD 25.66 0.03 0.12%

The current 90-days correlation between Volvo AB ADR and AB Volvo is 0.07 (i.e., Significant diversification). The correlation of Volvo AB 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Volvo AB Correlation With Market

Average diversification

The correlation between Volvo AB ADR and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Volvo AB ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Volvo Pink Sheet

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Related Correlations Analysis

	VOLAF	DE	HINOY	DTGHF	CMCO	HY	MTW	TEX	WNC	PCAR
VOLAF		-0.41	0.0	0.41	-0.58	0.84	0.16	0.48	0.04	-0.58	VOLAF
DE	-0.41		0.09	-0.56	0.7	-0.26	0.05	-0.1	0.21	0.52	DE
HINOY	0.0	0.09		0.06	-0.27	-0.06	-0.76	-0.64	-0.8	-0.51	HINOY
DTGHF	0.41	-0.56	0.06		-0.68	0.32	-0.11	0.07	-0.29	-0.45	DTGHF
CMCO	-0.58	0.7	-0.27	-0.68		-0.53	0.33	-0.03	0.55	0.78	CMCO
HY	0.84	-0.26	-0.06	0.32	-0.53		0.3	0.67	0.15	-0.37	HY
MTW	0.16	0.05	-0.76	-0.11	0.33	0.3		0.85	0.87	0.58	MTW
TEX	0.48	-0.1	-0.64	0.07	-0.03	0.67	0.85		0.72	0.26	TEX
WNC	0.04	0.21	-0.8	-0.29	0.55	0.15	0.87	0.72		0.66	WNC
PCAR	-0.58	0.52	-0.51	-0.45	0.78	-0.37	0.58	0.26	0.66		PCAR
	VOLAF	DE	HINOY	DTGHF	CMCO	HY	MTW	TEX	WNC	PCAR

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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

WNC	+ 0.87	MTW
TEX	+ 0.85	MTW
HY	+ 0.84	VOLAF
PCAR	+ 0.78	CMCO
WNC	+ 0.72	TEX
CMCO	+ 0.7	DE

High negative correlations

WNC	- 0.8	HINOY
MTW	- 0.76	HINOY
CMCO	- 0.68	DTGHF
TEX	- 0.64	HINOY
PCAR	- 0.58	VOLAF
CMCO	- 0.58	VOLAF

Risk-Adjusted Indicators

There is a big difference between Volvo Pink Sheet performing well and Volvo AB Company 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 Volvo AB'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
VOLAF	0.16	(0.07)	0.00	0.79	0.00	0.00	0.00	0.00	4.77
DE	1.29	0.17	0.11	0.64	1.27	(1.56)	3.59	(1.91)	12.01
HINOY	1.24	0.23	0.00	(0.23)	0.00	0.00	3.26	0.00	21.93
DTGHF	1.48	0.08	0.03	0.56	1.60	(2.05)	4.38	(2.86)	13.77
CMCO	1.38	0.04	0.03	0.07	1.55	(1.59)	3.74	(2.80)	12.30
HY	1.67	(0.29)	0.00	0.36	0.00	0.00	3.18	(3.69)	17.87
MTW	2.32	(0.07)	0.00	(0.04)	0.00	0.00	5.49	(4.01)	20.32
TEX	1.75	(0.23)	0.00	(0.26)	0.00	0.00	2.76	(3.93)	16.47
WNC	1.84	(0.18)	0.00	(0.36)	0.00	0.00	3.03	(4.07)	12.44
PCAR	1.24	0.07	0.04	0.14	1.51	(1.33)	2.35	(2.64)	10.82

Be your own money manager

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