Washington Federal Correlations

WAFDP Preferred Stock

USD 16.54 0.08 0.48%

The current 90-days correlation between Washington Federal and ConnectOne Bancorp is -0.06 (i.e., Good diversification). The correlation of Washington Federal 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.

Washington Federal Correlation With Market

Very weak diversification

The correlation between Washington Federal and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Washington Federal and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Washington Preferred Stock

0.72	PNC	PNC Financial Services	Pair Corr
0.66	YASKY	Yaskawa Electric Corp	Pair Corr
0.81	CNOB	ConnectOne Bancorp Earnings Call This Week	Pair Corr
0.61	DCI	Donaldson	Pair Corr
0.61	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.72	BKKLY	Bangkok Bank PCL	Pair Corr
0.75	SFST	Southern First Bancshares	Pair Corr
0.65	SEBC	Southeastern Banking Corp	Pair Corr
0.64	SBSW	Sibanye Gold	Pair Corr

Moving against Washington Preferred Stock

0.79	744448CX7	XEL 45 01	Pair Corr
0.78	CDIV	Cascadia Investments	Pair Corr
0.76	ROBOF	RoboGroup TEK	Pair Corr
0.5	IBN	ICICI Bank Limited	Pair Corr
0.56	GRLF	Green Leaf Innovations	Pair Corr
0.44	20030NDW8	CMCSA 2987 01	Pair Corr
0.4	PKKFF	Tenet Fintech Group	Pair Corr

Related Correlations Analysis

	CNOB	BY	RBCAA	STBA	BFC	MBIN	FRME	QCRH	PFBC	DCOM
CNOB		0.98	0.94	0.92	0.8	0.93	0.96	0.96	0.62	0.98	CNOB
BY	0.98		0.95	0.9	0.77	0.95	0.97	0.95	0.62	0.97	BY
RBCAA	0.94	0.95		0.91	0.84	0.92	0.93	0.9	0.66	0.93	RBCAA
STBA	0.92	0.9	0.91		0.78	0.86	0.9	0.93	0.63	0.9	STBA
BFC	0.8	0.77	0.84	0.78		0.74	0.72	0.75	0.32	0.78	BFC
MBIN	0.93	0.95	0.92	0.86	0.74		0.94	0.91	0.65	0.9	MBIN
FRME	0.96	0.97	0.93	0.9	0.72	0.94		0.92	0.72	0.95	FRME
QCRH	0.96	0.95	0.9	0.93	0.75	0.91	0.92		0.61	0.95	QCRH
PFBC	0.62	0.62	0.66	0.63	0.32	0.65	0.72	0.61		0.56	PFBC
DCOM	0.98	0.97	0.93	0.9	0.78	0.9	0.95	0.95	0.56		DCOM
	CNOB	BY	RBCAA	STBA	BFC	MBIN	FRME	QCRH	PFBC	DCOM

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Risk-Adjusted Indicators

There is a big difference between Washington Preferred Stock performing well and Washington Federal 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 Washington Federal'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
CNOB	1.22	0.19	0.14	0.30	0.96	(1.48)	3.61	(1.83)	9.27
BY	1.04	0.16	0.13	0.24	0.92	(1.24)	2.71	(1.66)	7.03
RBCAA	1.18	0.03	0.02	0.10	1.33	(1.43)	3.24	(2.43)	9.56
STBA	1.22	0.14	0.07	0.26	1.38	(1.43)	2.62	(2.81)	9.17
BFC	1.29	0.04	0.03	0.11	1.38	(1.53)	3.17	(2.26)	6.23
MBIN	1.48	0.06	0.04	0.11	1.81	(1.53)	3.89	(2.97)	8.63
FRME	1.06	0.01	0.01	0.09	1.28	(1.13)	2.08	(1.59)	8.32
QCRH	1.13	0.17	0.12	0.26	1.17	(1.27)	2.83	(1.74)	8.45
PFBC	1.19	(0.19)	0.00	(0.22)	0.00	0.00	2.42	(2.14)	12.44
DCOM	1.44	0.25	0.16	0.28	1.32	(1.79)	3.51	(2.56)	11.73

Be your own money manager

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