WESTERN DIGITAL Correlations

WDC Stock

EUR 68.05 0.14 0.21%

The current 90-days correlation between WESTERN DIGITAL and SEALED AIR is 0.05 (i.e., Significant diversification). The correlation of WESTERN DIGITAL 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.

WESTERN DIGITAL Correlation With Market

Weak diversification

The correlation between WESTERN DIGITAL and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WESTERN DIGITAL and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with WESTERN Stock

0.71	APC	Apple Inc	Pair Corr
0.72	APC	Apple Inc	Pair Corr
0.72	APC	Apple Inc	Pair Corr
0.74	APC	Apple Inc	Pair Corr
0.66	MSF	Microsoft	Pair Corr
0.66	MSF	Microsoft	Pair Corr
0.67	MSF	Microsoft	Pair Corr
0.68	MSF	Microsoft	Pair Corr
0.66	MSF	Microsoft	Pair Corr
0.64	AMZ	Amazon Inc	Pair Corr
0.68	KBIA	KB Financial Group	Pair Corr
0.66	SID	State Bank	Pair Corr
0.65	W8V	Bank of China Limited	Pair Corr
0.72	E908	Lyxor 1	Pair Corr

Moving against WESTERN Stock

0.69	DBPD	Xtrackers ShortDAX	Pair Corr
0.67	TKDA	Takeda Pharmaceutical	Pair Corr
0.47	OIX	ORIX	Pair Corr
0.47	OIXA	Orix Corp Ads	Pair Corr

Related Correlations Analysis

	SDA	55O1	9M5	BZU	ALK	6C2	FRI	HKT
SDA		0.59	0.57	0.21	0.83	0.67	0.75	0.76	SDA
55O1	0.59		-0.03	0.32	0.79	0.64	0.87	0.73	55O1
9M5	0.57	-0.03		-0.1	0.37	0.38	0.24	0.26	9M5
BZU	0.21	0.32	-0.1		0.2	0.44	0.33	0.21	BZU
ALK	0.83	0.79	0.37	0.2		0.64	0.95	0.82	ALK
6C2	0.67	0.64	0.38	0.44	0.64		0.72	0.62	6C2
FRI	0.75	0.87	0.24	0.33	0.95	0.72		0.83	FRI
HKT	0.76	0.73	0.26	0.21	0.82	0.62	0.83		HKT
	SDA	55O1	9M5	BZU	ALK	6C2	FRI	HKT

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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

FRI	+ 0.95	ALK
FRI	+ 0.87	55O1
ALK	+ 0.83	SDA
HKT	+ 0.83	FRI
HKT	+ 0.82	ALK
ALK	+ 0.79	55O1

High negative correlations

BZU	- 0.1	9M5
9M5	- 0.03	55O1

Risk-Adjusted Indicators

There is a big difference between WESTERN Stock performing well and WESTERN DIGITAL 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 WESTERN DIGITAL'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
SDA	1.28	0.07	0.02	0.23	1.48	(1.53)	2.67	(2.56)	9.03
55O1	0.73	0.09	0.01	0.40	0.62	(0.84)	1.84	(1.08)	4.25
9M5	2.91	0.30	0.01	(0.18)	3.65	(3.39)	5.76	(6.62)	15.22
BZU	0.92	0.01	(0.02)	0.17	1.23	(3.42)	3.45	(3.33)	6.90
ALK	1.66	0.71	0.35	(2.32)	1.01	(2.05)	3.88	(2.67)	11.41
6C2	2.85	0.25	0.02	(0.40)	3.54	(3.69)	5.99	(4.66)	22.48
FRI	1.50	0.48	0.27	0.77	1.11	(1.73)	4.15	(2.66)	10.42
HKT	0.49	0.02	(0.06)	2.71	0.63	(1.63)	1.64	(1.61)	3.31

Be your own money manager

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