| WFC-PD Preferred Stock | | | 19.24 0.02 0.10% |
The current 90-days correlation between Wells Fargo and JPMorgan Chase Co is 0.83 (i.e., Very poor diversification). The correlation of Wells Fargo 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.
Wells Fargo Correlation With Market
Significant diversification
The correlation between Wells Fargo and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wells Fargo and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Wells Fargo could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Wells Fargo 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 Wells Fargo - 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 Wells Fargo to buy it.
Moving together with Wells Preferred Stock
Moving against Wells Preferred Stock
Related Correlations Analysis
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Wells Fargo Corporate Management