GELSENWASSER Correlations

WWG Stock

EUR 520.00 5.00 0.95%

The current 90-days correlation between GELSENWASSER and Penn National Gaming is -0.05 (i.e., Good diversification). The correlation of GELSENWASSER 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.

GELSENWASSER Correlation With Market

Good diversification

The correlation between GELSENWASSER and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GELSENWASSER and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with GELSENWASSER Stock

0.84	CXT	Carmat SA	Pair Corr
0.74	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against GELSENWASSER Stock

0.74	DBPE	Xtrackers LevDAX	Pair Corr
0.66	27J	Impinj Inc	Pair Corr
0.63	27J	Impinj Inc	Pair Corr
0.6	AMZ	Amazon Inc	Pair Corr
0.56	APC	Apple Inc	Pair Corr
0.56	APC	Apple Inc	Pair Corr
0.55	APC	Apple Inc	Pair Corr
0.55	ADH2	Air Canada	Pair Corr
0.51	APC	Apple Inc	Pair Corr
0.47	E908	Lyxor 1	Pair Corr
0.45	MSF	Microsoft	Pair Corr
0.43	MSF	Microsoft	Pair Corr
0.43	MSF	Microsoft	Pair Corr
0.43	MSF	Microsoft	Pair Corr
0.42	MSF	Microsoft	Pair Corr

Related Correlations Analysis

	BL1	PN1	ALK	H3M	M8G	GIFN	H3M	52SA
BL1		-0.56	-0.59	-0.48	-0.64	-0.56	-0.48	-0.51	BL1
PN1	-0.56		0.78	0.54	0.83	0.81	0.5	0.26	PN1
ALK	-0.59	0.78		0.76	0.86	0.93	0.75	0.38	ALK
H3M	-0.48	0.54	0.76		0.62	0.65	0.99	0.04	H3M
M8G	-0.64	0.83	0.86	0.62		0.83	0.6	0.46	M8G
GIFN	-0.56	0.81	0.93	0.65	0.83		0.62	0.29	GIFN
H3M	-0.48	0.5	0.75	0.99	0.6	0.62		0.04	H3M
52SA	-0.51	0.26	0.38	0.04	0.46	0.29	0.04		52SA
	BL1	PN1	ALK	H3M	M8G	GIFN	H3M	52SA

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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

H3M	+ 0.99	H3M
GIFN	+ 0.93	ALK
M8G	+ 0.86	ALK
M8G	+ 0.83	PN1
GIFN	+ 0.83	M8G
GIFN	+ 0.81	PN1

High negative correlations

M8G	- 0.64	BL1
ALK	- 0.59	BL1
GIFN	- 0.56	BL1
PN1	- 0.56	BL1
52SA	- 0.51	BL1
H3M	- 0.48	BL1

Risk-Adjusted Indicators

There is a big difference between GELSENWASSER Stock performing well and GELSENWASSER 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 GELSENWASSER'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
BL1	2.91	(0.50)	0.00	(0.31)	0.00	0.00	7.32	(8.51)	17.81
PN1	1.98	0.31	0.06	(0.51)	2.06	(2.13)	4.62	(3.71)	13.23
ALK	1.66	0.56	0.36	0.64	1.00	(2.05)	3.88	(2.67)	11.41
H3M	2.78	0.16	0.03	0.48	3.20	(3.00)	7.62	(5.24)	16.69
M8G	2.52	0.41	0.10	5.62	2.57	(3.02)	5.74	(4.88)	15.99
GIFN	1.23	0.27	0.08	(1.96)	1.08	(1.89)	3.57	(1.74)	10.24
H3M	2.81	0.23	0.04	1.07	3.08	(3.26)	6.73	(5.30)	18.20
52SA	1.93	0.57	0.31	1.33	1.09	(2.35)	3.50	(2.25)	32.73

Be your own money manager

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