KAR Auction Correlations

XKR Stock

EUR 19.50 0.20 1.02%

The current 90-days correlation between KAR Auction Services and Etsy Inc is 0.14 (i.e., Average diversification). The correlation of KAR Auction 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.

KAR Auction Correlation With Market

Good diversification

The correlation between KAR Auction Services 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 KAR Auction Services and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with KAR Stock

0.9	OM6	OReilly Automotive	Pair Corr
0.83	AZ5	AutoZone	Pair Corr
0.69	34U	Ulta Beauty	Pair Corr
0.77	3E2	Etsy Inc	Pair Corr
0.92	IUI1	Intuitive Surgical Earnings Call This Week	Pair Corr
0.66	ROW	TEXAS ROADHOUSE	Pair Corr
0.92	TL0	Tesla Inc Earnings Call This Week	Pair Corr
0.62	CEK	CEOTRONICS Dusseldorf	Pair Corr
0.86	FAA	FABASOFT Dusseldorf	Pair Corr
0.88	3RKU	RYOHIN UNSPADR/1	Pair Corr
0.77	SNQB	SANOMA Dusseldorf	Pair Corr
0.74	3BZ	Bank of Zhengzhou	Pair Corr
0.77	DDN	Darden Restaurants	Pair Corr
0.84	OD7B	ETFS Coffee ETC	Pair Corr
0.76	APC	Apple Inc	Pair Corr
0.77	NTOA	Nintendo	Pair Corr
0.76	SDP	Summit Hotel Properties	Pair Corr
0.89	BN9	Bank of New York Mellon	Pair Corr
0.66	CFC	UET United Electronic	Pair Corr

Moving against KAR Stock

0.84	BYRA	BANK RAKYAT IND	Pair Corr
0.83	PQ9	BANK MANDIRI	Pair Corr
0.83	PQ9	BANK MANDIRI	Pair Corr
0.83	BYRA	PT Bank Rakyat	Pair Corr
0.8	PQ9	PT Bank Mandiri	Pair Corr
0.79	BYRA	BANK RAKYAT IND	Pair Corr
0.78	PQ9	BANK MANDIRI	Pair Corr
0.63	BYRA	PT Bank Rakyat	Pair Corr
0.62	PTI	Perusahaan Perseroan	Pair Corr
0.55	MLB1	MercadoLibre	Pair Corr
0.49	BUY	Best Buy	Pair Corr
0.4	TCID	Telkom Indonesia Tbk	Pair Corr

Related Correlations Analysis

	MLB1	OM6	AZ5	TR4	34U	GPT	BUY	3E2	6F1
MLB1		-0.34	-0.58	0.11	-0.68	0.21	0.33	-0.4	-0.48	MLB1
OM6	-0.34		0.85	0.4	0.61	0.24	-0.33	0.8	0.52	OM6
AZ5	-0.58	0.85		0.29	0.86	0.06	-0.4	0.79	0.72	AZ5
TR4	0.11	0.4	0.29		0.05	0.65	0.41	0.32	0.22	TR4
34U	-0.68	0.61	0.86	0.05		-0.16	-0.42	0.72	0.84	34U
GPT	0.21	0.24	0.06	0.65	-0.16		0.5	0.1	0.02	GPT
BUY	0.33	-0.33	-0.4	0.41	-0.42	0.5		-0.44	-0.23	BUY
3E2	-0.4	0.8	0.79	0.32	0.72	0.1	-0.44		0.75	3E2
6F1	-0.48	0.52	0.72	0.22	0.84	0.02	-0.23	0.75		6F1
	MLB1	OM6	AZ5	TR4	34U	GPT	BUY	3E2	6F1

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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

34U	+ 0.86	AZ5
AZ5	+ 0.85	OM6
6F1	+ 0.84	34U
3E2	+ 0.8	OM6
3E2	+ 0.79	AZ5
6F1	+ 0.75	3E2

High negative correlations

34U	- 0.68	MLB1
AZ5	- 0.58	MLB1
6F1	- 0.48	MLB1
3E2	- 0.44	BUY
BUY	- 0.42	34U
BUY	- 0.4	AZ5

Risk-Adjusted Indicators

There is a big difference between KAR Stock performing well and KAR Auction 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 KAR Auction'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
MLB1	2.35	(0.02)	0.00	(0.09)	0.00	0.00	3.81	(3.64)	19.16
OM6	1.00	0.12	0.11	2.57	0.98	(1.15)	2.18	(1.88)	5.97
AZ5	0.94	0.14	0.17	2.16	0.71	(1.21)	2.23	(1.60)	9.99
TR4	1.51	0.00	0.00	0.00	1.81	(1.67)	4.79	(3.76)	9.82
34U	1.70	0.31	0.16	3.06	1.60	(1.94)	3.99	(2.96)	16.51
GPT	1.57	(0.05)	0.00	(0.30)	0.00	0.00	3.63	(2.30)	23.22
BUY	1.30	(0.14)	0.00	0.43	0.00	0.00	2.90	(2.96)	9.37
3E2	1.95	0.22	0.09	0.34	2.18	(2.16)	3.87	(4.06)	17.72
6F1	2.61	0.17	0.06	(0.93)	2.85	(3.14)	5.24	(4.77)	16.83

Be your own money manager

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