ELLINGTON FINL Correlations

1EL Stock

EUR 11.60 0.10 0.85%

The current 90-days correlation between ELLINGTON FINL INC and FIRST NATIONAL FIN is 0.1 (i.e., Average diversification). The correlation of ELLINGTON FINL 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.

ELLINGTON FINL Correlation With Market

Weak diversification

The correlation between ELLINGTON FINL INC and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ELLINGTON FINL INC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ELLINGTON Stock

0.76	07WA	Mr Cooper Group	Pair Corr
0.75	2UK	OSB GROUP PLC	Pair Corr
0.61	74O	ATRIUM MORTGAGE INVESTM	Pair Corr
0.75	HU3	Huntington Bancshares	Pair Corr
0.72	1DH	Clarkson PLC	Pair Corr
0.71	BKJ	Brinker International	Pair Corr
0.61	WD1	WD 40 CO	Pair Corr
0.74	IBM	International Business	Pair Corr
0.75	8KS	LUMI GRUPPEN AS	Pair Corr
0.72	2KD	Kinder Morgan	Pair Corr
0.79	J7Z	Jazz Pharmaceuticals plc	Pair Corr
0.79	ATR0	ATHENE HOLDING PRFSERC	Pair Corr
0.81	8CF	CLOUDFLARE INC A	Pair Corr
0.83	UFH	US Foods Holding	Pair Corr
0.78	MAQ	Marriott International	Pair Corr
0.81	DGS	Envela Corp	Pair Corr
0.82	MKL	Atea ASA	Pair Corr
0.78	51KB	AVITA Medical	Pair Corr

Moving against ELLINGTON Stock

0.74	D7GA	NEL ASA ADR30	Pair Corr
0.61	T77	LendingTree	Pair Corr
0.6	PBB	Deutsche Pfandbriefbank	Pair Corr
0.46	LYV	Lundin Energy AB	Pair Corr
0.58	CHK	China Resources Beer	Pair Corr
0.7	CKS2	GOME Retail Holdings	Pair Corr
0.49	LHL1	Lenovo Group Limited	Pair Corr

Related Correlations Analysis

	07WA	2UK	63Z	PBB	1EL	LDD	58O	74O
07WA		0.41	0.82	-0.77	0.76	0.12	-0.22	0.45	07WA
2UK	0.41		0.21	-0.26	0.75	-0.04	-0.14	0.56	2UK
63Z	0.82	0.21		-0.72	0.59	0.12	-0.16	0.4	63Z
PBB	-0.77	-0.26	-0.72		-0.6	0.16	0.52	-0.33	PBB
1EL	0.76	0.75	0.59	-0.6		0.12	-0.15	0.61	1EL
LDD	0.12	-0.04	0.12	0.16	0.12		-0.02	0.04	LDD
58O	-0.22	-0.14	-0.16	0.52	-0.15	-0.02		-0.1	58O
74O	0.45	0.56	0.4	-0.33	0.61	0.04	-0.1		74O
	07WA	2UK	63Z	PBB	1EL	LDD	58O	74O

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

63Z	+ 0.82	07WA
1EL	+ 0.76	07WA
1EL	+ 0.75	2UK
74O	+ 0.61	1EL
1EL	+ 0.59	63Z
74O	+ 0.56	2UK

High negative correlations

PBB	- 0.77	07WA
PBB	- 0.72	63Z
1EL	- 0.6	PBB
74O	- 0.33	PBB
PBB	- 0.26	2UK
58O	- 0.22	07WA

Risk-Adjusted Indicators

There is a big difference between ELLINGTON Stock performing well and ELLINGTON FINL 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 ELLINGTON FINL'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
07WA	1.36	0.10	0.06	0.12	1.57	(1.48)	3.39	(3.09)	10.18
2UK	1.68	0.04	0.02	0.06	2.26	(1.87)	3.49	(3.59)	12.17
63Z	1.53	0.12	0.05	0.33	1.61	(2.24)	3.57	(3.23)	10.21
PBB	1.32	(0.29)	0.00	0.41	0.00	0.00	1.74	(3.07)	12.44
1EL	0.65	0.04	0.02	0.12	0.68	(1.13)	1.76	(1.71)	4.38
LDD	3.53	(0.33)	0.00	(0.23)	0.00	0.00	8.74	(7.18)	28.22
58O	1.41	(0.15)	0.00	(0.16)	0.00	0.00	4.00	(4.60)	14.77
74O	1.45	0.06	0.01	(0.07)	2.01	(2.04)	4.90	(5.22)	11.99

Be your own money manager

Our tools can tell you how much better you can do entering a position in ELLINGTON FINL 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.

Did you try this?

Run Performance Analysis Now

Performance Analysis

Check effects of mean-variance optimization against your current asset allocation

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC