WESTERN COPPER Correlations

31WN Stock

1.04 0.01 0.97%

The current 90-days correlation between WESTERN COPPER and Scientific Games is -0.04 (i.e., Good diversification). The correlation of WESTERN COPPER 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 COPPER Correlation With Market

Good diversification

The correlation between WESTERN PER and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WESTERN PER and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to WESTERN COPPER 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 COPPER 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 COPPER - 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 PER to buy it.

Moving against WESTERN Stock

0.55	APC	Apple Inc	Pair Corr
0.54	APC	Apple Inc	Pair Corr
0.54	APC	Apple Inc	Pair Corr
0.54	APC	Apple Inc	Pair Corr
0.53	AMZ	Amazon Inc	Pair Corr
0.5	MSF	Microsoft	Pair Corr
0.49	MSF	Microsoft	Pair Corr
0.49	MSF	Microsoft	Pair Corr
0.49	MSF	Microsoft	Pair Corr
0.48	MSF	Microsoft	Pair Corr
0.47	DBPE	Xtrackers LevDAX	Pair Corr
0.37	E908	Lyxor 1	Pair Corr

Related Correlations Analysis

	TJW	TEO	NU42	GS2C	BW8	6L50	B7O
TJW		0.36	0.42	0.24	-0.01	-0.06	0.01	TJW
TEO	0.36		0.88	0.95	0.62	-0.79	0.52	TEO
NU42	0.42	0.88		0.85	0.53	-0.68	0.35	NU42
GS2C	0.24	0.95	0.85		0.61	-0.75	0.55	GS2C
BW8	-0.01	0.62	0.53	0.61		-0.77	0.56	BW8
6L50	-0.06	-0.79	-0.68	-0.75	-0.77		-0.49	6L50
B7O	0.01	0.52	0.35	0.55	0.56	-0.49		B7O
	TJW	TEO	NU42	GS2C	BW8	6L50	B7O

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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

GS2C	+ 0.95	TEO
NU42	+ 0.88	TEO
GS2C	+ 0.85	NU42
BW8	+ 0.62	TEO
BW8	+ 0.61	GS2C
B7O	+ 0.56	BW8

High negative correlations

6L50	- 0.79	TEO
6L50	- 0.77	BW8
6L50	- 0.75	GS2C
6L50	- 0.68	NU42
B7O	- 0.49	6L50
6L50	- 0.06	TJW

Risk-Adjusted Indicators

There is a big difference between WESTERN Stock performing well and WESTERN COPPER 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 COPPER'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
TJW	1.63	0.01	0.00	0.06	2.10	(1.80)	3.93	(2.82)	15.34
TEO	3.18	1.12	0.32	(1.84)	2.70	(3.90)	8.26	(5.30)	24.91
NU42	2.14	0.44	0.20	(0.50)	1.68	(2.95)	5.75	(2.79)	11.96
GS2C	2.64	0.70	0.23	(3.00)	2.48	(2.99)	8.05	(4.29)	18.40
BW8	0.88	0.09	0.05	(0.36)	0.87	(1.41)	1.98	(1.49)	6.64
6L50	2.22	(0.40)	0.00	20.96	0.00	0.00	6.67	(4.69)	24.49
B7O	1.14	0.08	0.01	(0.21)	1.59	(4.26)	3.85	(3.70)	14.84

Be your own money manager

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