Cellnex Telecom Correlations

472 Stock

32.54 0.01 0.03%

The current 90-days correlation between Cellnex Telecom SA and BURLINGTON STORES is 0.02 (i.e., Significant diversification). The correlation of Cellnex Telecom 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.

Cellnex Telecom Correlation With Market

Weak diversification

The correlation between Cellnex Telecom SA and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cellnex Telecom SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Cellnex Stock

0.61	EUH	Eurasia Mining Plc	Pair Corr
0.63	DBPE	Xtrackers LevDAX	Pair Corr
0.63	E908	Lyxor 1	Pair Corr

Moving against Cellnex Stock

0.63	DBPD	Xtrackers ShortDAX	Pair Corr
0.47	MSF	Microsoft	Pair Corr
0.46	MSF	Microsoft	Pair Corr
0.45	MSF	Microsoft	Pair Corr
0.45	MSF	Microsoft	Pair Corr
0.43	TEY	Teradyne	Pair Corr
0.38	03F	IDP EDUCATION LTD	Pair Corr

Related Correlations Analysis

	FOO	BUI	J9T	FR7	CZ2	R6N	8BJ	WN6
FOO		0.86	-0.23	0.8	-0.46	-0.54	-0.54	0.88	FOO
BUI	0.86		-0.52	0.71	-0.59	-0.48	-0.74	0.72	BUI
J9T	-0.23	-0.52		-0.06	0.74	0.28	0.35	-0.17	J9T
FR7	0.8	0.71	-0.06		-0.23	-0.22	-0.59	0.57	FR7
CZ2	-0.46	-0.59	0.74	-0.23		0.52	0.25	-0.45	CZ2
R6N	-0.54	-0.48	0.28	-0.22	0.52		0.03	-0.64	R6N
8BJ	-0.54	-0.74	0.35	-0.59	0.25	0.03		-0.33	8BJ
WN6	0.88	0.72	-0.17	0.57	-0.45	-0.64	-0.33		WN6
	FOO	BUI	J9T	FR7	CZ2	R6N	8BJ	WN6

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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

WN6	+ 0.88	FOO
BUI	+ 0.86	FOO
FR7	+ 0.8	FOO
CZ2	+ 0.74	J9T
WN6	+ 0.72	BUI
FR7	+ 0.71	BUI

High negative correlations

8BJ	- 0.74	BUI
WN6	- 0.64	R6N
8BJ	- 0.59	FR7
CZ2	- 0.59	BUI
8BJ	- 0.54	FOO
R6N	- 0.54	FOO

Risk-Adjusted Indicators

There is a big difference between Cellnex Stock performing well and Cellnex Telecom 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 Cellnex Telecom'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
FOO	1.32	(0.35)	0.00	(1.18)	0.00	0.00	2.58	(2.83)	12.90
BUI	1.80	(0.33)	0.00	(1.47)	0.00	0.00	2.92	(3.57)	16.74
J9T	1.96	(0.08)	0.00	(1.36)	0.00	0.00	4.55	(4.35)	20.27
FR7	1.30	(0.23)	0.00	1.45	0.00	0.00	2.20	(3.16)	9.28
CZ2	1.05	(0.06)	0.00	(1.25)	0.00	0.00	1.81	(2.29)	7.28
R6N	0.87	0.04	0.07	(0.38)	1.00	(1.00)	1.74	(1.77)	5.63
8BJ	1.54	0.17	0.10	0.36	1.60	(2.05)	2.82	(2.97)	15.77
WN6	1.28	(0.23)	0.00	(1.34)	0.00	0.00	2.59	(2.84)	10.76

Be your own money manager

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