ENSTAR GROUP Correlations

48R Stock

EUR 298.00 2.00 0.67%

The current 90-days correlation between ENSTAR GROUP LTD and Jacquet Metal Service is 0.09 (i.e., Significant diversification). The correlation of ENSTAR GROUP 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.

ENSTAR GROUP Correlation With Market

Very weak diversification

The correlation between ENSTAR GROUP LTD and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ENSTAR GROUP LTD and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ENSTAR Stock

0.66	PG4	Principal Financial	Pair Corr
0.9	AXJ	Equitable Holdings	Pair Corr
0.75	1OD	IA FINANCIAL P	Pair Corr
0.82	7PI	Poste Italiane SpA	Pair Corr
0.85	7RY	Ryerson Holding	Pair Corr

Moving against ENSTAR Stock

0.8	AHD	ASHFORD HOSPITTRUST Split	Pair Corr
0.73	AZ6	EuropaCorp	Pair Corr
0.55	GHDN	Brainstorm Cell Ther Split	Pair Corr
0.54	AXAA	AXA SA	Pair Corr
0.47	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	I43	5PMA	GIFN	KM3	YT2A	PCHP	P4Q	GM6
I43		0.61	0.3	0.19	0.02	-0.68	0.77	0.0	I43
5PMA	0.61		-0.03	-0.16	-0.09	-0.5	0.56	0.0	5PMA
GIFN	0.3	-0.03		0.92	-0.55	-0.54	0.16	0.0	GIFN
KM3	0.19	-0.16	0.92		-0.44	-0.4	0.04	0.0	KM3
YT2A	0.02	-0.09	-0.55	-0.44		0.2	0.1	0.0	YT2A
PCHP	-0.68	-0.5	-0.54	-0.4	0.2		-0.59	0.0	PCHP
P4Q	0.77	0.56	0.16	0.04	0.1	-0.59		0.0	P4Q
GM6	0.0	0.0	0.0	0.0	0.0	0.0	0.0		GM6
	I43	5PMA	GIFN	KM3	YT2A	PCHP	P4Q	GM6

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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

KM3	+ 0.92	GIFN
P4Q	+ 0.77	I43
5PMA	+ 0.61	I43
P4Q	+ 0.56	5PMA
GIFN	+ 0.3	I43
PCHP	+ 0.2	YT2A

High negative correlations

PCHP	- 0.68	I43
P4Q	- 0.59	PCHP
YT2A	- 0.55	GIFN
PCHP	- 0.54	GIFN
PCHP	- 0.5	5PMA
YT2A	- 0.44	KM3

Risk-Adjusted Indicators

There is a big difference between ENSTAR Stock performing well and ENSTAR GROUP 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 ENSTAR GROUP'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
I43	1.11	(0.02)	(0.04)	0.10	1.62	(1.18)	2.53	(2.95)	7.95
5PMA	3.65	(0.02)	0.00	(0.36)	0.00	0.00	8.70	(6.25)	24.17
GIFN	1.22	0.25	0.07	(2.72)	1.07	(1.93)	3.57	(1.74)	10.24
KM3	1.49	(0.08)	0.07	0.10	1.39	(2.23)	2.67	(2.17)	23.34
YT2A	0.71	(0.06)	0.00	(0.10)	0.00	0.00	1.33	(2.38)	4.66
PCHP	3.15	(0.28)	0.00	0.86	0.00	0.00	7.86	(6.03)	26.24
P4Q	2.08	0.06	(0.02)	3.28	2.38	(2.29)	3.82	(3.57)	14.33
GM6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

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