AbbVie Correlations

4AB Stock

EUR 193.00 1.56 0.80%

The current 90-days correlation between AbbVie Inc and Tencent Music Entertainment is -0.01 (i.e., Good diversification). The correlation of AbbVie 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.

AbbVie Correlation With Market

Good diversification

The correlation between AbbVie Inc and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AbbVie Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AbbVie Stock

0.76	LLY	Eli Lilly	Pair Corr
0.92	ZEG	AstraZeneca PLC	Pair Corr
0.92	ZEGA	AstraZeneca PLC	Pair Corr
0.61	SG9	Strix Group Plc Earnings Call This Week	Pair Corr
0.76	XTP	Sino AG	Pair Corr
0.66	9Y2	LABOCANNA SA ZY	Pair Corr
0.85	358	BALLYS P DL	Pair Corr
0.8	AZ5	AUTOZONE	Pair Corr
0.8	FUJ1	Fujitsu Limited	Pair Corr
0.9	PSAN	PSI Software AG	Pair Corr
0.79	USV	USS Co	Pair Corr
0.62	MIU	SUMITOMO MITSUI T	Pair Corr
0.83	KMY	KIMBERLY CLARK	Pair Corr
0.71	CMAB	Mapfre SA	Pair Corr
0.71	GV6	Avino Silver Gold	Pair Corr
0.76	7TG	TRISTAR GOLD	Pair Corr
0.75	10H	Scandic Hotels Group	Pair Corr
0.7	HVH	NAVIGATOR GLOB	Pair Corr
0.72	H9W	HWA AG	Pair Corr
0.61	ZS3	FinecoBank Banca Fineco	Pair Corr
0.61	MBH3	Maschinenfabrik Berthold	Pair Corr
0.84	RHM	Rheinmetall AG	Pair Corr
0.86	FLQ	FLETCHER BUILDING	Pair Corr

Moving against AbbVie Stock

0.76	CBHD	Coloplast A/S	Pair Corr
0.64	74F	LIFE BANC SPLIT	Pair Corr
0.32	GTY	Gateway Real Estate	Pair Corr
0.54	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	6MM	D2V	CBW	UEN	63TA	FDU	EM7A	4GF
6MM		0.14	0.66	0.15	0.73	-0.51	0.57	0.12	6MM
D2V	0.14		0.34	-0.46	0.13	0.1	-0.03	0.54	D2V
CBW	0.66	0.34		-0.07	0.63	-0.35	0.42	0.37	CBW
UEN	0.15	-0.46	-0.07		-0.17	-0.17	-0.18	-0.71	UEN
63TA	0.73	0.13	0.63	-0.17		-0.34	0.72	0.42	63TA
FDU	-0.51	0.1	-0.35	-0.17	-0.34		-0.49	0.28	FDU
EM7A	0.57	-0.03	0.42	-0.18	0.72	-0.49		0.28	EM7A
4GF	0.12	0.54	0.37	-0.71	0.42	0.28	0.28		4GF
	6MM	D2V	CBW	UEN	63TA	FDU	EM7A	4GF

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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

63TA	+ 0.73	6MM
EM7A	+ 0.72	63TA
CBW	+ 0.66	6MM
63TA	+ 0.63	CBW
EM7A	+ 0.57	6MM
4GF	+ 0.54	D2V

High negative correlations

4GF	- 0.71	UEN
FDU	- 0.51	6MM
EM7A	- 0.49	FDU
UEN	- 0.46	D2V
FDU	- 0.35	CBW
FDU	- 0.34	63TA

Risk-Adjusted Indicators

There is a big difference between AbbVie Stock performing well and AbbVie 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 AbbVie'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
6MM	2.17	0.27	0.08	0.70	2.28	(4.24)	8.11	(5.13)	17.42
D2V	1.39	0.04	0.07	0.25	1.70	(1.62)	3.67	(3.23)	14.66
CBW	2.34	0.33	0.14	0.93	2.34	(3.19)	6.96	(4.46)	15.76
UEN	2.18	0.18	0.08	0.15	2.40	(2.42)	5.41	(4.62)	11.50
63TA	2.28	0.08	0.04	0.07	2.75	(3.25)	5.41	(4.92)	24.19
FDU	2.79	(0.55)	0.00	(0.88)	0.00	0.00	5.77	(7.95)	22.88
EM7A	1.59	0.17	0.02	0.08	3.39	(5.30)	4.08	(4.00)	30.95
4GF	1.65	(0.10)	0.00	(0.64)	0.00	0.00	2.80	(5.31)	11.04

Be your own money manager

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