Dana Correlations

4DH Stock

EUR 14.50 0.40 2.68%

The current 90-days correlation between Dana Inc and Transport International Holdings is 0.02 (i.e., Significant diversification). The correlation of Dana 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.

Dana Correlation With Market

Significant diversification

The correlation between Dana Inc and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dana Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Dana Stock

0.72	BGTA	Bridgestone	Pair Corr
0.79	CON	Continental Aktiengesellscha Earnings Call Next Week	Pair Corr
0.71	CON	Continental Aktiengesellscha Earnings Call Next Week	Pair Corr
0.86	NSE	Nomura Holdings	Pair Corr
0.9	7PI	Poste Italiane SpA Earnings Call Tomorrow	Pair Corr
0.7	ICK	Industrial and Commercial	Pair Corr
0.72	IBM	International Business	Pair Corr
0.7	AS7	ANTA Sports Products	Pair Corr
0.89	PJFB	PICO FAR EAST	Pair Corr

Moving against Dana Stock

0.65	DNO	Dno ASA	Pair Corr
0.65	MGA	Magna International	Pair Corr
0.55	DNOA	DENSO P ADR	Pair Corr
0.49	3O8	Omeros	Pair Corr
0.45	ASJA	PT Astra International Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	9TG	D4V	KWO	UN3	AS7	GU0	8SF	Z85
9TG		0.26	-0.13	0.42	0.34	0.0	-0.31	0.4	9TG
D4V	0.26		-0.22	0.33	0.45	0.0	0.11	0.36	D4V
KWO	-0.13	-0.22		-0.24	-0.26	0.0	0.19	-0.27	KWO
UN3	0.42	0.33	-0.24		0.69	0.0	-0.04	0.35	UN3
AS7	0.34	0.45	-0.26	0.69		0.0	-0.19	0.6	AS7
GU0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	GU0
8SF	-0.31	0.11	0.19	-0.04	-0.19	0.0		-0.1	8SF
Z85	0.4	0.36	-0.27	0.35	0.6	0.0	-0.1		Z85
	9TG	D4V	KWO	UN3	AS7	GU0	8SF	Z85

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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

AS7	+ 0.69	UN3
Z85	+ 0.6	AS7
AS7	+ 0.45	D4V
UN3	+ 0.42	9TG
Z85	+ 0.4	9TG
Z85	+ 0.36	D4V

High negative correlations

8SF	- 0.31	9TG
Z85	- 0.27	KWO
AS7	- 0.26	KWO
UN3	- 0.24	KWO
KWO	- 0.22	D4V
8SF	- 0.19	AS7

Risk-Adjusted Indicators

There is a big difference between Dana Stock performing well and Dana 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 Dana'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
9TG	1.52	0.21	0.11	(0.29)	1.62	(1.77)	3.99	(2.81)	10.85
D4V	1.20	0.35	0.17	(0.64)	1.35	(1.54)	2.58	(3.11)	8.60
KWO	0.86	(0.03)	0.00	(0.11)	0.00	0.00	2.13	(2.08)	18.52
UN3	2.50	0.68	0.29	1.95	1.94	(3.32)	5.75	(3.81)	32.45
AS7	2.01	0.13	0.05	(0.37)	2.22	(2.27)	5.23	(3.84)	10.96
GU0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
8SF	1.13	0.00	0.00	0.00	1.51	(1.21)	2.71	(2.64)	8.66
Z85	1.69	0.08	0.04	(1.78)	1.78	(2.00)	5.13	(2.89)	9.02

Be your own money manager

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