Motorcar Parts Correlations

54M Stock

EUR 9.50 0.20 2.06%

The current 90-days correlation between Motorcar Parts and Aedas Homes SA is -0.23 (i.e., Very good diversification). The correlation of Motorcar Parts 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.

Motorcar Parts Correlation With Market

Significant diversification

The correlation between Motorcar Parts of 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 Motorcar Parts of and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Motorcar Stock

0.65	WAC	Wacker Neuson SE	Pair Corr
0.78	RHM	Rheinmetall AG	Pair Corr
0.75	52C	2CRSI SA Earnings Call This Week	Pair Corr
0.83	7FM	FINORE MINING	Pair Corr
0.69	PKX	POSCO Holdings	Pair Corr
0.78	KONN	Komercn banka as	Pair Corr
0.65	QCG	CALTAGIRONE SPA EO	Pair Corr
0.7	KB2	Matsa Resources	Pair Corr
0.85	T1D	TRADEDOUBLER	Pair Corr
0.65	SNK	Sankyu Inc	Pair Corr
0.76	FB1	Farmer Bros	Pair Corr
0.72	RAW	Raiffeisen Bank Inte	Pair Corr
0.71	QSU	SCSK Corp	Pair Corr
0.69	VOL3	VOLVO -A-	Pair Corr
0.78	GIS	General Mills	Pair Corr
0.68	HRJ1	Sienna Resources	Pair Corr
0.64	BOJB	BIMOBJECT AB	Pair Corr

Moving against Motorcar Stock

0.56	BUU	DevEx Resources	Pair Corr
0.7	WF5A	Kratos Defense Security	Pair Corr
0.62	DBPD	Xtrackers ShortDAX	Pair Corr
0.52	UCCP	Westwater Resources	Pair Corr
0.45	PV6	PIERRE ET VACANCES	Pair Corr

Related Correlations Analysis

	1QK	MEL	8AHB	32P	CDZ0	A4XA	2UH	4IV
1QK		-0.24	0.59	-0.12	0.55	-0.5	-0.08	0.11	1QK
MEL	-0.24		-0.25	0.62	-0.23	0.64	0.24	0.14	MEL
8AHB	0.59	-0.25		-0.3	0.75	-0.49	0.02	0.17	8AHB
32P	-0.12	0.62	-0.3		-0.15	0.61	-0.06	0.16	32P
CDZ0	0.55	-0.23	0.75	-0.15		-0.28	-0.2	0.44	CDZ0
A4XA	-0.5	0.64	-0.49	0.61	-0.28		0.0	0.39	A4XA
2UH	-0.08	0.24	0.02	-0.06	-0.2	0.0		-0.45	2UH
4IV	0.11	0.14	0.17	0.16	0.44	0.39	-0.45		4IV
	1QK	MEL	8AHB	32P	CDZ0	A4XA	2UH	4IV

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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

CDZ0	+ 0.75	8AHB
A4XA	+ 0.64	MEL
32P	+ 0.62	MEL
A4XA	+ 0.61	32P
8AHB	+ 0.59	1QK
CDZ0	+ 0.55	1QK

High negative correlations

A4XA	- 0.5	1QK
A4XA	- 0.49	8AHB
4IV	- 0.45	2UH
32P	- 0.3	8AHB
A4XA	- 0.28	CDZ0
8AHB	- 0.25	MEL

Risk-Adjusted Indicators

There is a big difference between Motorcar Stock performing well and Motorcar Parts 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 Motorcar Parts' 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
1QK	1.49	0.29	0.19	0.57	1.43	(1.91)	4.71	(2.76)	9.97
MEL	1.26	(0.14)	0.00	(0.53)	0.00	0.00	2.30	(2.84)	10.08
8AHB	2.31	0.06	0.04	(0.31)	3.09	(2.62)	5.34	(5.34)	20.19
32P	1.19	(0.07)	0.00	(3.24)	0.00	0.00	2.03	(3.27)	9.52
CDZ0	2.12	0.23	0.12	(0.77)	2.13	(2.68)	4.08	(3.94)	16.75
A4XA	1.45	(0.04)	0.00	(0.24)	0.00	0.00	3.64	(2.33)	7.86
2UH	2.14	(0.14)	0.00	(0.31)	0.00	0.00	5.39	(3.85)	19.19
4IV	0.95	0.01	0.04	(0.03)	1.10	(1.31)	2.04	(1.96)	7.95

Be your own money manager

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