ELEMENT FLEET Correlations

61F Stock

EUR 17.90 0.10 0.56%

The current 90-days correlation between ELEMENT FLEET MGMT and Suntory Beverage Food is -0.13 (i.e., Good diversification). The correlation of ELEMENT FLEET 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.

ELEMENT FLEET Correlation With Market

Average diversification

The correlation between ELEMENT FLEET MGMT and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ELEMENT FLEET MGMT and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ELEMENT Stock

0.69	0LC	Ashtead Group plc	Pair Corr
0.76	AUK	AMERCO	Pair Corr
0.73	WS11	WillScot Mobile Mini	Pair Corr
0.75	CUCA	Avis Budget Group	Pair Corr
0.68	LYV	Lundin Energy AB	Pair Corr
0.65	SWTF	Intouch Holdings Public	Pair Corr
0.63	HHX	HAMMONIA Schiffsholding	Pair Corr

Moving against ELEMENT Stock

0.4	3AL	ALD SA	Pair Corr
0.4	B5R	Berkeley Energia	Pair Corr
0.59	TKA	thyssenkrupp AG	Pair Corr
0.54	BSN	Danone SA	Pair Corr
0.51	JYS1	JYSKE BANK	Pair Corr
0.49	5TP	BLUE LABEL	Pair Corr
0.36	3RE	Rejlerkoncernen AB	Pair Corr
0.36	DBPE	Xtrackers LevDAX	Pair Corr

Related Correlations Analysis

	9E7	M8G	7SN	13O	5HS	TSI	NY70
9E7		0.0	0.0	1.0	0.0	0.0	0.0	9E7
M8G	0.0		0.2	0.0	0.51	-0.17	0.53	M8G
7SN	0.0	0.2		0.0	-0.23	0.39	0.36	7SN
13O	1.0	0.0	0.0		0.0	0.0	0.0	13O
5HS	0.0	0.51	-0.23	0.0		-0.35	0.55	5HS
TSI	0.0	-0.17	0.39	0.0	-0.35		0.12	TSI
NY70	0.0	0.53	0.36	0.0	0.55	0.12		NY70
	9E7	M8G	7SN	13O	5HS	TSI	NY70

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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

13O	+ 1.0	9E7
NY70	+ 0.55	5HS
NY70	+ 0.53	M8G
5HS	+ 0.51	M8G
TSI	+ 0.39	7SN
NY70	+ 0.36	7SN

High negative correlations

TSI	- 0.35	5HS
5HS	- 0.23	7SN
TSI	- 0.17	M8G
NY70	- 0.0	13O
TSI	- 0.0	13O
5HS	- 0.0	13O

Risk-Adjusted Indicators

There is a big difference between ELEMENT Stock performing well and ELEMENT FLEET 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 ELEMENT FLEET'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
9E7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
M8G	2.68	0.17	0.05	0.14	3.16	(3.07)	6.59	(4.49)	19.25
7SN	1.09	(0.01)	0.04	0.33	1.39	(1.28)	2.48	(2.42)	8.07
13O	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
5HS	1.59	0.36	0.25	4.02	1.29	(2.17)	3.73	(2.33)	17.61
TSI	1.38	(0.04)	0.00	(0.38)	0.00	0.00	3.13	(2.70)	8.27
NY70	1.44	0.23	0.08	(0.71)	1.72	(4.23)	6.87	(3.55)	16.54

Be your own money manager

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