| 9MDA Stock | | | EUR 40.80 0.40 0.97% |
The current 90-days correlation between MEITUAN UNSPADR/2B and Baidu Inc is 0.33 (i.e., Weak diversification). The correlation of MEITUAN UNSPADR/2B 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.
MEITUAN UNSPADR/2B Correlation With Market
Average diversification
The correlation between MEITUAN UNSPADR2B and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MEITUAN UNSPADR2B and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to MEITUAN UNSPADR/2B could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace MEITUAN UNSPADR/2B 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 MEITUAN UNSPADR/2B - 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 MEITUAN UNSPADR2B to buy it.
Moving together with MEITUAN Stock
Moving against MEITUAN Stock
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between MEITUAN Stock performing well and MEITUAN UNSPADR/2B 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 MEITUAN UNSPADR/2B'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.
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