Aena SME Correlations

A44 Stock

EUR 213.60 5.00 2.29%

The current 90-days correlation between Aena SME SA and Solstad Offshore ASA is -0.03 (i.e., Good diversification). The correlation of Aena SME 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.

Aena SME Correlation With Market

Significant diversification

The correlation between Aena SME SA and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aena SME SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Aena Stock

0.92	A440	AENA SME UNSPADR110	Pair Corr
0.64	3KF	Auxly Cannabis Group Earnings Call This Week	Pair Corr
0.64	4BB1	BUDWEISER BREWUNSPADR/4	Pair Corr
0.88	19YA	Yiren Digital	Pair Corr
0.79	07M	China Modern Dairy	Pair Corr
0.83	C6TB	CHINA BANK ADR20 Earnings Call This Week	Pair Corr
0.82	MM0	MONETA MONEY BANK	Pair Corr
0.64	DHL	Deutsche Post AG	Pair Corr
0.74	DLN	DE LONGHI	Pair Corr
0.72	MARA	MARUBENI CORP	Pair Corr
0.74	AG1	AUTO1 Group SE	Pair Corr
0.8	07M	CN MODERN DAIRY	Pair Corr
0.83	ALVE	ALLIANZ SE UNSPADR	Pair Corr
0.86	MLT	MICRONIC MYDATA	Pair Corr
0.82	WPHB	Warehouses De Pauw	Pair Corr
0.68	8KH	TOREX SEMICONDUCTOR LTD	Pair Corr
0.81	RRTU	RTL GROUP UNSPADR	Pair Corr
0.7	T04	TITOMIC LTD	Pair Corr
0.9	KONN	Komercn banka as	Pair Corr
0.8	7AA	APERAM REG	Pair Corr

Moving against Aena Stock

0.74	TX3A	Airports of Thailand	Pair Corr
0.73	NYVQ	Airports of Thailand	Pair Corr
0.4	G91	Globe Trade Centre	Pair Corr

Related Correlations Analysis

	SZL	2NY2	6P5	FDU	UVD	ML2	54M	GU0
SZL		0.0	-0.03	0.56	0.07	0.38	-0.83	0.0	SZL
2NY2	0.0		0.0	0.0	0.0	0.0	0.0	1.0	2NY2
6P5	-0.03	0.0		-0.33	-0.32	-0.53	0.18	0.0	6P5
FDU	0.56	0.0	-0.33		0.57	0.74	-0.46	0.0	FDU
UVD	0.07	0.0	-0.32	0.57		0.49	0.14	0.0	UVD
ML2	0.38	0.0	-0.53	0.74	0.49		-0.3	0.0	ML2
54M	-0.83	0.0	0.18	-0.46	0.14	-0.3		0.0	54M
GU0	0.0	1.0	0.0	0.0	0.0	0.0	0.0		GU0
	SZL	2NY2	6P5	FDU	UVD	ML2	54M	GU0

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

GU0	+ 1.0	2NY2
ML2	+ 0.74	FDU
UVD	+ 0.57	FDU
FDU	+ 0.56	SZL
ML2	+ 0.49	UVD
ML2	+ 0.38	SZL

High negative correlations

54M	- 0.83	SZL
ML2	- 0.53	6P5
54M	- 0.46	FDU
FDU	- 0.33	6P5
UVD	- 0.32	6P5
54M	- 0.3	ML2

Risk-Adjusted Indicators

There is a big difference between Aena Stock performing well and Aena SME 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 Aena SME'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
SZL	1.49	(0.14)	0.00	(2.79)	0.00	0.00	4.05	(3.21)	10.11
2NY2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6P5	1.50	0.17	0.11	0.44	1.81	(1.65)	3.33	(3.47)	10.55
FDU	3.07	(0.67)	0.00	(1.92)	0.00	0.00	5.31	(7.02)	20.86
UVD	1.70	(0.08)	0.00	1.30	0.00	0.00	3.67	(3.62)	12.02
ML2	1.77	(0.32)	0.00	(1.49)	0.00	0.00	0.00	(7.75)	36.98
54M	3.51	0.53	0.14	0.73	3.41	(4.62)	10.00	(5.81)	19.87
GU0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Aena SME 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.

Did you try this?

Run Analyst Advice Now

Analyst Advice

Analyst recommendations and target price estimates broken down by several categories

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC