AENA SME Correlations

A440 Stock

EUR 21.20 0.20 0.95%

The current 90-days correlation between AENA SME UNSPADR110 and Prosiebensat 1 Media is 0.07 (i.e., Significant 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 UNSPADR110 and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AENA SME UNSPADR110 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 UNSPADR110 to buy it.

Moving together with AENA Stock

0.95	A44	Aena SME SA	Pair Corr
0.65	HUKI	HUHTAMAKI	Pair Corr
0.82	3RE	Rejlerkoncernen AB	Pair Corr
0.62	TKA	thyssenkrupp AG	Pair Corr
0.78	PEH	PEH WERTPAPIER	Pair Corr
0.73	5TP	BLUE LABEL	Pair Corr
0.69	GIS	General Mills	Pair Corr
0.79	NMM	Newmont	Pair Corr
0.82	TLLB	Trelleborg AB	Pair Corr
0.82	KONN	Komercn banka as	Pair Corr
0.79	BY6A	BYD Limited Earnings Call Today	Pair Corr
0.83	KGHA	KGHM Polska Miedz Earnings Call Tomorrow	Pair Corr
0.79	SOBA	ATT Inc	Pair Corr
0.73	ROM	Rohm Co	Pair Corr
0.74	BSN	Danone SA	Pair Corr
0.65	JYS1	JYSKE BANK	Pair Corr

Moving against AENA Stock

0.82	27J	Impinj Inc	Pair Corr
0.81	27J	Impinj Inc	Pair Corr
0.78	ADH2	Air Canada	Pair Corr
0.71	CXT	Carmat SA	Pair Corr
0.68	NYVQ	Airports of Thailand	Pair Corr
0.65	TX3A	Airports of Thailand	Pair Corr
0.84	DBPD	Xtrackers ShortDAX	Pair Corr
0.32	T9V	TASTY PLC LS	Pair Corr

Related Correlations Analysis

	PSM	8A2	AP3	8MN	WA7	10N	WB2	2LH
PSM		-0.54	-0.25	0.43	-0.03	0.82	-0.68	0.3	PSM
8A2	-0.54		0.54	-0.23	0.56	-0.31	0.58	0.36	8A2
AP3	-0.25	0.54		-0.11	0.48	-0.28	0.68	0.27	AP3
8MN	0.43	-0.23	-0.11		0.21	0.64	-0.52	0.26	8MN
WA7	-0.03	0.56	0.48	0.21		0.27	0.21	0.36	WA7
10N	0.82	-0.31	-0.28	0.64	0.27		-0.68	0.39	10N
WB2	-0.68	0.58	0.68	-0.52	0.21	-0.68		0.02	WB2
2LH	0.3	0.36	0.27	0.26	0.36	0.39	0.02		2LH
	PSM	8A2	AP3	8MN	WA7	10N	WB2	2LH

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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

10N	+ 0.82	PSM
WB2	+ 0.68	AP3
10N	+ 0.64	8MN
WB2	+ 0.58	8A2
WA7	+ 0.56	8A2
AP3	+ 0.54	8A2

High negative correlations

WB2	- 0.68	10N
WB2	- 0.68	PSM
8A2	- 0.54	PSM
WB2	- 0.52	8MN
10N	- 0.31	8A2
10N	- 0.28	AP3

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
PSM	1.79	0.29	0.16	(5.05)	1.70	(2.32)	5.77	(3.67)	15.01
8A2	0.42	0.02	0.08	(7.07)	0.48	(1.03)	0.99	(0.97)	3.81
AP3	0.99	(0.12)	0.00	(0.50)	0.00	0.00	2.00	(2.25)	9.36
8MN	2.50	(0.09)	0.00	0.07	0.00	0.00	6.06	(5.71)	16.67
WA7	3.56	0.28	0.05	0.23	4.32	(4.57)	7.69	(6.56)	37.39
10N	1.37	0.19	0.16	0.89	1.32	(1.70)	3.28	(2.31)	7.89
WB2	1.28	(0.18)	0.00	4.36	0.00	0.00	2.38	(3.11)	11.07
2LH	2.23	0.45	0.23	(7.52)	1.78	(2.95)	4.59	(3.79)	23.96

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.

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