Alphabet Correlations

ABEA Stock

EUR 151.88 2.26 1.51%

The current 90-days correlation between Alphabet Class A and Grupo Carso SAB is 0.06 (i.e., Significant diversification). The correlation of Alphabet 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.

Alphabet Correlation With Market

Modest diversification

The correlation between Alphabet Class A and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alphabet Class A and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Alphabet Stock

0.99	ABEA	Alphabet Class A	Pair Corr
1.0	ABEC	Alphabet	Pair Corr
0.73	6FO	GOODTECH ASA A	Pair Corr
0.92	CJ8A	CARGOJET INC VAR	Pair Corr
0.82	GLE	Gladstone Commercial	Pair Corr
0.75	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against Alphabet Stock

0.86	NNND	Tencent Holdings	Pair Corr
0.85	NNN1	Tencent Holdings	Pair Corr
0.79	1YL	PROSUS NV ADR	Pair Corr
0.78	1TY	Prosus NV	Pair Corr
0.76	7EL	Elis SA	Pair Corr
0.66	9MDA	MEITUAN UNSPADR/2B	Pair Corr
0.58	PP1	Papa Johns International	Pair Corr
0.49	ESLC	ESSILORLUXOTTICA 12ON	Pair Corr
0.43	MLB1	MercadoLibre	Pair Corr
0.94	TKA	thyssenkrupp AG	Pair Corr
0.92	5TP	BLUE LABEL	Pair Corr
0.89	BSN	Danone SA	Pair Corr
0.88	JYS1	JYSKE BANK	Pair Corr
0.88	3RE	Rejlerkoncernen AB	Pair Corr
0.75	DBPE	Xtrackers LevDAX	Pair Corr
0.7	99Q	ENTREPARTICULIERS EO	Pair Corr
0.61	TLLB	Trelleborg AB	Pair Corr
0.53	E908	Lyxor 1	Pair Corr
0.52	T62	TOHO ZINC LTD	Pair Corr
0.51	ROM	Rohm Co	Pair Corr
0.51	KEI	KEISEI EL RAILWAY Split	Pair Corr
0.42	HUKI	HUHTAMAKI	Pair Corr
0.42	MRG	Outcrop Silver Gold	Pair Corr

Related Correlations Analysis

	7FZ	4GF	WN6	A9F	MGK	TKE	VTE1	FDU
7FZ		0.5	0.2	0.51	0.45	0.66	0.6	-0.24	7FZ
4GF	0.5		0.52	0.31	0.34	0.35	0.56	0.27	4GF
WN6	0.2	0.52		-0.25	0.07	-0.21	0.73	0.72	WN6
A9F	0.51	0.31	-0.25		0.14	0.84	-0.17	-0.34	A9F
MGK	0.45	0.34	0.07	0.14		0.32	0.4	-0.44	MGK
TKE	0.66	0.35	-0.21	0.84	0.32		0.06	-0.41	TKE
VTE1	0.6	0.56	0.73	-0.17	0.4	0.06		0.3	VTE1
FDU	-0.24	0.27	0.72	-0.34	-0.44	-0.41	0.3		FDU
	7FZ	4GF	WN6	A9F	MGK	TKE	VTE1	FDU

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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

TKE	+ 0.84	A9F
VTE1	+ 0.73	WN6
FDU	+ 0.72	WN6
TKE	+ 0.66	7FZ
VTE1	+ 0.6	7FZ
VTE1	+ 0.56	4GF

High negative correlations

FDU	- 0.44	MGK
FDU	- 0.41	TKE
FDU	- 0.34	A9F
A9F	- 0.25	WN6
FDU	- 0.24	7FZ
TKE	- 0.21	WN6

Risk-Adjusted Indicators

There is a big difference between Alphabet Stock performing well and Alphabet 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 Alphabet'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
7FZ	1.61	0.14	0.08	0.43	2.08	(1.69)	3.45	(2.92)	10.71
4GF	1.52	(0.04)	0.00	2.89	0.00	0.00	2.80	(3.64)	7.41
WN6	1.28	(0.25)	0.00	(1.53)	0.00	0.00	2.59	(2.84)	10.76
A9F	1.10	0.00	0.04	(0.10)	1.34	(1.47)	2.36	(2.88)	9.66
MGK	1.65	0.09	0.09	(0.22)	1.72	(2.40)	4.35	(3.33)	10.09
TKE	1.29	0.18	0.15	2.63	1.49	(1.47)	2.42	(2.45)	20.36
VTE1	2.19	0.16	0.07	0.59	2.46	(3.04)	4.05	(4.71)	22.35
FDU	3.02	(0.81)	0.00	(2.29)	0.00	0.00	5.00	(7.02)	20.86

Be your own money manager

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