Abbott Laboratories Correlations

ABL Stock

EUR 115.74 4.16 3.47%

The current 90-days correlation between Abbott Laboratories and Taiwan Semiconductor Manufacturing is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Abbott Laboratories moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Abbott Laboratories moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Abbott Laboratories Correlation With Market

Good diversification

The correlation between Abbott Laboratories and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Abbott Laboratories and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Abbott Stock

0.89	DBPE	Xtrackers LevDAX	Pair Corr
0.92	E908	Lyxor 1	Pair Corr

Moving against Abbott Stock

0.88	DBPD	Xtrackers ShortDAX	Pair Corr
0.86	BZG2	BANK CENTRAL ASIA	Pair Corr
0.73	BZG2	BANK CENTRAL ASIA	Pair Corr
0.7	PQ9	PT Bank Mandiri	Pair Corr
0.7	PQ9	BANK MANDIRI	Pair Corr
0.67	MSF	Microsoft	Pair Corr
0.67	MSF	Microsoft	Pair Corr
0.66	MSF	Microsoft	Pair Corr
0.65	MSF	Microsoft	Pair Corr
0.63	MSF	Microsoft	Pair Corr
0.58	PQ9	BANK MANDIRI	Pair Corr
0.58	BYRA	BANK RAKYAT IND	Pair Corr
0.54	PQ9	BANK MANDIRI	Pair Corr
0.44	BYRA	PT Bank Rakyat	Pair Corr
0.31	APC	Apple Inc	Pair Corr
0.31	APC	Apple Inc	Pair Corr
0.31	BYRA	PT Bank Rakyat	Pair Corr

Related Correlations Analysis

	OTE	TSFA	BW8	ZCH	SMA	CI1A	CUEH	TOW
OTE		-0.44	0.15	0.0	0.23	0.28	-0.42	-0.43	OTE
TSFA	-0.44		-0.59	0.0	-0.48	-0.77	0.33	0.87	TSFA
BW8	0.15	-0.59		0.0	0.44	0.48	-0.44	-0.52	BW8
ZCH	0.0	0.0	0.0		0.0	0.0	0.0	0.0	ZCH
SMA	0.23	-0.48	0.44	0.0		0.65	0.04	-0.54	SMA
CI1A	0.28	-0.77	0.48	0.0	0.65		0.0	-0.87	CI1A
CUEH	-0.42	0.33	-0.44	0.0	0.04	0.0		0.2	CUEH
TOW	-0.43	0.87	-0.52	0.0	-0.54	-0.87	0.2		TOW
	OTE	TSFA	BW8	ZCH	SMA	CI1A	CUEH	TOW

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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

TOW	+ 0.87	TSFA
CI1A	+ 0.65	SMA
CI1A	+ 0.48	BW8
SMA	+ 0.44	BW8
CUEH	+ 0.33	TSFA
CI1A	+ 0.28	OTE

High negative correlations

TOW	- 0.87	CI1A
CI1A	- 0.77	TSFA
BW8	- 0.59	TSFA
TOW	- 0.54	SMA
TOW	- 0.52	BW8
SMA	- 0.48	TSFA

Risk-Adjusted Indicators

There is a big difference between Abbott Stock performing well and Abbott Laboratories 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 Abbott Laboratories' 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
OTE	0.58	0.00	0.11	(2.42)	0.76	(1.20)	1.78	(1.21)	6.04
TSFA	2.22	(0.25)	0.00	(13.52)	0.00	0.00	4.70	(4.11)	20.67
BW8	1.45	0.04	0.04	0.09	2.21	(2.12)	3.70	(4.63)	14.41
ZCH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SMA	0.92	0.08	0.07	0.53	1.07	(2.25)	2.13	(2.08)	8.18
CI1A	1.46	0.25	0.15	(8.55)	1.79	(1.81)	3.00	(3.56)	13.49
CUEH	2.18	0.07	0.05	0.60	2.64	(2.84)	5.66	(3.40)	18.33
TOW	2.02	(0.38)	0.00	(1.29)	0.00	0.00	4.05	(3.59)	14.70

Be your own money manager

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