Adidas AG Correlations

ADS Stock

232.60 2.80 1.19%

The current 90-days correlation between adidas AG and Heidelberg Materials AG is 0.04 (i.e., Significant diversification). The correlation of Adidas AG 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Adidas AG Correlation With Market

Good diversification

The correlation between adidas AG and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding adidas AG and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Adidas Stock

0.64	E908	Lyxor 1	Pair Corr
0.71	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Adidas Stock

0.73	DBPD	Xtrackers ShortDAX	Pair Corr
0.65	PQ9	BANK MANDIRI	Pair Corr
0.33	PQ9	BANK MANDIRI	Pair Corr
0.33	BYRA	PT Bank Rakyat	Pair Corr
0.32	PQ9	PT Bank Mandiri	Pair Corr

Related Correlations Analysis

	HEI	7SU	MUJ	MMX	NWL	GKE	AP2	RYQ
HEI		0.92	-0.67	0.55	0.9	-0.57	-0.67	0.4	HEI
7SU	0.92		-0.77	0.69	0.89	-0.72	-0.73	0.35	7SU
MUJ	-0.67	-0.77		-0.41	-0.69	0.58	0.71	-0.01	MUJ
MMX	0.55	0.69	-0.41		0.41	-0.77	-0.36	0.57	MMX
NWL	0.9	0.89	-0.69	0.41		-0.55	-0.72	0.13	NWL
GKE	-0.57	-0.72	0.58	-0.77	-0.55		0.56	-0.13	GKE
AP2	-0.67	-0.73	0.71	-0.36	-0.72	0.56		0.09	AP2
RYQ	0.4	0.35	-0.01	0.57	0.13	-0.13	0.09		RYQ
	HEI	7SU	MUJ	MMX	NWL	GKE	AP2	RYQ

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

7SU	+ 0.92	HEI
NWL	+ 0.9	HEI
NWL	+ 0.89	7SU
AP2	+ 0.71	MUJ
MMX	+ 0.69	7SU
GKE	+ 0.58	MUJ

High negative correlations

GKE	- 0.77	MMX
MUJ	- 0.77	7SU
AP2	- 0.73	7SU
AP2	- 0.72	NWL
GKE	- 0.72	7SU
NWL	- 0.69	MUJ

Risk-Adjusted Indicators

There is a big difference between Adidas Stock performing well and Adidas AG 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 Adidas AG'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
HEI	1.12	0.30	0.24	(4.00)	0.79	(1.32)	2.83	(1.60)	8.93
7SU	1.51	0.57	0.41	(6.46)	0.61	(2.24)	6.49	(2.11)	11.33
MUJ	1.11	(0.14)	0.00	0.44	0.00	0.00	2.04	(2.68)	9.18
MMX	1.00	0.07	0.04	(1.16)	1.11	(1.14)	2.20	(1.98)	6.91
NWL	2.39	0.65	0.30	(1.07)	1.79	(3.02)	5.42	(3.09)	28.10
GKE	2.88	0.08	0.01	(0.04)	3.94	(3.13)	6.43	(5.67)	30.73
AP2	1.79	(0.19)	0.00	(0.40)	0.00	0.00	3.17	(4.84)	12.80
RYQ	2.32	0.11	0.04	(0.99)	2.44	(2.96)	3.68	(3.97)	27.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in Adidas AG 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 Idea Analyzer Now

Idea Analyzer

Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas

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