Air Liquide Correlations

AIL Stock

EUR 177.12 3.18 1.76%

The current 90-days correlation between Air Liquide SA and Micron Technology is 0.04 (i.e., Significant diversification). The correlation of Air Liquide 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.

Air Liquide Correlation With Market

Average diversification

The correlation between Air Liquide SA and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Air Liquide SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Air Stock

0.97	AILA	AIR LIQUIDE ADR	Pair Corr
0.94	BAS	BASF SE	Pair Corr
0.95	BAS	BASF SE	Pair Corr
0.92	BASA	BASF SE	Pair Corr
0.77	SLT	SCHALTBAU HOLDING	Pair Corr
0.8	LL6	MTN GROUP	Pair Corr
0.8	WY8	Universal Health Realty	Pair Corr
0.68	CMW	CHINA M SRVCS Earnings Call This Week	Pair Corr
0.7	CJH	CanSino Biologics	Pair Corr
0.9	STD	STANDARD CHARTERED	Pair Corr
0.74	VVDH	Veolia Environnement	Pair Corr
0.87	MM0	MONETA MONEY BANK	Pair Corr
0.91	AG1	AUTO1 Group SE	Pair Corr
0.88	RHM	Rheinmetall AG	Pair Corr
0.89	E908	Lyxor 1	Pair Corr
0.96	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Air Stock

0.96	DBPD	Xtrackers ShortDAX	Pair Corr
0.89	HO1	Hologic	Pair Corr
0.88	SEH	Shin Etsu Chemical	Pair Corr
0.75	2OY	Dow Inc	Pair Corr
0.57	YMI	Yellow Pages Limited	Pair Corr

Related Correlations Analysis

	MTE	MBR	7SN	NY7	CVU	CAC1	BBEA	T6W
MTE		-0.39	-0.27	-0.1	-0.36	-0.27	0.12	0.19	MTE
MBR	-0.39		0.11	0.18	0.26	0.29	-0.25	-0.18	MBR
7SN	-0.27	0.11		0.42	-0.03	0.43	0.52	0.21	7SN
NY7	-0.1	0.18	0.42		0.23	0.28	0.15	-0.09	NY7
CVU	-0.36	0.26	-0.03	0.23		-0.15	-0.78	-0.73	CVU
CAC1	-0.27	0.29	0.43	0.28	-0.15		0.27	0.11	CAC1
BBEA	0.12	-0.25	0.52	0.15	-0.78	0.27		0.76	BBEA
T6W	0.19	-0.18	0.21	-0.09	-0.73	0.11	0.76		T6W
	MTE	MBR	7SN	NY7	CVU	CAC1	BBEA	T6W

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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

T6W	+ 0.76	BBEA
BBEA	+ 0.52	7SN
CAC1	+ 0.43	7SN
NY7	+ 0.42	7SN
CAC1	+ 0.29	MBR
CAC1	+ 0.28	NY7

High negative correlations

BBEA	- 0.78	CVU
T6W	- 0.73	CVU
MBR	- 0.39	MTE
CVU	- 0.36	MTE
CAC1	- 0.27	MTE
7SN	- 0.27	MTE

Risk-Adjusted Indicators

There is a big difference between Air Stock performing well and Air Liquide 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 Air Liquide'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
MTE	2.90	(0.01)	0.02	(0.05)	4.35	(3.12)	7.20	(4.55)	23.07
MBR	1.54	0.00	0.00	(0.07)	0.00	0.00	9.09	(3.06)	26.67
7SN	1.09	(0.04)	0.00	0.11	0.00	0.00	2.48	(2.42)	8.07
NY7	1.30	(0.14)	0.00	(0.67)	0.00	0.00	3.07	(3.43)	15.28
CVU	1.35	0.37	0.25	2.55	1.20	(1.81)	3.28	(1.82)	8.94
CAC1	0.88	(0.06)	0.00	0.94	0.00	0.00	1.68	(1.65)	6.38
BBEA	1.37	(0.60)	0.00	1.99	0.00	0.00	2.10	(2.80)	7.75
T6W	2.17	(0.14)	0.00	0.66	0.00	0.00	5.41	(5.00)	17.60

Be your own money manager

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