ArcBest Correlations

AQY Stock

EUR 105.00 4.00 3.67%

The current 90-days correlation between ArcBest and The Hanover Insurance is 0.33 (i.e., Weak diversification). The correlation of ArcBest 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.

ArcBest Correlation With Market

Very weak diversification

The correlation between ArcBest and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ArcBest and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ArcBest Stock

0.89	ODF	Old Dominion Freight	Pair Corr
0.85	SQR	Saia Inc	Pair Corr
0.84	SNIA	SCHNEIDER NATLINC CLB	Pair Corr
0.89	WE1	Werner Enterprises	Pair Corr
0.75	HLX	Heartland Express	Pair Corr
0.63	UF0	UDR Inc	Pair Corr
0.72	YMI	Yellow Pages Limited	Pair Corr

Moving against ArcBest Stock

0.54	FUY	Fukuyama Transporting	Pair Corr
0.34	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	AF4	QBE	CWW	1XV	WED	AOF	MGK	H4L1
AF4		0.97	0.9	0.79	0.95	-0.45	0.66	0.9	AF4
QBE	0.97		0.93	0.77	0.95	-0.45	0.69	0.87	QBE
CWW	0.9	0.93		0.66	0.9	-0.5	0.55	0.8	CWW
1XV	0.79	0.77	0.66		0.86	-0.45	0.5	0.82	1XV
WED	0.95	0.95	0.9	0.86		-0.47	0.59	0.9	WED
AOF	-0.45	-0.45	-0.5	-0.45	-0.47		-0.09	-0.35	AOF
MGK	0.66	0.69	0.55	0.5	0.59	-0.09		0.56	MGK
H4L1	0.9	0.87	0.8	0.82	0.9	-0.35	0.56		H4L1
	AF4	QBE	CWW	1XV	WED	AOF	MGK	H4L1

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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

QBE	+ 0.97	AF4
WED	+ 0.95	AF4
WED	+ 0.95	QBE
CWW	+ 0.93	QBE
CWW	+ 0.9	AF4
H4L1	+ 0.9	AF4

High negative correlations

AOF	- 0.5	CWW
AOF	- 0.47	WED
AOF	- 0.45	1XV
AOF	- 0.45	QBE
AOF	- 0.45	AF4
H4L1	- 0.35	AOF

Risk-Adjusted Indicators

There is a big difference between ArcBest Stock performing well and ArcBest 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 ArcBest'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
AF4	1.18	0.19	0.10	0.46	0.95	(1.65)	2.92	(1.94)	7.20
QBE	1.01	0.31	0.16	0.77	0.78	(1.48)	2.59	(1.49)	7.31
CWW	1.03	0.17	0.05	2.76	1.20	(1.10)	2.20	(2.17)	6.17
1XV	0.77	0.27	0.14	(3.21)	0.62	(1.08)	1.79	(1.27)	6.16
WED	2.09	0.38	0.20	0.39	1.60	(2.74)	4.72	(3.31)	20.23
AOF	1.64	(0.26)	0.00	(0.22)	0.00	0.00	3.19	(2.65)	12.93
MGK	1.91	0.24	0.08	1.24	1.69	(2.60)	6.80	(2.91)	11.98
H4L1	3.12	0.15	0.03	0.35	3.48	(3.54)	6.67	(5.88)	15.64

Be your own money manager

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