Aberforth Smaller Correlations

ASL Stock

1,344 10.00 0.74%

The current 90-days correlation between Aberforth Smaller and Capital Drilling is 0.27 (i.e., Modest diversification). The correlation of Aberforth Smaller 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.

Aberforth Smaller Correlation With Market

Average diversification

The correlation between Aberforth Smaller Companies and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aberforth Smaller Companies and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Aberforth Stock

0.67	0KZA	SM Energy	Pair Corr
0.74	ARB	Argo Blockchain PLC	Pair Corr

Moving against Aberforth Stock

0.67	0KII	SSAB AB ser	Pair Corr
0.32	BANK	Fiinu PLC	Pair Corr

Related Correlations Analysis

	0K76	CAPD	PRIM	0J71	0MKO	ARR	0QHX	JD
0K76		-0.43	-0.57	-0.54	-0.12	0.9	0.75	-0.69	0K76
CAPD	-0.43		0.51	0.88	0.71	-0.54	-0.18	0.8	CAPD
PRIM	-0.57	0.51		0.6	0.07	-0.59	-0.24	0.51	PRIM
0J71	-0.54	0.88	0.6		0.47	-0.65	-0.14	0.79	0J71
0MKO	-0.12	0.71	0.07	0.47		-0.13	-0.18	0.61	0MKO
ARR	0.9	-0.54	-0.59	-0.65	-0.13		0.55	-0.76	ARR
0QHX	0.75	-0.18	-0.24	-0.14	-0.18	0.55		-0.43	0QHX
JD	-0.69	0.8	0.51	0.79	0.61	-0.76	-0.43		JD
	0K76	CAPD	PRIM	0J71	0MKO	ARR	0QHX	JD

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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

ARR	+ 0.9	0K76
0J71	+ 0.88	CAPD
JD	+ 0.8	CAPD
JD	+ 0.79	0J71
0QHX	+ 0.75	0K76
0MKO	+ 0.71	CAPD

High negative correlations

JD	- 0.76	ARR
JD	- 0.69	0K76
ARR	- 0.65	0J71
ARR	- 0.59	PRIM
PRIM	- 0.57	0K76
ARR	- 0.54	CAPD

Risk-Adjusted Indicators

There is a big difference between Aberforth Stock performing well and Aberforth Smaller 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 Aberforth Smaller'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
0K76	0.87	0.15	0.15	0.39	0.87	(1.08)	2.50	(1.39)	6.43
CAPD	2.01	(0.39)	0.00	(0.37)	0.00	0.00	4.32	(2.96)	26.23
PRIM	1.42	0.03	0.00	0.03	0.00	0.00	7.46	(6.94)	21.87
0J71	1.18	(0.18)	0.00	(1.90)	0.00	0.00	2.61	(2.71)	9.34
0MKO	1.13	(0.11)	0.00	(0.15)	0.00	0.00	2.13	(2.91)	7.59
ARR	0.84	0.08	0.10	9.12	0.82	(1.08)	2.56	(1.67)	5.23
0QHX	1.26	0.30	0.20	2.17	1.24	(1.44)	3.91	(1.88)	10.11
JD	1.93	(0.36)	0.00	(1.00)	0.00	0.00	3.63	(4.67)	10.37

Be your own money manager

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