AutoZone, Correlations

AZOI34 Stock

BRL 91.80 1.08 1.19%

The current 90-days correlation between AutoZone, and Applied Materials, is 0.16 (i.e., Average diversification). The correlation of AutoZone, 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.

AutoZone, Correlation With Market

Very good diversification

The correlation between AutoZone, and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AutoZone, and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AutoZone, Stock

0.93	ORLY34	OReilly Automotive	Pair Corr
0.87	U1LT34	Ulta Beauty	Pair Corr
0.93	B1BW34	Bath Body Works	Pair Corr
0.91	A1AP34	Advance Auto Parts	Pair Corr
0.76	KMBB34	Kimberly Clark	Pair Corr
0.8	HOME34	Home Depot	Pair Corr
0.85	W1MG34	Warner Music Group	Pair Corr

Moving against AutoZone, Stock

0.77	MGLU3	Magazine Luiza SA	Pair Corr
0.72	H1CA34	HCA Healthcare,	Pair Corr

Related Correlations Analysis

	LBRD34	A1MT34	MTSA4	A1IV34	AVGO34	MLAS3	BROF11	U1RI34
LBRD34		-0.28	-0.7	0.35	0.01	-0.23	0.18	0.63	LBRD34
A1MT34	-0.28		0.24	-0.43	-0.33	0.49	0.3	-0.13	A1MT34
MTSA4	-0.7	0.24		0.01	0.23	-0.05	-0.14	-0.49	MTSA4
A1IV34	0.35	-0.43	0.01		0.46	-0.8	-0.38	0.3	A1IV34
AVGO34	0.01	-0.33	0.23	0.46		-0.77	-0.74	-0.22	AVGO34
MLAS3	-0.23	0.49	-0.05	-0.8	-0.77		0.69	-0.19	MLAS3
BROF11	0.18	0.3	-0.14	-0.38	-0.74	0.69		0.25	BROF11
U1RI34	0.63	-0.13	-0.49	0.3	-0.22	-0.19	0.25		U1RI34
	LBRD34	A1MT34	MTSA4	A1IV34	AVGO34	MLAS3	BROF11	U1RI34

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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

BROF11	+ 0.69	MLAS3
U1RI34	+ 0.63	LBRD34
MLAS3	+ 0.49	A1MT34
AVGO34	+ 0.46	A1IV34
A1IV34	+ 0.35	LBRD34
BROF11	+ 0.3	A1MT34

High negative correlations

MLAS3	- 0.8	A1IV34
MLAS3	- 0.77	AVGO34
BROF11	- 0.74	AVGO34
MTSA4	- 0.7	LBRD34
U1RI34	- 0.49	MTSA4
A1IV34	- 0.43	A1MT34

Risk-Adjusted Indicators

There is a big difference between AutoZone, Stock performing well and AutoZone, 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 AutoZone,'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
LBRD34	1.67	0.25	0.08	(0.89)	2.40	(1.70)	3.24	(3.71)	21.71
A1MT34	2.08	(0.12)	0.00	0.47	0.00	0.00	4.00	(4.69)	13.94
MTSA4	1.96	0.08	0.03	(0.25)	2.07	(2.32)	4.38	(3.42)	9.99
A1IV34	1.26	0.16	0.07	(0.58)	1.39	(2.36)	4.02	(3.28)	10.33
AVGO34	2.63	0.72	0.26	(0.29)	2.04	(3.10)	6.52	(4.43)	31.18
MLAS3	2.92	(0.57)	0.00	(0.96)	0.00	0.00	5.88	(7.28)	16.85
BROF11	1.01	(0.07)	0.00	(0.18)	0.00	0.00	2.44	(2.13)	6.10
U1RI34	2.34	0.07	0.01	(0.25)	3.75	(2.57)	4.36	(5.12)	34.99

Be your own money manager

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