BYD Company Correlations

BY6A Stock  EUR 93.50  5.50  5.56%   
The current 90-days correlation between BYD Limited and Tradeweb Markets is -0.16 (i.e., Good diversification). The correlation of BYD Company 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.

BYD Company Correlation With Market

Significant diversification

The correlation between BYD Company Limited and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BYD Company Limited and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to BYD Company could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BYD Company 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 BYD Company - 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 BYD Company Limited to buy it.

Moving together with BYD Stock

  1.0BY6 BYD LimitedPairCorr
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  0.72VOWB VOLKSWAGEN AG VZPairCorr
  0.71VOW Volkswagen AGPairCorr
  0.7XTP Sino AGPairCorr
  0.63HUKI HUHTAMAKIPairCorr
  0.75BSN Danone SAPairCorr
  0.74ROM Rohm CoPairCorr
  0.76TKA thyssenkrupp AGPairCorr
  0.75KEI KEISEI EL RAILWAY SplitPairCorr
  0.84TLLB Trelleborg ABPairCorr
  0.83BRH Berkshire HathawayPairCorr
  0.835TP BLUE LABELPairCorr
  0.63MRG Outcrop Silver GoldPairCorr
  0.933RE Rejlerkoncernen ABPairCorr
  0.92T62 TOHO ZINC LTDPairCorr
  0.76JYS1 JYSKE BANKPairCorr
  0.87DBPE Xtrackers LevDAXPairCorr
  0.81E908 Lyxor 1PairCorr

Moving against BYD Stock

  0.8TL0 Tesla IncPairCorr
  0.713J8 JPM INDIAN INVTPairCorr
  0.69TOM Toyota MotorPairCorr
  0.59TOMA Toyota MotorPairCorr
  0.4874F LIFE BANC SPLITPairCorr
  0.85DBPD Xtrackers ShortDAXPairCorr
  0.42T9V TASTY PLC LSPairCorr

Related Correlations Analysis

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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   
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High negative correlations   
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Risk-Adjusted Indicators

There is a big difference between BYD Stock performing well and BYD Company 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 BYD Company'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.

Be your own money manager

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