Cellnex Telecom Correlations

CLLNY Stock

USD 17.68 0.02 0.11%

The current 90-days correlation between Cellnex Telecom SA and Colliers International Group is 0.43 (i.e., Very weak diversification). The correlation of Cellnex Telecom 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Cellnex Telecom Correlation With Market

Modest diversification

The correlation between Cellnex Telecom SA and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cellnex Telecom SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Cellnex Pink Sheet

0.79	CSGP	CoStar Group	Pair Corr
0.73	CLNXF	Cellnex Telecom SA	Pair Corr
0.72	BEKE	Ke Holdings	Pair Corr
0.71	CWCO	Consolidated Water Earnings Call Tomorrow	Pair Corr
0.62	GTN	Gray Television	Pair Corr
0.77	WM	Waste Management	Pair Corr
0.71	GLU	Gabelli Global Utility	Pair Corr
0.77	AEM	Agnico Eagle Mines	Pair Corr
0.67	ISMAY	Indra Sistemas SA Downward Rally	Pair Corr

Moving against Cellnex Pink Sheet

0.77	BBGI	Beasley Broadcast	Pair Corr
0.56	TLK	Telkom Indonesia Tbk	Pair Corr
0.54	BKRKY	Bank Rakyat	Pair Corr
0.42	PTAIY	Astra International Tbk	Pair Corr
0.49	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.37	SHWZ	Medicine Man Technologies Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	JLL	CWK	CIGI	CSGP	NMRK	RDFN	OPAD	WE	EXPI
JLL		0.58	0.53	0.35	0.88	-0.15	-0.06	0.0	0.25	JLL
CWK	0.58		0.93	-0.36	0.5	-0.29	0.71	0.0	0.88	CWK
CIGI	0.53	0.93		-0.33	0.38	-0.26	0.63	0.0	0.82	CIGI
CSGP	0.35	-0.36	-0.33		0.34	0.39	-0.65	0.0	-0.51	CSGP
NMRK	0.88	0.5	0.38	0.34		-0.3	0.01	0.0	0.23	NMRK
RDFN	-0.15	-0.29	-0.26	0.39	-0.3		-0.15	0.0	-0.18	RDFN
OPAD	-0.06	0.71	0.63	-0.65	0.01	-0.15		0.0	0.91	OPAD
WE	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	WE
EXPI	0.25	0.88	0.82	-0.51	0.23	-0.18	0.91	0.0		EXPI
	JLL	CWK	CIGI	CSGP	NMRK	RDFN	OPAD	WE	EXPI

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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

CIGI	+ 0.93	CWK
EXPI	+ 0.91	OPAD
NMRK	+ 0.88	JLL
EXPI	+ 0.88	CWK
EXPI	+ 0.82	CIGI
OPAD	+ 0.71	CWK

High negative correlations

OPAD	- 0.65	CSGP
EXPI	- 0.51	CSGP
CSGP	- 0.36	CWK
CSGP	- 0.33	CIGI
RDFN	- 0.3	NMRK
RDFN	- 0.29	CWK

Risk-Adjusted Indicators

There is a big difference between Cellnex Pink Sheet performing well and Cellnex Telecom 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 Cellnex Telecom'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
JLL	1.74	0.01	0.00	(0.06)	0.00	0.00	3.01	(3.94)	11.74
CWK	1.94	(0.41)	0.00	(0.32)	0.00	0.00	2.63	(4.90)	14.26
CIGI	1.37	(0.17)	0.00	(0.21)	0.00	0.00	2.05	(2.95)	12.51
CSGP	1.37	0.16	0.08	0.06	1.69	(1.42)	3.29	(3.23)	8.99
NMRK	1.86	(0.09)	0.00	(0.11)	0.00	0.00	3.77	(4.36)	13.66
RDFN	4.21	0.54	0.15	(0.48)	4.44	(5.25)	6.45	(8.83)	69.65
OPAD	4.15	(0.90)	0.00	(0.59)	0.00	0.00	9.79	(8.23)	34.92
WE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EXPI	2.04	(0.26)	0.00	(0.26)	0.00	0.00	3.30	(3.71)	19.88

Be your own money manager

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