CVC Capital Correlations

CVC Stock

21.82 0.45 2.02%

The correlation of CVC Capital 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.

CVC Capital Correlation With Market

Modest diversification

The correlation between CVC Capital Partners 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 CVC Capital Partners and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CVC Stock

0.71	REN	Relx PLC	Pair Corr
0.89	AD	Koninklijke Ahold	Pair Corr
0.61	TKWY	Just Eat Takeaway	Pair Corr
0.73	AGN	Aegon NV	Pair Corr
0.73	HEIJM	Koninklijke Heijmans	Pair Corr
0.69	ASRNL	ASR Nederland NV	Pair Corr

Moving against CVC Stock

0.79	INGA	ING Groep NV	Pair Corr
0.41	ASML	ASML Holding NV	Pair Corr
0.41	UNA	Unilever PLC	Pair Corr

Related Correlations Analysis

	ASML	PRX	SHELL	UNA	REN	INGA	ADYEN	UMG	AD	WKL
ASML		-0.07	-0.32	0.62	-0.45	0.63	0.15	0.18	-0.39	-0.43	ASML
PRX	-0.07		0.06	-0.26	0.16	-0.37	0.43	0.51	0.11	0.09	PRX
SHELL	-0.32	0.06		-0.54	0.06	-0.44	-0.33	-0.33	0.35	-0.01	SHELL
UNA	0.62	-0.26	-0.54		-0.09	0.69	0.35	0.21	-0.56	-0.13	UNA
REN	-0.45	0.16	0.06	-0.09		-0.54	0.45	0.19	0.51	0.91	REN
INGA	0.63	-0.37	-0.44	0.69	-0.54		0.08	0.15	-0.82	-0.37	INGA
ADYEN	0.15	0.43	-0.33	0.35	0.45	0.08		0.52	-0.18	0.46	ADYEN
UMG	0.18	0.51	-0.33	0.21	0.19	0.15	0.52		-0.34	0.33	UMG
AD	-0.39	0.11	0.35	-0.56	0.51	-0.82	-0.18	-0.34		0.34	AD
WKL	-0.43	0.09	-0.01	-0.13	0.91	-0.37	0.46	0.33	0.34		WKL
	ASML	PRX	SHELL	UNA	REN	INGA	ADYEN	UMG	AD	WKL

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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

WKL	+ 0.91	REN
INGA	+ 0.69	UNA
INGA	+ 0.63	ASML
UNA	+ 0.62	ASML
UMG	+ 0.52	ADYEN
UMG	+ 0.51	PRX

High negative correlations

AD	- 0.82	INGA
AD	- 0.56	UNA
INGA	- 0.54	REN
UNA	- 0.54	SHELL
REN	- 0.45	ASML
INGA	- 0.44	SHELL

Risk-Adjusted Indicators

There is a big difference between CVC Stock performing well and CVC Capital 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 CVC Capital'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
ASML	1.78	(0.06)	0.00	(3.30)	0.00	0.00	3.37	(4.17)	20.25
PRX	1.29	0.38	0.18	(0.99)	1.12	(1.50)	2.98	(2.58)	11.12
SHELL	0.91	0.01	(0.06)	(0.14)	1.34	(0.87)	1.82	(1.81)	6.00
UNA	0.64	(0.05)	0.00	0.82	0.00	0.00	1.12	(1.27)	4.81
REN	0.94	0.05	(0.02)	0.72	1.22	(0.93)	1.97	(1.86)	5.97
INGA	0.92	(0.14)	0.00	0.65	0.00	0.00	1.23	(1.84)	5.71
ADYEN	1.46	0.22	0.06	(0.97)	1.51	(1.61)	3.88	(2.89)	10.34
UMG	0.98	0.08	(0.02)	(0.52)	1.03	(1.12)	2.37	(1.87)	4.90
AD	0.73	0.05	(0.02)	0.55	0.99	(0.74)	1.41	(1.46)	5.89
WKL	0.86	0.04	(0.03)	0.39	1.30	(0.83)	1.52	(2.15)	6.57

CVC Capital Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with CVC Capital stock to make a market-neutral strategy. Peer analysis of CVC Capital could also be used in its relative valuation, which is a method of valuing CVC Capital by comparing valuation metrics with similar companies.

ASML Holding NV Prosus NV Shell PLC Unilever PLC Relx PLC ING Groep NV Adyen NV Universal Music Group Koninklijke Ahold Delhaize Wolters Kluwer NV American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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