Dow Jones Correlations

Indexes . USA . 
Index . Dow Jones Industrial
DJI Index   44,911  188.59  0.42%   
The current 90-days correlation between Dow Jones Industrial and Catalyst Pharmaceuticals is 0.4 (i.e., Very weak diversification). The correlation of Dow Jones 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.
The ability to find closely correlated positions to Dow Jones could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dow Jones 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 Dow Jones - 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 Dow Jones Industrial to buy it.

Moving together with Dow Index

  0.79NVDA NVIDIAPairCorr
  0.83AMZN Amazon Inc Aggressive PushPairCorr
  0.77BMYMP Bristol Myers SquibbPairCorr
  0.73GOOG Alphabet Class C Sell-off TrendPairCorr
  0.64META Meta Platforms Aggressive PushPairCorr
  0.91C Citigroup Aggressive PushPairCorr
  0.91DOCU DocuSign Earnings Call This WeekPairCorr
  0.86NDAQ Nasdaq Inc Sell-off TrendPairCorr
  0.64ZIM ZIM Integrated Shipping Sell-off TrendPairCorr
  0.77V Visa Class APairCorr
  0.9VAC Marriot VacationsPairCorr
  0.73LOW Lowes Companies Sell-off TrendPairCorr
  0.73FLR FluorPairCorr
  0.94GOOD Gladstone CommercialPairCorr
  0.77DEC Diversified EnergyPairCorr
  0.91VRT Vertiv HoldingsPairCorr
  0.81NFBK Northfield Bancorp Fiscal Year End 22nd of January 2025 PairCorr
  0.92ELMD ElectromedPairCorr
  0.88MDIV First Trust MultiPairCorr
  0.94TGRW T Rowe PricePairCorr
  0.93EOS Eaton Vance EnhancedPairCorr
  0.87BTC Grayscale Bitcoin MiniPairCorr
  0.87XHLF Bondbloxx ETF TrustPairCorr
  0.88ETH Grayscale Ethereum MiniPairCorr
  1.0DDM ProShares Ultra Dow30PairCorr
  0.63OILU MicroSectorsTM Oil GasPairCorr
  0.89GAB Gabelli Equity TrustPairCorr
  0.76PGAIX Pimco Global MultiPairCorr
  0.93SAGAX Ridgeworth InnovativePairCorr
  0.95ARIDX Amg River RoadPairCorr

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   
MNMD
+ 0.76
CPRX
TCRX
+ 0.43
INKT
TCRX
+ 0.32
SPHR
WB
+ 0.29
SPHR
WB
+ 0.07
CPRX
NCMI
+ 0.04
CPRX
  
High negative correlations   
WB
- 0.63
INKT
MNMD
- 0.37
SPHR
TCRX
- 0.36
NCMI
WB
- 0.35
TCRX
MNMD
- 0.28
TCRX
INKT
- 0.2
CPRX

Risk-Adjusted Indicators

There is a big difference between Dow Index performing well and Dow Jones Index 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 Dow Jones' 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.

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Dow Jones Against Global Markets

ISEQ 20  1.06   
0%
52.0%
GDAXI  1.03   
0%
51.0%
DJI  0.42   
0%
20.0%
NYA  0.31   
0%
15.0%
CROBEX  0.09   
0%
4.0%
TWII  0.16   
7.0%
0%
PSI 20  0.20   
9.0%
0%
Budapest  0.56   
27.0%
0%
IDX 30  2.01   
100.0%
0%
 

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