DAIKIN INDUSTRUNSPADR Correlations

DKIA Stock

EUR 10.70 0.10 0.93%

The current 90-days correlation between DAIKIN INDUSTRUNSPADR and Carrier Global is 0.13 (i.e., Average diversification). The correlation of DAIKIN INDUSTRUNSPADR 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.

DAIKIN INDUSTRUNSPADR Correlation With Market

Significant diversification

The correlation between DAIKIN INDUSTRUNSPADR and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DAIKIN INDUSTRUNSPADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against DAIKIN Stock

0.56	2WY	Wyndham Hotels Resorts	Pair Corr
0.42	XTP	Sino AG	Pair Corr
0.35	FZG1	BLUELINX HLDGS DL	Pair Corr
0.34	HSJA	HALSTEAD JAMES LS	Pair Corr
0.34	74F	LIFE BANC SPLIT	Pair Corr
0.69	UBK	UMWELTBANK	Pair Corr
0.59	NE0	NEXA RESOURCES SA	Pair Corr
0.49	APC	Apple Inc	Pair Corr
0.48	FW2N	BANNER	Pair Corr
0.48	APC	Apple Inc	Pair Corr
0.47	02B	Blackline	Pair Corr
0.45	GZ3	Yuexiu Transport Inf	Pair Corr
0.44	1N31	Newtek Business Services	Pair Corr
0.42	VIP	Virtus Investment	Pair Corr
0.36	74G	DIVIDEND GROWTH SPLIT	Pair Corr
0.35	BMU	Benchmark Electronics	Pair Corr
0.34	DFK	01 Communique Laboratory	Pair Corr
0.58	KRC	Kilroy Realty Corp	Pair Corr
0.54	PUM	PUMA SE	Pair Corr
0.52	MAQ	Marriott International	Pair Corr
0.49	APC	Apple Inc	Pair Corr

Related Correlations Analysis

	DKIA	4PN	GBRF	72T	LFPB	HSJA	FZG1	CEV	5IW
DKIA		0.42	0.5	-0.2	0.53	-0.34	-0.35	-0.2	-0.01	DKIA
4PN	0.42		0.13	-0.32	0.54	-0.21	-0.03	-0.34	-0.43	4PN
GBRF	0.5	0.13		-0.08	0.18	-0.28	-0.09	0.25	0.22	GBRF
72T	-0.2	-0.32	-0.08		-0.72	0.53	0.56	0.2	0.13	72T
LFPB	0.53	0.54	0.18	-0.72		-0.61	-0.77	-0.34	-0.03	LFPB
HSJA	-0.34	-0.21	-0.28	0.53	-0.61		0.7	0.01	0.12	HSJA
FZG1	-0.35	-0.03	-0.09	0.56	-0.77	0.7		0.08	-0.19	FZG1
CEV	-0.2	-0.34	0.25	0.2	-0.34	0.01	0.08		0.13	CEV
5IW	-0.01	-0.43	0.22	0.13	-0.03	0.12	-0.19	0.13		5IW
	DKIA	4PN	GBRF	72T	LFPB	HSJA	FZG1	CEV	5IW

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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

FZG1	+ 0.7	HSJA
FZG1	+ 0.56	72T
LFPB	+ 0.54	4PN
LFPB	+ 0.53	DKIA
HSJA	+ 0.53	72T
GBRF	+ 0.5	DKIA

High negative correlations

FZG1	- 0.77	LFPB
LFPB	- 0.72	72T
HSJA	- 0.61	LFPB
5IW	- 0.43	4PN
FZG1	- 0.35	DKIA
CEV	- 0.34	LFPB

Risk-Adjusted Indicators

There is a big difference between DAIKIN Stock performing well and DAIKIN INDUSTRUNSPADR 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 DAIKIN INDUSTRUNSPADR'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
DKIA	1.31	(0.04)	0.00	(0.23)	0.00	0.00	2.79	(2.63)	10.78
4PN	1.35	(0.16)	0.00	(0.61)	0.00	0.00	2.54	(2.60)	11.52
GBRF	1.27	(0.11)	0.00	(0.73)	0.00	0.00	3.60	(1.82)	8.02
72T	4.14	0.69	0.13	(0.90)	4.24	(5.55)	10.95	(6.67)	29.33
LFPB	1.42	(0.39)	0.00	(0.49)	0.00	0.00	2.79	(3.47)	8.39
HSJA	1.69	0.23	0.06	2.36	2.23	(2.05)	3.65	(2.93)	13.26
FZG1	2.04	0.10	0.02	(0.58)	2.26	(2.43)	4.04	(3.77)	20.54
CEV	0.61	0.08	0.05	0.67	0.50	(1.29)	1.00	(1.23)	8.97
5IW	1.17	(0.02)	0.00	0.68	0.00	0.00	2.22	(2.43)	13.56

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Our tools can tell you how much better you can do entering a position in DAIKIN INDUSTRUNSPADR 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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