DENSO CORP Correlations

DNOA Stock

EUR 12.10 0.10 0.83%

The current 90-days correlation between DENSO P ADR and Take Two Interactive Software is 0.18 (i.e., Average diversification). The correlation of DENSO CORP 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.

DENSO CORP Correlation With Market

Average diversification

The correlation between DENSO P ADR and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DENSO P ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with DENSO Stock

0.98	DNO	Dno ASA	Pair Corr
0.63	ASJA	PT Astra International	Pair Corr
0.8	MGA	Magna International	Pair Corr
0.77	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against DENSO Stock

0.79	DBPE	Xtrackers LevDAX	Pair Corr
0.77	BGTA	Bridgestone	Pair Corr
0.75	KB9	KBC Ancora SCA	Pair Corr
0.72	E908	Lyxor 1	Pair Corr
0.68	SVM	Sovereign Metals	Pair Corr
0.67	ODQ	ODYSSEY GOLD LTD	Pair Corr
0.59	LKQ1	LKQ Corporation	Pair Corr
0.59	GOC	Star Diamond Earnings Call This Week	Pair Corr
0.48	CON	Continental Aktiengesellscha	Pair Corr
0.44	CON	Continental Aktiengesellscha	Pair Corr

Related Correlations Analysis

	7ES1	TKE	UWS	A9F	4JF	XFB	SXC	CPW
7ES1		-0.42	-0.48	-0.16	0.63	0.35	-0.47	-0.59	7ES1
TKE	-0.42		0.81	0.82	-0.3	-0.19	0.88	0.76	TKE
UWS	-0.48	0.81		0.76	-0.44	-0.31	0.79	0.85	UWS
A9F	-0.16	0.82	0.76		-0.04	-0.29	0.83	0.69	A9F
4JF	0.63	-0.3	-0.44	-0.04		0.46	-0.36	-0.54	4JF
XFB	0.35	-0.19	-0.31	-0.29	0.46		-0.42	-0.49	XFB
SXC	-0.47	0.88	0.79	0.83	-0.36	-0.42		0.87	SXC
CPW	-0.59	0.76	0.85	0.69	-0.54	-0.49	0.87		CPW
	7ES1	TKE	UWS	A9F	4JF	XFB	SXC	CPW

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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

SXC	+ 0.88	TKE
CPW	+ 0.87	SXC
CPW	+ 0.85	UWS
SXC	+ 0.83	A9F
A9F	+ 0.82	TKE
UWS	+ 0.81	TKE

High negative correlations

CPW	- 0.59	7ES1
CPW	- 0.54	4JF
CPW	- 0.49	XFB
UWS	- 0.48	7ES1
SXC	- 0.47	7ES1
4JF	- 0.44	UWS

Risk-Adjusted Indicators

There is a big difference between DENSO Stock performing well and DENSO CORP 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 DENSO CORP'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
7ES1	2.21	(0.60)	0.00	(1.41)	0.00	0.00	3.13	(6.45)	21.69
TKE	1.31	0.09	0.11	(0.60)	1.53	(1.51)	2.76	(2.45)	20.36
UWS	0.85	0.04	0.09	1.47	1.12	(0.83)	1.74	(1.54)	7.35
A9F	1.21	(0.02)	0.00	(0.26)	0.00	0.00	3.03	(3.15)	9.66
4JF	2.18	(0.15)	0.00	(0.45)	0.00	0.00	4.04	(5.15)	13.94
XFB	2.10	(0.10)	0.00	(0.30)	0.00	0.00	3.87	(4.06)	11.40
SXC	2.59	0.49	0.17	0.52	2.69	(3.09)	6.89	(5.46)	21.93
CPW	1.17	0.28	0.25	1.13	1.12	(1.40)	3.26	(2.02)	10.46

Be your own money manager

Our tools can tell you how much better you can do entering a position in DENSO CORP 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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