DriveItAway Correlations

DWAY Stock

USD 0.03 0.01 20.00%

The current 90-days correlation between DriveItAway and McGrath RentCorp is 0.28 (i.e., Modest diversification). The correlation of DriveItAway 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.

DriveItAway Correlation With Market

Significant diversification

The correlation between DriveItAway and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DriveItAway and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with DriveItAway Pink Sheet

0.76	LZRFY	Localiza Rent A	Pair Corr
0.77	EQC	Equity Commonwealth	Pair Corr
0.79	AIFF	Firefly Neuroscience, Symbol Change	Pair Corr
0.74	BAER	Bridger Aerospace Buyout Trend	Pair Corr

Moving against DriveItAway Pink Sheet

0.76	CLS	Celestica	Pair Corr
0.71	KODK	Eastman Kodak	Pair Corr
0.64	AHR	American Healthcare REIT,	Pair Corr
0.59	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.59	KULR	KULR Technology Group	Pair Corr
0.57	HBI	Hanesbrands Sell-off Trend	Pair Corr
0.55	MMAT	Meta Materials	Pair Corr
0.49	ACTHF	Aduro Clean Technologies	Pair Corr
0.41	GRMN	Garmin	Pair Corr
0.4	MO	Altria Group	Pair Corr
0.75	WMT	Walmart	Pair Corr
0.74	QNCX	Quince Therapeutics,	Pair Corr
0.73	ZVIA	Zevia Pbc	Pair Corr
0.7	FSK	FS KKR Capital	Pair Corr
0.62	GILD	Gilead Sciences	Pair Corr
0.58	VLRS	Volaris	Pair Corr

Related Correlations Analysis

	MGRC	CTOS	HRI	AAN	ALTG	MWG	FPAY	HTZ	HYREQ	CAR
MGRC		0.79	0.84	0.0	0.89	-0.36	0.13	0.48	-0.21	0.78	MGRC
CTOS	0.79		0.6	0.0	0.86	-0.31	0.42	0.7	-0.21	0.66	CTOS
HRI	0.84	0.6		0.0	0.79	-0.43	-0.07	0.31	-0.24	0.71	HRI
AAN	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AAN
ALTG	0.89	0.86	0.79	0.0		-0.32	0.23	0.64	-0.15	0.79	ALTG
MWG	-0.36	-0.31	-0.43	0.0	-0.32		0.13	-0.09	0.13	-0.38	MWG
FPAY	0.13	0.42	-0.07	0.0	0.23	0.13		0.69	0.01	0.26	FPAY
HTZ	0.48	0.7	0.31	0.0	0.64	-0.09	0.69		0.06	0.69	HTZ
HYREQ	-0.21	-0.21	-0.24	0.0	-0.15	0.13	0.01	0.06		-0.02	HYREQ
CAR	0.78	0.66	0.71	0.0	0.79	-0.38	0.26	0.69	-0.02		CAR
	MGRC	CTOS	HRI	AAN	ALTG	MWG	FPAY	HTZ	HYREQ	CAR

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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

ALTG	+ 0.89	MGRC
ALTG	+ 0.86	CTOS
HRI	+ 0.84	MGRC
CTOS	+ 0.79	MGRC
ALTG	+ 0.79	HRI
CAR	+ 0.79	ALTG

High negative correlations

MWG	- 0.43	HRI
CAR	- 0.38	MWG
MWG	- 0.36	MGRC
MWG	- 0.32	ALTG
MWG	- 0.31	CTOS
HYREQ	- 0.24	HRI

Risk-Adjusted Indicators

There is a big difference between DriveItAway Pink Sheet performing well and DriveItAway 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 DriveItAway'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
MGRC	1.08	0.16	0.09	0.65	1.37	(1.08)	2.75	(3.05)	12.00
CTOS	2.26	0.54	0.21	0.53	2.04	(2.64)	8.95	(3.65)	20.86
HRI	2.03	0.34	0.16	0.74	1.73	(2.80)	5.52	(2.59)	24.68
AAN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ALTG	2.85	0.29	0.08	0.37	3.23	(3.16)	6.85	(5.48)	25.52
MWG	3.66	0.23	0.04	0.64	3.35	(7.23)	10.71	(6.90)	25.68
FPAY	5.32	0.65	0.11	(3.32)	5.24	(6.44)	10.49	(10.14)	42.43
HTZ	3.75	0.55	0.12	0.27	4.06	(4.21)	8.44	(8.50)	21.27
HYREQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CAR	2.49	0.25	0.09	(0.97)	2.36	(2.96)	6.39	(3.42)	17.30

Be your own money manager

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