Eastman Chemical Correlations

E1MN34 Stock

BRL 275.40 0.00 0.00%

The current 90-days correlation between Eastman Chemical and CM Hospitalar SA is -0.12 (i.e., Good diversification). The correlation of Eastman Chemical 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 Eastman Chemical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Eastman Chemical 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 Eastman Chemical - 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 Eastman Chemical to buy it.

Moving together with Eastman Stock

0.78	TMCO34	Toyota Motor	Pair Corr
0.62	TSMC34	Taiwan Semiconductor	Pair Corr
0.65	SNEC34	Sony Group Split	Pair Corr
0.73	AAPL34	Apple Inc	Pair Corr

Moving against Eastman Stock

0.7	BRKM5	Braskem SA	Pair Corr
0.69	BRKM3	Braskem SA	Pair Corr
0.68	CRPG6	Tronox Pigmentos	Pair Corr
0.67	CRPG5	Tronox Pigmentos	Pair Corr
0.66	BRKM6	Braskem SA	Pair Corr

Related Correlations Analysis

	VVEO3	H2TA34	L1YV34	C2ZR34	A1PD34	P1EA34	T2DH34	H1RL34
VVEO3		-0.1	0.06	-0.08	0.04	0.39	-0.01	-0.02	VVEO3
H2TA34	-0.1		0.78	-0.59	0.52	0.49	0.72	0.72	H2TA34
L1YV34	0.06	0.78		-0.67	0.7	0.67	0.85	0.83	L1YV34
C2ZR34	-0.08	-0.59	-0.67		-0.11	-0.31	-0.4	-0.54	C2ZR34
A1PD34	0.04	0.52	0.7	-0.11		0.67	0.63	0.69	A1PD34
P1EA34	0.39	0.49	0.67	-0.31	0.67		0.59	0.44	P1EA34
T2DH34	-0.01	0.72	0.85	-0.4	0.63	0.59		0.63	T2DH34
H1RL34	-0.02	0.72	0.83	-0.54	0.69	0.44	0.63		H1RL34
	VVEO3	H2TA34	L1YV34	C2ZR34	A1PD34	P1EA34	T2DH34	H1RL34

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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

T2DH34	+ 0.85	L1YV34
H1RL34	+ 0.83	L1YV34
L1YV34	+ 0.78	H2TA34
T2DH34	+ 0.72	H2TA34
H1RL34	+ 0.72	H2TA34
A1PD34	+ 0.7	L1YV34

High negative correlations

C2ZR34	- 0.67	L1YV34
C2ZR34	- 0.59	H2TA34
H1RL34	- 0.54	C2ZR34
T2DH34	- 0.4	C2ZR34
P1EA34	- 0.31	C2ZR34
A1PD34	- 0.11	C2ZR34

Risk-Adjusted Indicators

There is a big difference between Eastman Stock performing well and Eastman Chemical 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 Eastman Chemical'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
VVEO3	3.05	0.23	0.06	0.41	3.55	(3.97)	8.15	(4.64)	31.24
H2TA34	0.73	0.02	0.01	0.06	1.17	(3.07)	2.54	(2.16)	14.65
L1YV34	1.28	0.47	0.31	18.81	0.99	(1.48)	3.37	(1.53)	10.23
C2ZR34	1.13	(0.18)	0.00	0.17	0.00	0.00	3.06	(4.77)	16.74
A1PD34	1.04	0.22	0.05	(3.66)	1.25	(4.53)	2.66	(3.64)	19.11
P1EA34	0.56	0.05	0.00	0.30	0.00	0.00	2.08	(1.09)	13.38
T2DH34	3.47	0.46	0.12	(16.49)	3.27	(4.56)	10.53	(5.81)	23.23
H1RL34	0.48	0.22	0.00	(5.08)	0.00	0.00	2.31	(0.32)	5.38

Be your own money manager

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