HSBC Developed Correlations

HSWD Etf

EUR 23.72 0.38 1.63%

The current 90-days correlation between HSBC Developed World and Amundi Index Solutions is 0.06 (i.e., Significant diversification). The correlation of HSBC Developed 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.

HSBC Developed Correlation With Market

Good diversification

The correlation between HSBC Developed World and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HSBC Developed World and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with HSBC Etf

0.68	GBS	Gold Bullion Securities	Pair Corr
0.87	HHH	HSBC SP 500	Pair Corr
0.87	SPY5	SPDR SP 500	Pair Corr
0.85	SEUC	SSgA SPDR ETFs	Pair Corr

Moving against HSBC Etf

0.73	CAC	Amundi CAC 40	Pair Corr
0.72	CACC	Lyxor CAC 40	Pair Corr
0.54	CEU2	Amundi Index Solutions	Pair Corr
0.49	CEU	Amundi Index Solutions	Pair Corr
0.42	MSE	Lyxor UCITS Stoxx	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.71	-0.5	-0.51	0.17	0.49	0.47	0.08	0.05	-0.34	META
MSFT	0.71		-0.61	-0.25	0.6	0.28	0.67	0.38	-0.19	-0.49	MSFT
UBER	-0.5	-0.61		0.55	-0.67	0.11	-0.82	-0.6	0.7	0.74	UBER
F	-0.51	-0.25	0.55		-0.06	-0.11	-0.18	0.07	0.12	0.75	F
T	0.17	0.6	-0.67	-0.06		-0.07	0.8	0.68	-0.53	-0.49	T
A	0.49	0.28	0.11	-0.11	-0.07		0.02	-0.15	0.53	0.03	A
CRM	0.47	0.67	-0.82	-0.18	0.8	0.02		0.83	-0.66	-0.45	CRM
JPM	0.08	0.38	-0.6	0.07	0.68	-0.15	0.83		-0.71	-0.2	JPM
MRK	0.05	-0.19	0.7	0.12	-0.53	0.53	-0.66	-0.71		0.35	MRK
XOM	-0.34	-0.49	0.74	0.75	-0.49	0.03	-0.45	-0.2	0.35		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.83	CRM
CRM	+ 0.8	T
XOM	+ 0.75	F
XOM	+ 0.74	UBER
MSFT	+ 0.71	META
MRK	+ 0.7	UBER

High negative correlations

CRM	- 0.82	UBER
MRK	- 0.71	JPM
T	- 0.67	UBER
MRK	- 0.66	CRM
UBER	- 0.61	MSFT
JPM	- 0.6	UBER

HSBC Developed Competition Risk-Adjusted Indicators

There is a big difference between HSBC Etf performing well and HSBC Developed ETF 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 HSBC Developed'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
META	1.31	0.11	0.06	0.35	1.45	(1.49)	3.22	(3.15)	7.43
MSFT	0.87	0.03	0.01	0.07	1.59	(0.80)	1.78	(1.73)	8.14
UBER	1.76	(0.22)	0.00	(0.26)	0.00	0.00	2.67	(5.35)	20.41
F	1.35	(0.06)	0.00	(0.21)	0.00	0.00	2.38	(2.81)	11.21
T	0.96	0.04	0.02	0.16	1.14	(1.02)	1.93	(1.99)	7.95
A	1.17	(0.10)	0.00	(0.25)	0.00	0.00	2.43	(2.42)	8.06
CRM	1.41	0.21	0.14	0.19	1.37	(1.64)	3.16	(2.88)	14.80
JPM	1.04	0.18	0.15	0.13	1.11	(1.22)	1.65	(1.42)	15.87
MRK	0.93	(0.16)	0.00	(0.76)	0.00	0.00	1.72	(2.13)	5.17
XOM	0.76	(0.18)	0.00	(0.81)	0.00	0.00	1.71	(2.14)	6.06

Be your own money manager

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