Hubbell Incorporated Correlations

HUEC Stock

EUR 310.00 2.00 0.64%

The current 90-days correlation between Hubbell Incorporated and Sims Metal Management is 0.28 (i.e., Modest diversification). The correlation of Hubbell Incorporated 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.

Hubbell Incorporated Correlation With Market

Significant diversification

The correlation between Hubbell Incorporated and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hubbell Incorporated and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hubbell Stock

0.92	XPH	Amphenol	Pair Corr
0.73	HHP2	Hon Hai Precision	Pair Corr
0.77	XSDG	Samsung SDI	Pair Corr
0.89	TDK	TDK Corporation	Pair Corr
0.85	KBIA	KB Financial Group	Pair Corr
0.69	OIX	ORIX	Pair Corr
0.76	SID	State Bank	Pair Corr
0.67	APC	Apple Inc	Pair Corr
0.83	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against Hubbell Stock

0.91	TKDA	Takeda Pharmaceutical	Pair Corr
0.85	LLD2	Lloyds Banking Group	Pair Corr
0.73	SXC	Sunny Optical Technology	Pair Corr
0.72	SUMB	SUMITOMO P SP	Pair Corr
0.69	W8V	Bank of China Earnings Call Tomorrow	Pair Corr
0.42	MIE1	Mitsubishi Electric	Pair Corr
0.37	MUR1	Murata Manufacturing	Pair Corr
0.94	TKA	thyssenkrupp AG	Pair Corr
0.94	5TP	BLUE LABEL	Pair Corr
0.92	BSN	Danone SA	Pair Corr
0.91	3RE	Rejlerkoncernen AB	Pair Corr
0.89	JYS1	JYSKE BANK	Pair Corr
0.83	DBPE	Xtrackers LevDAX	Pair Corr
0.82	BY6A	BYD Limited	Pair Corr
0.75	BRH	Berkshire Hathaway	Pair Corr
0.74	SOBA	ATT Inc	Pair Corr
0.71	TLLB	Trelleborg AB	Pair Corr
0.66	KEI	KEISEI EL RAILWAY Split	Pair Corr
0.64	E908	Lyxor 1	Pair Corr
0.57	ROM	Rohm Co	Pair Corr
0.48	HUKI	HUHTAMAKI	Pair Corr
0.47	MRG	Outcrop Silver Gold	Pair Corr
0.38	T62	TOHO ZINC LTD	Pair Corr

Related Correlations Analysis

	TM5	1C6	QBI	A3J	CEK	I8M	TM5	GRU
TM5		0.74	-0.36	0.22	0.49	0.68	0.99	0.9	TM5
1C6	0.74		-0.36	0.67	0.1	0.56	0.75	0.66	1C6
QBI	-0.36	-0.36		-0.07	-0.31	-0.61	-0.36	-0.2	QBI
A3J	0.22	0.67	-0.07		-0.54	0.02	0.24	0.1	A3J
CEK	0.49	0.1	-0.31	-0.54		0.64	0.48	0.57	CEK
I8M	0.68	0.56	-0.61	0.02	0.64		0.68	0.65	I8M
TM5	0.99	0.75	-0.36	0.24	0.48	0.68		0.9	TM5
GRU	0.9	0.66	-0.2	0.1	0.57	0.65	0.9		GRU
	TM5	1C6	QBI	A3J	CEK	I8M	TM5	GRU

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

TM5	+ 0.99	TM5
GRU	+ 0.9	TM5
GRU	+ 0.9	TM5
TM5	+ 0.75	1C6
1C6	+ 0.74	TM5
I8M	+ 0.68	TM5

High negative correlations

I8M	- 0.61	QBI
CEK	- 0.54	A3J
TM5	- 0.36	QBI
QBI	- 0.36	1C6
QBI	- 0.36	TM5
CEK	- 0.31	QBI

Risk-Adjusted Indicators

There is a big difference between Hubbell Stock performing well and Hubbell Incorporated 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 Hubbell Incorporated'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
TM5	1.39	0.12	0.07	3.23	1.99	(1.37)	3.19	(4.00)	11.72
1C6	1.82	0.05	0.03	0.45	2.20	(2.46)	4.38	(4.54)	15.50
QBI	0.30	(0.16)	0.00	(1.33)	0.00	0.00	0.00	(2.00)	4.26
A3J	1.61	(0.10)	0.00	(0.22)	0.00	0.00	2.65	(4.00)	12.49
CEK	2.89	0.78	0.18	0.81	3.23	(3.63)	9.47	(4.32)	33.61
I8M	1.47	0.24	0.14	0.64	1.64	(1.67)	3.25	(2.52)	9.11
TM5	1.49	0.11	0.06	0.49	2.14	(1.56)	3.20	(4.20)	12.21
GRU	2.26	0.20	0.08	1.28	2.76	(2.69)	4.86	(4.29)	19.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hubbell Incorporated 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.

Did you try this?

Run Premium Stories Now

Premium Stories

Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC