CODERE ONLINE Correlations

J9T Stock

6.55 0.05 0.77%

The current 90-days correlation between CODERE ONLINE LUX and Spirent Communications plc is -0.06 (i.e., Good diversification). The correlation of CODERE ONLINE 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.

CODERE ONLINE Correlation With Market

Significant diversification

The correlation between CODERE ONLINE LUX and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CODERE ONLINE LUX and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CODERE Stock

0.7	TJW	Scientific Games	Pair Corr
0.7	CJH	CanSino Biologics	Pair Corr

Moving against CODERE Stock

0.64	I7G	Ipsen SA	Pair Corr
0.45	DBPD	Xtrackers ShortDAX	Pair Corr
0.42	CHR	Churchill Downs	Pair Corr

Related Correlations Analysis

	BW8	UN9	COA1	FFC0	MWJ	UVD	0VF	MR3
BW8		0.33	0.52	-0.03	0.46	-0.01	-0.31	-0.25	BW8
UN9	0.33		0.84	0.1	0.35	-0.38	-0.35	-0.61	UN9
COA1	0.52	0.84		-0.22	0.34	-0.11	-0.65	-0.6	COA1
FFC0	-0.03	0.1	-0.22		0.52	-0.02	0.53	0.13	FFC0
MWJ	0.46	0.35	0.34	0.52		0.11	-0.08	0.09	MWJ
UVD	-0.01	-0.38	-0.11	-0.02	0.11		-0.14	0.34	UVD
0VF	-0.31	-0.35	-0.65	0.53	-0.08	-0.14		0.27	0VF
MR3	-0.25	-0.61	-0.6	0.13	0.09	0.34	0.27		MR3
	BW8	UN9	COA1	FFC0	MWJ	UVD	0VF	MR3

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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

COA1	+ 0.84	UN9
0VF	+ 0.53	FFC0
COA1	+ 0.52	BW8
MWJ	+ 0.52	FFC0
MWJ	+ 0.46	BW8
MWJ	+ 0.35	UN9

High negative correlations

0VF	- 0.65	COA1
MR3	- 0.61	UN9
MR3	- 0.6	COA1
UVD	- 0.38	UN9
0VF	- 0.35	UN9
0VF	- 0.31	BW8

Risk-Adjusted Indicators

There is a big difference between CODERE Stock performing well and CODERE ONLINE 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 CODERE ONLINE'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
BW8	1.44	0.02	0.02	0.02	2.19	(2.17)	3.70	(4.63)	14.41
UN9	0.84	0.40	0.45	2.86	0.43	(0.99)	2.52	(1.36)	5.85
COA1	2.54	0.81	0.12	11.16	1.94	(9.22)	11.76	(5.56)	22.22
FFC0	0.90	0.00	0.06	(0.10)	1.30	(0.85)	1.77	(1.83)	5.37
MWJ	3.94	0.02	0.02	(0.12)	4.46	(4.54)	5.88	(6.56)	23.01
UVD	1.57	(0.08)	0.00	(1.41)	0.00	0.00	4.38	(4.09)	12.03
0VF	1.47	0.02	0.03	(0.02)	1.95	(1.87)	3.37	(3.82)	8.76
MR3	1.35	(0.13)	0.00	(6.38)	0.00	0.00	2.76	(4.98)	23.45

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