JAMES HARDIE Correlations

JHA0 Stock  EUR 27.80  0.60  2.11%   
The current 90-days correlation between JAMES HARDIE INDUSTADR1 and Addtech AB is 0.38 (i.e., Weak diversification). The correlation of JAMES HARDIE 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.

JAMES HARDIE Correlation With Market

Good diversification

The correlation between JAMES HARDIE INDUSTADR1 and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding JAMES HARDIE INDUSTADR1 and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to JAMES HARDIE could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace JAMES HARDIE 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 JAMES HARDIE - 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 JAMES HARDIE INDUSTADR1 to buy it.

Moving together with JAMES Stock

  0.83VMC Vulcan MaterialsPairCorr
  0.84MMX Martin Marietta MaterialsPairCorr
  0.71MSF MicrosoftPairCorr
  0.72MSF MicrosoftPairCorr
  0.71MSF MicrosoftPairCorr
  0.71MSF MicrosoftPairCorr

Moving against JAMES Stock

  0.5SEBA S E BANKENPairCorr
  0.484HM Vicat SAPairCorr
  0.44HEI Heidelberg MaterialsPairCorr
  0.42HEI Heidelberg MaterialsPairCorr
  0.35GOB Compagnie de SaintPairCorr
  0.31DBPE Xtrackers LevDAXPairCorr

Related Correlations Analysis

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   
LA3AAZZ2
LA3ACE1
MSIAZZ2
HNMMSI
CE1AZZ2
LA3AESY
  
High negative correlations   
9IX9LTN
HNMESY
CE1MSI
LA3AHNM
HNMCE1
HNMAZZ2

Risk-Adjusted Indicators

There is a big difference between JAMES Stock performing well and JAMES HARDIE 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 JAMES HARDIE'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in JAMES HARDIE 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 Money Flow Index Now

   

Money Flow Index

Determine momentum by analyzing Money Flow Index and other technical indicators
All  Next Launch Module