Kellanova Correlations

K1EL34 Stock

BRL 249.90 0.53 0.21%

The current 90-days correlation between Kellanova and Capital One Financial is 0.22 (i.e., Modest diversification). The correlation of Kellanova 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.

Kellanova Correlation With Market

Significant diversification

The correlation between Kellanova 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 Kellanova and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Kellanova Stock

0.75	JBSS3	JBS SA	Pair Corr
0.89	P2LT34	Palantir Technologies	Pair Corr
0.76	N1CL34	Norwegian Cruise Line	Pair Corr
0.72	R1CL34	Royal Caribbean Cruises	Pair Corr
0.85	D1XC34	DXC Technology	Pair Corr

Moving against Kellanova Stock

0.89	MDIA3	M Dias Branco	Pair Corr
0.87	CAML3	Camil Alimentos SA	Pair Corr
0.85	B2YN34	Beyond Meat	Pair Corr
0.8	D1VN34	Devon Energy	Pair Corr
0.74	JALL3	Jalles Machado SA	Pair Corr
0.5	F1AN34	Diamondback Energy,	Pair Corr
0.48	A1PA34	APA Corporation	Pair Corr
0.35	KHCB34	Kraft Heinz	Pair Corr

Related Correlations Analysis

	CAON34	H1IG34	BOAC34	BROF11	H1RL34	E1DU34	C1FG34
CAON34		0.75	0.47	-0.38	0.56	-0.15	0.9	CAON34
H1IG34	0.75		0.17	-0.76	0.59	0.36	0.61	H1IG34
BOAC34	0.47	0.17		0.0	0.77	-0.43	0.62	BOAC34
BROF11	-0.38	-0.76	0.0		-0.52	-0.43	-0.21	BROF11
H1RL34	0.56	0.59	0.77	-0.52		-0.01	0.53	H1RL34
E1DU34	-0.15	0.36	-0.43	-0.43	-0.01		-0.26	E1DU34
C1FG34	0.9	0.61	0.62	-0.21	0.53	-0.26		C1FG34
	CAON34	H1IG34	BOAC34	BROF11	H1RL34	E1DU34	C1FG34

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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

C1FG34	+ 0.9	CAON34
H1RL34	+ 0.77	BOAC34
H1IG34	+ 0.75	CAON34
C1FG34	+ 0.62	BOAC34
C1FG34	+ 0.61	H1IG34
H1RL34	+ 0.59	H1IG34

High negative correlations

BROF11	- 0.76	H1IG34
H1RL34	- 0.52	BROF11
E1DU34	- 0.43	BROF11
E1DU34	- 0.43	BOAC34
BROF11	- 0.38	CAON34
C1FG34	- 0.26	E1DU34

Risk-Adjusted Indicators

There is a big difference between Kellanova Stock performing well and Kellanova 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 Kellanova'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
CAON34	1.43	0.62	0.26	0.76	0.00	(4.39)	6.93	(1.53)	18.60
H1IG34	0.01	0.00	0.00	(0.40)	0.00	0.00	0.00	0.00	0.40
BOAC34	1.16	0.37	0.29	(1.18)	0.82	(1.29)	2.53	(1.53)	11.19
BROF11	1.00	(0.04)	0.00	0.25	0.00	0.00	2.91	(2.40)	6.10
H1RL34	0.48	0.22	0.00	(5.08)	0.00	0.00	2.31	(0.32)	5.38
E1DU34	2.39	(0.18)	0.00	(0.29)	0.00	0.00	5.95	(6.92)	16.65
C1FG34	1.52	0.34	0.14	1.49	1.78	(1.70)	3.41	(3.84)	19.39

Be your own money manager

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