ITALIAN WINE Correlations

MR3 Stock

22.40 0.20 0.90%

The current 90-days correlation between ITALIAN WINE BRANDS and SPORT LISBOA E is -0.01 (i.e., Good diversification). The correlation of ITALIAN WINE 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.

ITALIAN WINE Correlation With Market

Good diversification

The correlation between ITALIAN WINE BRANDS and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ITALIAN WINE BRANDS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ITALIAN Stock

0.76	HHP2	Hon Hai Precision	Pair Corr
0.7	CSA	Accenture plc	Pair Corr

Moving against ITALIAN Stock

0.61	M1I	MGP Ingredients	Pair Corr
0.55	HAW	Hawesko Holding AG	Pair Corr
0.55	DBPD	Xtrackers ShortDAX	Pair Corr
0.49	VOW	Volkswagen AG	Pair Corr
0.46	PER	Pernod Ricard SA	Pair Corr
0.42	VOW3	Volkswagen AG VZO	Pair Corr
0.41	VOWB	VOLKSWAGEN AG VZ	Pair Corr
0.36	VOW3	Volkswagen AG	Pair Corr

Related Correlations Analysis

	M0W	BG3	DSG	CUW	CPU2	A9F	VTE1
M0W		0.39	0.6	-0.11	0.61	-0.71	-0.32	M0W
BG3	0.39		0.0	-0.29	0.37	-0.58	-0.28	BG3
DSG	0.6	0.0		0.1	0.54	-0.33	0.11	DSG
CUW	-0.11	-0.29	0.1		-0.23	0.53	0.41	CUW
CPU2	0.61	0.37	0.54	-0.23		-0.62	0.0	CPU2
A9F	-0.71	-0.58	-0.33	0.53	-0.62		0.48	A9F
VTE1	-0.32	-0.28	0.11	0.41	0.0	0.48		VTE1
	M0W	BG3	DSG	CUW	CPU2	A9F	VTE1

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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

CPU2	+ 0.61	M0W
DSG	+ 0.6	M0W
CPU2	+ 0.54	DSG
A9F	+ 0.53	CUW
VTE1	+ 0.48	A9F
VTE1	+ 0.41	CUW

High negative correlations

A9F	- 0.71	M0W
A9F	- 0.62	CPU2
A9F	- 0.58	BG3
A9F	- 0.33	DSG
VTE1	- 0.32	M0W
CUW	- 0.29	BG3

Risk-Adjusted Indicators

There is a big difference between ITALIAN Stock performing well and ITALIAN WINE 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 ITALIAN WINE'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
M0W	1.39	(0.19)	0.00	(0.15)	0.00	0.00	2.93	(3.46)	10.97
BG3	3.20	0.10	(0.02)	(0.02)	5.13	(2.96)	5.81	(8.33)	22.44
DSG	1.87	(0.12)	(0.04)	0.02	2.13	(2.16)	4.84	(3.00)	9.02
CUW	1.31	0.17	0.06	0.50	1.29	(1.72)	2.60	(2.06)	7.71
CPU2	1.43	(0.25)	0.00	(0.16)	0.00	0.00	4.17	(5.10)	14.89
A9F	1.39	0.33	0.08	(0.45)	1.36	(2.04)	3.57	(2.40)	16.06
VTE1	1.96	0.09	0.06	0.17	2.40	(2.53)	5.16	(4.05)	15.12

Be your own money manager

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