AURUBIS AG Correlations

NDA1 Stock

EUR 37.80 1.20 3.08%

The current 90-days correlation between AURUBIS AG UNSPADR and Southern Copper is -0.03 (i.e., Good diversification). The correlation of AURUBIS AG 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.

AURUBIS AG Correlation With Market

Significant diversification

The correlation between AURUBIS AG UNSPADR and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AURUBIS AG UNSPADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AURUBIS Stock

0.93	NDA	Aurubis AG	Pair Corr
0.96	NDA	Aurubis AG	Pair Corr

Moving against AURUBIS Stock

0.82	KGHA	KGHM Polska Miedz	Pair Corr
0.8	PQ9	BANK MANDIRI	Pair Corr
0.79	PQ9	BANK MANDIRI	Pair Corr
0.78	BYRA	PT Bank Rakyat	Pair Corr
0.77	BYRA	BANK RAKYAT IND	Pair Corr
0.74	FG1	Antofagasta plc	Pair Corr
0.7	TCID	Telkom Indonesia Tbk	Pair Corr
0.69	PQ9	PT Bank Mandiri	Pair Corr
0.69	BYRA	BANK RAKYAT IND	Pair Corr
0.69	PTI	Perusahaan Perseroan	Pair Corr
0.62	FPMB	Freeport McMoRan	Pair Corr
0.6	PQ9	BANK MANDIRI	Pair Corr
0.58	BYRA	PT Bank Rakyat	Pair Corr
0.51	C4X	Onxeo SA	Pair Corr
0.39	DBPD	Xtrackers ShortDAX	Pair Corr
0.38	PCU	Southern Copper Split	Pair Corr

Related Correlations Analysis

	PCU	S2Z	8SP	6NM	2DG	TM9	6HW	NOH1	INL	RS6
PCU		0.77	0.16	-0.05	0.36	0.33	0.02	0.4	0.05	-0.29	PCU
S2Z	0.77		0.04	0.14	-0.03	0.17	-0.36	0.63	0.3	0.09	S2Z
8SP	0.16	0.04		0.54	0.69	0.53	0.47	-0.43	-0.59	-0.72	8SP
6NM	-0.05	0.14	0.54		0.12	0.04	-0.11	-0.04	-0.28	-0.04	6NM
2DG	0.36	-0.03	0.69	0.12		0.63	0.49	-0.47	-0.39	-0.89	2DG
TM9	0.33	0.17	0.53	0.04	0.63		0.13	-0.1	-0.1	-0.63	TM9
6HW	0.02	-0.36	0.47	-0.11	0.49	0.13		-0.61	-0.65	-0.55	6HW
NOH1	0.4	0.63	-0.43	-0.04	-0.47	-0.1	-0.61		0.5	0.54	NOH1
INL	0.05	0.3	-0.59	-0.28	-0.39	-0.1	-0.65	0.5		0.53	INL
RS6	-0.29	0.09	-0.72	-0.04	-0.89	-0.63	-0.55	0.54	0.53		RS6
	PCU	S2Z	8SP	6NM	2DG	TM9	6HW	NOH1	INL	RS6

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

S2Z	+ 0.77	PCU
2DG	+ 0.69	8SP
NOH1	+ 0.63	S2Z
TM9	+ 0.63	2DG
6NM	+ 0.54	8SP
RS6	+ 0.54	NOH1

High negative correlations

RS6	- 0.89	2DG
RS6	- 0.72	8SP
INL	- 0.65	6HW
RS6	- 0.63	TM9
NOH1	- 0.61	6HW
INL	- 0.59	8SP

Risk-Adjusted Indicators

There is a big difference between AURUBIS Stock performing well and AURUBIS AG 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 AURUBIS AG'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
PCU	1.84	0.08	0.03	0.17	2.50	(1.77)	6.17	(3.14)	18.01
S2Z	1.62	0.15	0.05	0.69	1.71	(2.09)	3.28	(3.10)	12.24
8SP	2.13	(0.20)	0.00	(3.42)	0.00	0.00	3.36	(4.50)	20.22
6NM	1.27	(0.07)	0.00	(0.03)	0.00	0.00	2.89	(2.76)	9.64
2DG	5.40	(0.38)	0.00	(0.18)	0.00	0.00	13.64	(10.00)	52.42
TM9	2.20	(0.03)	0.00	0.10	0.00	0.00	5.06	(3.85)	24.09
6HW	0.32	(0.02)	0.00	(0.09)	0.00	0.00	1.23	(0.72)	3.41
NOH1	1.93	0.07	0.02	0.17	1.86	(2.77)	6.61	(3.25)	13.10
INL	2.37	0.04	0.00	0.12	2.74	(2.87)	7.04	(5.34)	16.28
RS6	1.36	0.16	0.08	0.68	1.34	(1.54)	2.94	(2.17)	13.65

Be your own money manager

Our tools can tell you how much better you can do entering a position in AURUBIS AG 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 Portfolio Diagnostics Now

Portfolio Diagnostics

Use generated alerts and portfolio events aggregator to diagnose current holdings

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