| ONBPO Preferred Stock | | | USD 25.03 0.05 0.20% |
The current 90-days correlation between Old National Bancorp and Capital One Financial is -0.08 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Old National moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Old National Bancorp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Old National Correlation With Market
Weak diversification
The correlation between Old National Bancorp and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Old National Bancorp and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Old National could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Old National 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 Old National - 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 Old National Bancorp to buy it.
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between Old Preferred Stock performing well and Old National 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 Old National'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 Old National 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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Old National Corporate Management