Patterson Companies Correlations

PD2 Stock

EUR 29.80 0.20 0.68%

The current 90-days correlation between Patterson Companies and STMICROELECTRONICS is 0.12 (i.e., Average diversification). The correlation of Patterson Companies 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Patterson Companies Correlation With Market

Very good diversification

The correlation between Patterson Companies and DJI is -0.37 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Patterson Companies and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Patterson Stock

0.85	APC	Apple Inc	Pair Corr
0.85	APC	Apple Inc	Pair Corr
0.85	APC	Apple Inc	Pair Corr
0.85	APC	Apple Inc	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.75	MSF	Microsoft	Pair Corr
0.76	MSF	Microsoft	Pair Corr
0.75	MSF	Microsoft	Pair Corr
0.77	AMZ	Amazon Inc	Pair Corr
0.65	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Patterson Stock

0.78	PQ9	BANK MANDIRI	Pair Corr
0.72	PQ9	BANK MANDIRI	Pair Corr
0.71	BYRA	BANK RAKYAT IND	Pair Corr
0.69	PQ9	PT Bank Mandiri	Pair Corr
0.69	BYRA	BANK RAKYAT IND	Pair Corr
0.67	PQ9	BANK MANDIRI	Pair Corr
0.66	DBPD	Xtrackers ShortDAX	Pair Corr
0.64	BYRA	PT Bank Rakyat	Pair Corr
0.63	BYRA	PT Bank Rakyat	Pair Corr
0.37	PTI	Perusahaan Perseroan	Pair Corr
0.31	TCID	Telkom Indonesia Tbk	Pair Corr

Related Correlations Analysis

	SGM	RNT	RE3	55O1	SSUN	8PM	BXU
SGM		-0.1	-0.61	-0.67	0.5	-0.01	-0.24	SGM
RNT	-0.1		0.37	0.21	-0.14	0.12	-0.18	RNT
RE3	-0.61	0.37		0.83	-0.76	0.29	0.3	RE3
55O1	-0.67	0.21	0.83		-0.71	0.33	0.54	55O1
SSUN	0.5	-0.14	-0.76	-0.71		-0.04	-0.27	SSUN
8PM	-0.01	0.12	0.29	0.33	-0.04		0.33	8PM
BXU	-0.24	-0.18	0.3	0.54	-0.27	0.33		BXU
	SGM	RNT	RE3	55O1	SSUN	8PM	BXU

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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

55O1	+ 0.83	RE3
BXU	+ 0.54	55O1
SSUN	+ 0.5	SGM
RE3	+ 0.37	RNT
8PM	+ 0.33	55O1
BXU	+ 0.33	8PM

High negative correlations

SSUN	- 0.76	RE3
SSUN	- 0.71	55O1
55O1	- 0.67	SGM
RE3	- 0.61	SGM
BXU	- 0.27	SSUN
BXU	- 0.24	SGM

Risk-Adjusted Indicators

There is a big difference between Patterson Stock performing well and Patterson Companies 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 Patterson Companies' 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
SGM	1.43	(0.13)	0.00	0.33	0.00	0.00	3.31	(2.64)	8.85
RNT	1.83	0.01	0.00	0.00	2.38	(3.36)	6.90	(6.45)	16.70
RE3	1.75	0.36	0.14	0.46	2.17	(2.05)	4.88	(3.28)	15.88
55O1	0.83	0.19	0.19	(1.26)	0.72	(0.97)	1.81	(1.76)	5.81
SSUN	2.05	(0.29)	0.00	7.01	0.00	0.00	3.73	(4.21)	11.97
8PM	0.74	0.03	0.01	(0.51)	0.92	(1.02)	1.58	(1.65)	4.06
BXU	1.20	0.07	0.02	0.20	1.41	(2.72)	2.56	(2.38)	9.64

Be your own money manager

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