PENN NATL Correlations

PN1 Stock

EUR 19.83 0.03 0.15%

The current 90-days correlation between PENN NATL GAMING and NTG Nordic Transport is 0.06 (i.e., Significant diversification). The correlation of PENN NATL 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.

PENN NATL Correlation With Market

Modest diversification

The correlation between PENN NATL GAMING and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PENN NATL GAMING and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with PENN Stock

0.63	APC	Apple Inc	Pair Corr
0.66	APC	Apple Inc	Pair Corr
0.65	APC	Apple Inc	Pair Corr
0.66	APC	Apple Inc	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.75	MSF	Microsoft	Pair Corr
0.77	MSF	Microsoft	Pair Corr
0.77	MSF	Microsoft	Pair Corr
0.75	MSF	Microsoft	Pair Corr
0.85	AMZ	Amazon Inc	Pair Corr

Moving against PENN Stock

0.7	ASJA	ASTRA INTERNATIONAL	Pair Corr
0.7	TCID	Telkom Indonesia Tbk	Pair Corr
0.69	SSU	Samsung Electronics	Pair Corr
0.68	SSU	Samsung Electronics	Pair Corr
0.68	BYRA	PT Bank Rakyat	Pair Corr
0.67	SSUN	Samsung Electronics	Pair Corr
0.65	SSUN	Samsung Electronics	Pair Corr
0.34	ASJA	ASTRA INTERNATIONAL	Pair Corr

Related Correlations Analysis

	NRSA	AC8	D2V	9GY	ML2	UVD	CUW	DSG
NRSA		0.35	0.17	0.11	0.01	0.33	0.11	-0.21	NRSA
AC8	0.35		0.58	0.9	0.72	-0.61	0.74	-0.02	AC8
D2V	0.17	0.58		0.52	0.2	-0.27	0.31	-0.09	D2V
9GY	0.11	0.9	0.52		0.69	-0.78	0.73	-0.03	9GY
ML2	0.01	0.72	0.2	0.69		-0.78	0.68	0.26	ML2
UVD	0.33	-0.61	-0.27	-0.78	-0.78		-0.67	-0.21	UVD
CUW	0.11	0.74	0.31	0.73	0.68	-0.67		0.29	CUW
DSG	-0.21	-0.02	-0.09	-0.03	0.26	-0.21	0.29		DSG
	NRSA	AC8	D2V	9GY	ML2	UVD	CUW	DSG

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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

9GY	+ 0.9	AC8
CUW	+ 0.74	AC8
CUW	+ 0.73	9GY
ML2	+ 0.72	AC8
ML2	+ 0.69	9GY
CUW	+ 0.68	ML2

High negative correlations

UVD	- 0.78	ML2
UVD	- 0.78	9GY
CUW	- 0.67	UVD
UVD	- 0.61	AC8
UVD	- 0.27	D2V
DSG	- 0.21	UVD

Risk-Adjusted Indicators

There is a big difference between PENN Stock performing well and PENN NATL 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 PENN NATL'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
NRSA	1.59	0.03	(0.03)	0.21	1.82	(1.89)	3.11	(2.63)	12.73
AC8	0.71	0.32	0.18	1.62	0.18	(1.12)	2.03	(1.12)	5.10
D2V	1.14	0.10	(0.04)	(0.14)	1.56	(1.51)	1.68	(2.94)	19.66
9GY	1.99	0.42	0.15	1.22	1.36	(3.76)	5.26	(3.39)	21.30
ML2	1.32	0.57	0.00	(0.43)	0.00	0.00	0.00	0.00	37.79
UVD	1.70	(0.26)	0.00	(0.19)	0.00	0.00	3.47	(4.23)	16.87
CUW	1.29	0.14	0.04	0.43	1.28	(1.73)	2.60	(2.06)	7.71
DSG	1.85	(0.12)	0.00	(0.15)	0.00	0.00	4.84	(3.86)	9.96

Be your own money manager

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