Companhia Correlations

SAJA Stock

15.90 0.20 1.27%

The current 90-days correlation between Companhia De Saneamento and Computershare Limited is -0.09 (i.e., Good diversification). The correlation of Companhia 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.

Companhia Correlation With Market

Modest diversification

The correlation between Companhia De Saneamento and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia De Saneamento and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Companhia Stock

0.67	G1A	GEA GROUP	Pair Corr
0.74	ABR	Barrick Gold	Pair Corr
0.81	I8MA	SIMS LTD ADR	Pair Corr
0.94	4OQ1	AGNC Investment Corp	Pair Corr
0.8	MBG	Mercedes Benz Group	Pair Corr
0.76	TQI	TELECOM ITALIA	Pair Corr
0.76	SOBA	ATT Inc	Pair Corr
0.71	LXS	LANXESS Aktiengesellscha	Pair Corr
0.77	KEI	Keisei Electric Railway Split	Pair Corr
0.87	6E2	Endeavour Mining PLC Earnings Call This Week	Pair Corr
0.77	D7Q1	Monument Mining	Pair Corr
0.87	3RKU	RYOHIN UNSPADR/1	Pair Corr
0.78	AXAA	AXA SA	Pair Corr

Moving against Companhia Stock

0.58	PQ9	PT Bank Mandiri	Pair Corr
0.49	MSF	Microsoft	Pair Corr
0.49	PQ9	BANK MANDIRI	Pair Corr
0.48	MSF	Microsoft	Pair Corr
0.48	MSF	Microsoft	Pair Corr
0.47	MSF	Microsoft	Pair Corr
0.47	PQ9	BANK MANDIRI	Pair Corr
0.4	PTI	Perusahaan Perseroan Earnings Call This Week	Pair Corr
0.36	APC	Apple Inc	Pair Corr
0.36	BYRA	BANK RAKYAT IND	Pair Corr
0.33	PQ9	BANK MANDIRI	Pair Corr
0.32	APC	Apple Inc	Pair Corr
0.31	APC	Apple Inc	Pair Corr
0.31	APC	Apple Inc	Pair Corr
0.48	TCID	Telkom Indonesia Tbk Earnings Call This Week	Pair Corr

Related Correlations Analysis

	4SB	QCH	QCH	CHWD	COA1	IE2A	ISHA	B7O
4SB		0.46	0.45	0.11	0.48	0.13	0.51	0.62	4SB
QCH	0.46		0.97	0.38	0.47	-0.11	0.86	0.73	QCH
QCH	0.45	0.97		0.41	0.42	-0.09	0.88	0.69	QCH
CHWD	0.11	0.38	0.41		-0.14	0.23	0.22	0.2	CHWD
COA1	0.48	0.47	0.42	-0.14		-0.48	0.46	0.52	COA1
IE2A	0.13	-0.11	-0.09	0.23	-0.48		-0.08	-0.13	IE2A
ISHA	0.51	0.86	0.88	0.22	0.46	-0.08		0.61	ISHA
B7O	0.62	0.73	0.69	0.2	0.52	-0.13	0.61		B7O
	4SB	QCH	QCH	CHWD	COA1	IE2A	ISHA	B7O

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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

QCH	+ 0.97	QCH
ISHA	+ 0.88	QCH
ISHA	+ 0.86	QCH
B7O	+ 0.73	QCH
B7O	+ 0.69	QCH
B7O	+ 0.62	4SB

High negative correlations

IE2A	- 0.48	COA1
COA1	- 0.14	CHWD
B7O	- 0.13	IE2A
IE2A	- 0.11	QCH
IE2A	- 0.09	QCH
ISHA	- 0.08	IE2A

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia 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 Companhia'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
4SB	1.13	(0.07)	0.00	0.62	0.00	0.00	2.63	(2.31)	6.12
QCH	1.54	0.13	0.11	(1.24)	1.65	(2.03)	2.57	(3.45)	19.34
QCH	1.52	0.17	0.11	2.12	1.77	(1.85)	2.57	(3.36)	19.82
CHWD	0.59	(0.01)	0.00	(0.15)	0.00	0.00	1.12	(1.12)	4.37
COA1	2.28	0.98	0.00	(1.39)	0.00	0.00	11.11	0.00	22.53
IE2A	3.14	(0.12)	0.00	(0.16)	0.00	0.00	7.14	(7.14)	20.19
ISHA	2.24	0.14	0.06	0.82	2.98	(2.88)	4.90	(4.74)	27.37
B7O	1.35	0.03	0.02	0.71	2.00	(5.00)	3.85	(3.70)	14.84

Be your own money manager

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