Transurban Correlations

TCL Stock

12.80 0.18 1.39%

The current 90-days correlation between Transurban Group and Sonic Healthcare is 0.22 (i.e., Modest diversification). The correlation of Transurban 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.

Transurban Correlation With Market

Modest diversification

The correlation between Transurban Group and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Transurban Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Transurban Stock

0.9	WOW	Woolworths	Pair Corr
0.72	COL	Coles Group	Pair Corr

Moving against Transurban Stock

0.8	RHCPA	Ramsay Health Care	Pair Corr
0.53	CBAPK	Commonwealth Bank	Pair Corr
0.51	RIO	Rio Tinto	Pair Corr

Related Correlations Analysis

	RHC	SHL	REG	FPH	GEM	GLH	GOR	ASG
RHC		0.06	0.15	-0.47	0.52	0.44	0.04	0.54	RHC
SHL	0.06		0.25	0.2	0.03	0.11	0.33	-0.07	SHL
REG	0.15	0.25		-0.41	0.67	0.77	0.81	0.38	REG
FPH	-0.47	0.2	-0.41		-0.67	-0.37	-0.28	-0.44	FPH
GEM	0.52	0.03	0.67	-0.67		0.65	0.35	0.32	GEM
GLH	0.44	0.11	0.77	-0.37	0.65		0.64	0.57	GLH
GOR	0.04	0.33	0.81	-0.28	0.35	0.64		0.52	GOR
ASG	0.54	-0.07	0.38	-0.44	0.32	0.57	0.52		ASG
	RHC	SHL	REG	FPH	GEM	GLH	GOR	ASG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

GOR	+ 0.81	REG
GLH	+ 0.77	REG
GEM	+ 0.67	REG
GLH	+ 0.65	GEM
GOR	+ 0.64	GLH
ASG	+ 0.57	GLH

High negative correlations

GEM	- 0.67	FPH
FPH	- 0.47	RHC
ASG	- 0.44	FPH
FPH	- 0.41	REG
GLH	- 0.37	FPH
GOR	- 0.28	FPH

Risk-Adjusted Indicators

There is a big difference between Transurban Stock performing well and Transurban 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 Transurban'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
RHC	0.97	(0.11)	0.00	(0.14)	0.00	0.00	2.94	(2.22)	6.06
SHL	0.93	0.06	(0.05)	0.58	0.91	(1.12)	2.02	(1.58)	7.67
REG	1.31	0.36	0.17	0.79	1.20	(1.47)	4.04	(2.56)	10.34
FPH	1.18	0.08	(0.04)	(0.66)	1.53	(1.15)	2.60	(2.52)	7.27
GEM	1.26	0.13	(0.01)	(1.22)	1.30	(1.62)	2.36	(2.26)	6.71
GLH	1.75	0.23	0.00	0.72	0.00	0.00	7.69	(7.14)	20.83
GOR	1.48	0.25	0.03	(1.07)	2.14	(1.67)	3.66	(2.84)	12.05
ASG	1.31	(0.20)	0.00	(0.88)	0.00	0.00	2.24	(3.11)	11.76

Be your own money manager

Our tools can tell you how much better you can do entering a position in Transurban 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 Equity Forecasting Now

Equity Forecasting

Use basic forecasting models to generate price predictions and determine price momentum

All Next

Launch Module

Transurban Corporate Management

Elected by the shareholders, the Transurban's board of directors comprises two types of representatives: Transurban inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Transurban. The board's role is to monitor Transurban's management team and ensure that shareholders' interests are well served. Transurban's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Transurban's outside directors are responsible for providing unbiased perspectives on the board's policies.

Taryn Chua	Senior Manager	Profile
Hannah Higgins	Head Relations	Profile
BEc BECON	Chief Officer	Profile
DipInvRel BEc	Chief Officer	Profile
MBA BSci	CEO Director	Profile
LLB BCom	Company Secretary	Profile
James Richards	Corporate Manager	Profile

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