Tesla Correlations

TL0 Stock

EUR 286.50 30.85 9.72%

The current 90-days correlation between Tesla Inc and SQUIRREL MEDIA SA is -0.1 (i.e., Good diversification). The correlation of Tesla 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.

Tesla Correlation With Market

Very good diversification

The correlation between Tesla Inc and DJI is -0.25 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tesla Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Tesla Stock

0.59	EII	Eisai Co	Pair Corr
0.53	BY6A	BYD Limited	Pair Corr
0.52	BY6	BYD Limited	Pair Corr
0.47	WDC	WESTERN DIGITAL	Pair Corr
0.43	1YL	PROSUS NV ADR	Pair Corr
0.42	WDC	WESTERN DIGITAL	Pair Corr
0.38	WDC	WESTERN DIGITAL	Pair Corr

Related Correlations Analysis

	0MD	1XV	F3J	G4A	YE42	MGK	A9F	YT2A
0MD		0.1	0.51	-0.53	0.71	0.52	0.41	0.51	0MD
1XV	0.1		0.22	0.06	0.29	-0.32	0.6	0.17	1XV
F3J	0.51	0.22		-0.09	0.3	-0.07	0.11	0.24	F3J
G4A	-0.53	0.06	-0.09		-0.64	-0.4	0.01	-0.17	G4A
YE42	0.71	0.29	0.3	-0.64		0.39	0.52	0.43	YE42
MGK	0.52	-0.32	-0.07	-0.4	0.39		0.2	0.46	MGK
A9F	0.41	0.6	0.11	0.01	0.52	0.2		0.55	A9F
YT2A	0.51	0.17	0.24	-0.17	0.43	0.46	0.55		YT2A
	0MD	1XV	F3J	G4A	YE42	MGK	A9F	YT2A

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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

YE42	+ 0.71	0MD
A9F	+ 0.6	1XV
YT2A	+ 0.55	A9F
MGK	+ 0.52	0MD
A9F	+ 0.52	YE42
F3J	+ 0.51	0MD

High negative correlations

YE42	- 0.64	G4A
G4A	- 0.53	0MD
MGK	- 0.4	G4A
MGK	- 0.32	1XV
YT2A	- 0.17	G4A
G4A	- 0.09	F3J

Risk-Adjusted Indicators

There is a big difference between Tesla Stock performing well and Tesla 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 Tesla'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
0MD	1.75	0.74	0.40	(1.61)	0.95	(2.61)	7.53	(2.86)	11.72
1XV	0.67	(0.01)	(0.01)	(0.07)	1.09	(0.92)	1.14	(2.20)	5.52
F3J	2.05	0.21	0.08	(0.59)	2.46	(2.33)	4.19	(4.46)	17.68
G4A	1.63	(0.02)	0.00	0.23	0.00	0.00	4.09	(4.02)	15.40
YE42	1.50	0.13	0.03	0.39	2.18	(3.24)	4.48	(3.57)	14.05
MGK	1.94	0.21	0.08	(0.87)	2.05	(2.58)	5.33	(3.88)	11.35
A9F	1.29	0.09	0.04	(0.15)	1.68	(1.80)	3.10	(3.15)	10.72
YT2A	1.46	0.13	0.04	0.17	2.71	(1.69)	3.90	(1.85)	22.45

Be your own money manager

Our tools can tell you how much better you can do entering a position in Tesla 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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Tesla Corporate Management

Elected by the shareholders, the Tesla's board of directors comprises two types of representatives: Tesla inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Tesla. The board's role is to monitor Tesla's management team and ensure that shareholders' interests are well served. Tesla'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, Tesla's outside directors are responsible for providing unbiased perspectives on the board's policies.

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