Sixth Street Correlations

TSLX Stock

USD 22.41 0.07 0.31%

The current 90-days correlation between Sixth Street Specialty and New Mountain Finance is 0.65 (i.e., Poor diversification). The correlation of Sixth Street 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.

Sixth Street Correlation With Market

Weak diversification

The correlation between Sixth Street Specialty and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sixth Street Specialty and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Sixth Street Specialty. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Sixth Stock

0.87	V	Visa Class A	Pair Corr
0.73	MA	Mastercard	Pair Corr
0.68	GDST	Goldenstone Acquisition	Pair Corr
0.62	SNFCA	Security National Earnings Call This Week	Pair Corr
0.87	BBDC	Barings BDC	Pair Corr
0.89	COOP	Mr Cooper Group	Pair Corr
0.87	BK	Bank of New York	Pair Corr

Moving against Sixth Stock

0.76	WD	Walker Dunlop	Pair Corr
0.69	ORGN	Origin Materials	Pair Corr
0.46	SYF	Synchrony Financial	Pair Corr
0.32	ECPG	Encore Capital Group	Pair Corr
0.81	BITF	Bitfarms Buyout Trend	Pair Corr
0.7	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.69	DHIL	Diamond Hill Investment	Pair Corr
0.68	CODI	Compass Diversified	Pair Corr
0.55	AX	Axos Financial	Pair Corr
0.33	SOFI	SoFi Technologies Aggressive Push	Pair Corr
0.72	LC	LendingClub Corp	Pair Corr
0.54	CM	Canadian Imperial Bank	Pair Corr
0.5	BX	Blackstone Group	Pair Corr
0.47	EG	Everest Group	Pair Corr
0.41	KB	KB Financial Group	Pair Corr
0.35	IX	Orix Corp Ads	Pair Corr

Related Correlations Analysis

	NMFC	CGBD	TCPC	FDUS	GBDC	TPVG	HTGC	TRIN
NMFC		0.21	0.68	0.83	0.88	0.69	0.77	0.53	NMFC
CGBD	0.21		0.68	0.11	0.24	0.29	0.62	-0.49	CGBD
TCPC	0.68	0.68		0.52	0.6	0.54	0.82	-0.12	TCPC
FDUS	0.83	0.11	0.52		0.81	0.88	0.73	0.71	FDUS
GBDC	0.88	0.24	0.6	0.81		0.72	0.81	0.56	GBDC
TPVG	0.69	0.29	0.54	0.88	0.72		0.76	0.52	TPVG
HTGC	0.77	0.62	0.82	0.73	0.81	0.76		0.21	HTGC
TRIN	0.53	-0.49	-0.12	0.71	0.56	0.52	0.21		TRIN
	NMFC	CGBD	TCPC	FDUS	GBDC	TPVG	HTGC	TRIN

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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

GBDC	+ 0.88	NMFC
TPVG	+ 0.88	FDUS
FDUS	+ 0.83	NMFC
HTGC	+ 0.82	TCPC
GBDC	+ 0.81	FDUS
HTGC	+ 0.81	GBDC

High negative correlations

TRIN	- 0.49	CGBD
TRIN	- 0.12	TCPC

Risk-Adjusted Indicators

There is a big difference between Sixth Stock performing well and Sixth Street 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 Sixth Street'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
NMFC	0.72	0.00	0.00	(0.03)	0.00	0.00	1.30	(1.82)	3.51
CGBD	0.94	(0.06)	0.00	(0.20)	0.00	0.00	1.81	(1.86)	5.89
TCPC	1.18	(0.11)	0.00	(0.23)	0.00	0.00	2.28	(2.62)	13.22
FDUS	0.80	0.02	0.05	0.33	1.00	(0.80)	1.62	(1.67)	4.07
GBDC	0.69	0.07	0.09	0.12	0.89	(0.71)	1.45	(1.78)	3.99
TPVG	1.44	(0.05)	0.00	(0.15)	0.00	0.00	3.25	(2.50)	11.80
HTGC	1.07	0.06	0.04	0.06	1.59	(1.00)	2.01	(2.87)	6.52
TRIN	0.94	0.20	0.22	(1.15)	0.85	(1.04)	2.10	(1.70)	7.32

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