Tri Continental Correlations

TY Stock

USD 30.98 0.37 1.21%

The current 90-days correlation between Tri Continental Closed and Eaton Vance Tax is 0.86 (i.e., Very poor diversification). The correlation of Tri Continental 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.

Tri Continental Correlation With Market

Poor diversification

The correlation between Tri Continental Closed and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tri Continental Closed 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 Tri Continental Closed. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Tri Stock

0.79	ECPG	Encore Capital Group	Pair Corr
0.89	AXP	American Express Sell-off Trend	Pair Corr
0.77	CNF	CNFinance Holdings	Pair Corr
0.94	COF	Capital One Financial	Pair Corr
0.94	DFS	Discover Financial	Pair Corr
0.74	SYF	Synchrony Financial	Pair Corr
0.67	OPFI	OppFi Inc	Pair Corr
0.7	PFSI	PennyMac Finl Svcs	Pair Corr
0.92	ALLY	Ally Financial Normal Trading	Pair Corr
0.72	APAM	Artisan Partners Asset	Pair Corr
0.77	SOFI	SoFi Technologies Aggressive Push	Pair Corr
0.7	UPST	Upstart Holdings Buyout Trend	Pair Corr
0.89	C	Citigroup Aggressive Push	Pair Corr
0.92	BN	Brookfield Corp	Pair Corr
0.66	BX	Blackstone Group Normal Trading	Pair Corr
0.76	BY	Byline Bancorp	Pair Corr
0.82	CG	Carlyle Group Normal Trading	Pair Corr
0.63	CM	Canadian Imperial Bank	Pair Corr

Moving against Tri Stock

0.67	RENEW	Cartesian Growth	Pair Corr
0.64	CB	Chubb	Pair Corr
0.54	HG	Hamilton Insurance Group, Normal Trading	Pair Corr
0.36	EG	Everest Group	Pair Corr
0.33	DB	Deutsche Bank AG	Pair Corr
0.32	LU	Lufax Holding	Pair Corr

Related Correlations Analysis

	ETG	MYD	EVT	ETB	NXC	CET	IHTA	MVF	IHIT	KTF
ETG		0.73	0.58	0.2	0.64	0.77	0.0	0.73	0.0	0.58	ETG
MYD	0.73		0.31	-0.01	0.68	0.54	0.0	0.88	0.0	0.88	MYD
EVT	0.58	0.31		0.84	0.33	0.9	0.0	0.41	0.0	0.18	EVT
ETB	0.2	-0.01	0.84		0.04	0.73	0.0	0.13	0.0	0.01	ETB
NXC	0.64	0.68	0.33	0.04		0.55	0.0	0.7	0.0	0.65	NXC
CET	0.77	0.54	0.9	0.73	0.55		0.0	0.62	0.0	0.46	CET
IHTA	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	IHTA
MVF	0.73	0.88	0.41	0.13	0.7	0.62	0.0		0.0	0.81	MVF
IHIT	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	IHIT
KTF	0.58	0.88	0.18	0.01	0.65	0.46	0.0	0.81	0.0		KTF
	ETG	MYD	EVT	ETB	NXC	CET	IHTA	MVF	IHIT	KTF

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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

CET	+ 0.9	EVT
MVF	+ 0.88	MYD
KTF	+ 0.88	MYD
ETB	+ 0.84	EVT
KTF	+ 0.81	MVF
CET	+ 0.77	ETG

High negative correlations

ETB	- 0.01	MYD
KTF	- 0.0	IHIT
IHIT	- 0.0	MVF
KTF	- 0.0	IHTA
IHIT	- 0.0	IHTA
MVF	- 0.0	IHTA

Risk-Adjusted Indicators

There is a big difference between Tri Stock performing well and Tri Continental 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 Tri Continental'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
ETG	0.76	0.04	0.05	(0.01)	1.10	(0.70)	1.41	(1.55)	4.29
MYD	0.47	(0.04)	0.00	(0.30)	0.00	0.00	0.97	(1.06)	2.63
EVT	0.58	(0.01)	0.00	(0.09)	0.00	0.00	1.49	(1.31)	3.45
ETB	0.65	(0.06)	0.00	(0.17)	0.00	0.00	1.01	(1.49)	3.93
NXC	0.36	0.01	0.13	(0.02)	0.43	(0.38)	0.78	(0.68)	1.98
CET	0.56	(0.01)	0.00	(0.08)	0.00	0.00	0.94	(1.30)	3.19
IHTA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MVF	0.49	0.01	0.10	0.01	0.63	(0.54)	1.12	(0.99)	3.98
IHIT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KTF	0.36	(0.04)	0.00	(0.53)	0.00	0.00	0.75	(0.95)	2.76

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