Penske Automotive Correlations

UA9 Stock

133.00 1.00 0.75%

The current 90-days correlation between Penske Automotive and Micron Technology is -0.1 (i.e., Good diversification). The correlation of Penske Automotive 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.

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

Moving together with Penske Stock

0.61	I8MA	SIMS LTD ADR	Pair Corr
0.67	4OQ1	AGNC Investment Corp	Pair Corr
0.62	3RKU	RYOHIN UNSPADR/1	Pair Corr

Moving against Penske Stock

0.34

TCID

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Pair Corr

Related Correlations Analysis

	MTE	KDIC	ISW	VHY	DT8A	SIU	TWY	XFB
MTE		-0.37	-0.37	0.29	0.1	0.02	-0.21	0.58	MTE
KDIC	-0.37		0.86	0.17	-0.55	0.17	0.91	-0.53	KDIC
ISW	-0.37	0.86		0.2	-0.41	0.3	0.76	-0.59	ISW
VHY	0.29	0.17	0.2		0.25	0.5	0.37	0.46	VHY
DT8A	0.1	-0.55	-0.41	0.25		0.5	-0.46	0.33	DT8A
SIU	0.02	0.17	0.3	0.5	0.5		0.23	-0.04	SIU
TWY	-0.21	0.91	0.76	0.37	-0.46	0.23		-0.28	TWY
XFB	0.58	-0.53	-0.59	0.46	0.33	-0.04	-0.28		XFB
	MTE	KDIC	ISW	VHY	DT8A	SIU	TWY	XFB

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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

TWY	+ 0.91	KDIC
ISW	+ 0.86	KDIC
TWY	+ 0.76	ISW
XFB	+ 0.58	MTE
SIU	+ 0.5	VHY
SIU	+ 0.5	DT8A

High negative correlations

XFB	- 0.59	ISW
DT8A	- 0.55	KDIC
XFB	- 0.53	KDIC
TWY	- 0.46	DT8A
DT8A	- 0.41	ISW
ISW	- 0.37	MTE

Risk-Adjusted Indicators

There is a big difference between Penske Stock performing well and Penske Automotive 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 Penske Automotive'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
MTE	3.04	0.05	0.03	0.13	4.43	(3.27)	7.20	(5.12)	23.07
KDIC	3.25	0.76	0.23	5.30	2.87	(4.45)	8.18	(5.75)	23.40
ISW	1.48	0.17	0.14	(0.69)	1.74	(1.83)	3.57	(2.56)	12.96
VHY	1.70	(0.10)	0.00	(0.35)	0.00	0.00	4.02	(3.31)	13.67
DT8A	2.44	(0.26)	0.00	0.32	0.00	0.00	6.25	(5.00)	26.38
SIU	1.60	(0.06)	0.00	(0.36)	0.00	0.00	4.07	(3.23)	9.85
TWY	3.48	0.71	0.21	48.60	2.87	(5.31)	7.84	(5.19)	30.99
XFB	2.08	(0.13)	0.00	(1.09)	0.00	0.00	3.85	(4.60)	11.97

Be your own money manager

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