Community Correlations

12543DBE9

71.91 0.79 1.09%

The current 90-days correlation between Community Health Systems and Corporacion America Airports is 0.11 (i.e., Average diversification). The correlation of Community 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.

Community Correlation With Market

Good diversification

The correlation between Community Health Systems and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Community Health Systems and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Community Bond

0.76	MRK	Merck Company Aggressive Push	Pair Corr
0.73	AA	Alcoa Corp	Pair Corr

Moving against Community Bond

0.84	JPM	JPMorgan Chase	Pair Corr
0.81	CSCO	Cisco Systems	Pair Corr
0.74	BA	Boeing	Pair Corr
0.67	IBM	International Business Sell-off Trend	Pair Corr
0.67	WMT	Walmart Aggressive Push	Pair Corr
0.53	AXP	American Express	Pair Corr
0.5	KO	Coca Cola	Pair Corr
0.46	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	CAAP	MFGCF	ORI	ESNT	FNF	CCG	WZZAF	CEBUY
CAAP		-0.04	-0.15	0.08	-0.14	-0.47	-0.13	0.0	CAAP
MFGCF	-0.04		0.15	0.09	0.51	-0.31	-0.46	0.0	MFGCF
ORI	-0.15	0.15		0.8	0.64	0.52	0.37	0.0	ORI
ESNT	0.08	0.09	0.8		0.4	0.22	0.35	0.0	ESNT
FNF	-0.14	0.51	0.64	0.4		0.34	-0.31	0.0	FNF
CCG	-0.47	-0.31	0.52	0.22	0.34		0.5	0.0	CCG
WZZAF	-0.13	-0.46	0.37	0.35	-0.31	0.5		0.0	WZZAF
CEBUY	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CEBUY
	CAAP	MFGCF	ORI	ESNT	FNF	CCG	WZZAF	CEBUY

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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

ESNT	+ 0.8	ORI
FNF	+ 0.64	ORI
CCG	+ 0.52	ORI
FNF	+ 0.51	MFGCF
WZZAF	+ 0.5	CCG
FNF	+ 0.4	ESNT

High negative correlations

CCG	- 0.47	CAAP
WZZAF	- 0.46	MFGCF
WZZAF	- 0.31	FNF
CCG	- 0.31	MFGCF
ORI	- 0.15	CAAP
FNF	- 0.14	CAAP

Risk-Adjusted Indicators

There is a big difference between Community Bond performing well and Community Corporate Bond 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 Community'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
CAAP	1.66	0.06	0.03	0.05	2.09	(1.88)	3.61	(3.36)	12.82
MFGCF	1.86	(0.25)	0.00	0.41	0.00	0.00	5.08	(5.47)	17.86
ORI	0.93	0.12	0.10	0.13	1.14	(0.97)	1.93	(2.21)	4.78
ESNT	0.94	0.07	0.06	0.07	1.26	(0.94)	1.89	(2.51)	5.89
FNF	1.05	0.12	0.10	0.15	1.18	(1.23)	2.79	(1.83)	7.81
CCG	3.06	0.63	0.21	11.17	2.47	(4.85)	6.98	(4.35)	35.94
WZZAF	0.64	0.21	0.00	(3.67)	0.00	0.00	0.00	0.00	17.78
CEBUY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

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