CARRIER Correlations

14448CAQ7

85.50 4.79 5.31%

The correlation of CARRIER 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.

CARRIER Correlation With Market

Significant diversification

The correlation between CARRIER GLOBAL P and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CARRIER GLOBAL P and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CARRIER Bond

0.64	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.74	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.62	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Moving against CARRIER Bond

0.84	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.72	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.7	ELFNX	Elfun Trusts Elfun	Pair Corr
0.67	CSCO	Cisco Systems	Pair Corr
0.67	WMT	Walmart	Pair Corr
0.66	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.61	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.6	AVTE	Aerovate Therapeutics	Pair Corr
0.59	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.54	DIS	Walt Disney	Pair Corr
0.49	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.48	HD	Home Depot	Pair Corr
0.4	MSFT	Microsoft	Pair Corr
0.34	CAT	Caterpillar Sell-off Trend	Pair Corr
0.33	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr

Related Correlations Analysis

	OHTR	AVNT	EMN	MATV	RICK	SXT	CF	DENN
OHTR		0.0	0.0	0.0	0.0	0.0	0.0	0.0	OHTR
AVNT	0.0		0.03	-0.48	0.58	0.77	0.45	0.34	AVNT
EMN	0.0	0.03		0.66	-0.68	0.17	-0.15	-0.02	EMN
MATV	0.0	-0.48	0.66		-0.76	-0.2	-0.67	0.13	MATV
RICK	0.0	0.58	-0.68	-0.76		0.37	0.46	0.17	RICK
SXT	0.0	0.77	0.17	-0.2	0.37		0.18	0.54	SXT
CF	0.0	0.45	-0.15	-0.67	0.46	0.18		-0.23	CF
DENN	0.0	0.34	-0.02	0.13	0.17	0.54	-0.23		DENN
	OHTR	AVNT	EMN	MATV	RICK	SXT	CF	DENN

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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

SXT	+ 0.77	AVNT
MATV	+ 0.66	EMN
RICK	+ 0.58	AVNT
DENN	+ 0.54	SXT
CF	+ 0.46	RICK
CF	+ 0.45	AVNT

High negative correlations

RICK	- 0.76	MATV
RICK	- 0.68	EMN
CF	- 0.67	MATV
MATV	- 0.48	AVNT
DENN	- 0.23	CF
SXT	- 0.2	MATV

Risk-Adjusted Indicators

There is a big difference between CARRIER Bond performing well and CARRIER 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 CARRIER'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
OHTR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AVNT	1.31	(0.08)	(0.01)	0.04	1.35	(1.57)	2.93	(1.99)	8.05
EMN	1.05	(0.08)	(0.07)	(0.01)	1.26	(1.16)	2.78	(2.00)	7.31
MATV	2.34	(0.72)	0.00	(0.25)	0.00	0.00	3.96	(4.87)	29.08
RICK	1.54	0.09	0.11	0.14	1.27	(2.00)	3.64	(2.23)	11.15
SXT	1.02	(0.06)	(0.01)	0.05	1.20	(1.05)	2.14	(2.04)	8.84
CF	1.21	0.26	0.08	(0.66)	1.46	(1.20)	2.23	(2.33)	6.82
DENN	2.58	0.03	0.02	0.11	3.63	(2.92)	6.40	(4.19)	26.32

Be your own money manager

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