CONSTELLATION Correlations

21036PBB3

97.53 2.18 2.19%

The current 90-days correlation between CONSTELLATION BRANDS INC and Sphere Entertainment Co is 0.01 (i.e., Significant diversification). The correlation of CONSTELLATION 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.

CONSTELLATION Correlation With Market

Modest diversification

The correlation between CONSTELLATION BRANDS INC and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CONSTELLATION BRANDS INC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CONSTELLATION Bond

0.73

90331HPL1

US BANK NATIONAL

Pair Corr

Moving against CONSTELLATION Bond

0.6	NBIX	Neurocrine Biosciences	Pair Corr
0.57	KITTW	Nauticus Robotics	Pair Corr
0.53	DMRC	Digimarc	Pair Corr
0.47	IDAT	Ishares Trust	Pair Corr
0.47	FELG	Fidelity Covington Trust	Pair Corr
0.42	784730AB9	US784730AB94	Pair Corr
0.42	JBBB	Janus Detroit Street	Pair Corr
0.4	WBA	Walgreens Boots Alliance Earnings Call This Week	Pair Corr
0.4	SMLR	Semler Scientific	Pair Corr
0.39	PSQH	PSQ Holdings Trending	Pair Corr
0.66	AAPB	GraniteShares ETF Trust	Pair Corr
0.47	ARKQ	ARK Autonomous Technology Low Volatility	Pair Corr
0.46	SOFR	SOFR Symbol Change	Pair Corr
0.44	QJUN	First Trust Exchange	Pair Corr
0.44	HGOSX	Hartford Growth	Pair Corr
0.44	HGOVX	Hartford Growth	Pair Corr
0.42	PSHAX	Short Term Fund	Pair Corr
0.41	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.36	SABA	Saba Capital Income Symbol Change	Pair Corr
0.33	BTC	Grayscale Bitcoin Mini	Pair Corr
0.32	TRFK	Pacer Funds Trust	Pair Corr

Related Correlations Analysis

	SPHR	AEG	ACCO	IGI	MNTK	RDCM	CHCI
SPHR		0.42	-0.53	0.46	0.85	-0.76	0.82	SPHR
AEG	0.42		0.26	0.18	0.45	-0.28	0.33	AEG
ACCO	-0.53	0.26		-0.29	-0.56	0.62	-0.62	ACCO
IGI	0.46	0.18	-0.29		0.39	-0.53	0.32	IGI
MNTK	0.85	0.45	-0.56	0.39		-0.86	0.85	MNTK
RDCM	-0.76	-0.28	0.62	-0.53	-0.86		-0.75	RDCM
CHCI	0.82	0.33	-0.62	0.32	0.85	-0.75		CHCI
	SPHR	AEG	ACCO	IGI	MNTK	RDCM	CHCI

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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

MNTK	+ 0.85	SPHR
CHCI	+ 0.85	MNTK
CHCI	+ 0.82	SPHR
RDCM	+ 0.62	ACCO
IGI	+ 0.46	SPHR
MNTK	+ 0.45	AEG

High negative correlations

RDCM	- 0.86	MNTK
RDCM	- 0.76	SPHR
CHCI	- 0.75	RDCM
CHCI	- 0.62	ACCO
MNTK	- 0.56	ACCO
RDCM	- 0.53	IGI

Risk-Adjusted Indicators

There is a big difference between CONSTELLATION Bond performing well and CONSTELLATION 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 CONSTELLATION'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
SPHR	2.01	(0.12)	0.00	(2.64)	0.00	0.00	3.79	(3.68)	14.27
AEG	1.16	(0.11)	0.00	(0.70)	0.00	0.00	2.38	(2.53)	9.44
ACCO	1.75	0.01	0.00	0.04	1.89	(2.25)	4.87	(3.25)	11.94
IGI	0.42	(0.15)	0.00	23.52	0.00	0.00	0.54	(0.96)	2.50
MNTK	2.61	(0.27)	0.00	(0.47)	0.00	0.00	4.87	(4.81)	25.54
RDCM	2.35	0.31	0.08	(0.80)	3.31	(2.40)	4.76	(5.38)	21.11
CHCI	3.64	(0.06)	0.00	0.58	0.00	0.00	9.41	(7.61)	22.60

Be your own money manager

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