30040WAP3 Correlations

30040WAP3

91.48 1.93 2.16%

The current 90-days correlation between ES 3375 01 and ATT Inc is 0.07 (i.e., Significant diversification). The correlation of 30040WAP3 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.

30040WAP3 Correlation With Market

Good diversification

The correlation between ES 3375 01 MAR 32 and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ES 3375 01 MAR 32 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 30040WAP3 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 30040WAP3 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 30040WAP3 - 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 ES 3375 01 MAR 32 to buy it.

Moving together with 30040WAP3 Bond

0.71	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.72	KO	Coca Cola Aggressive Push	Pair Corr

Moving against 30040WAP3 Bond

0.67	HPQ	HP Inc	Pair Corr
0.65	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.62	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.59	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.58	DIS	Walt Disney Sell-off Trend	Pair Corr
0.57	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.46	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.46	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.31	HD	Home Depot	Pair Corr
0.31	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr

Related Correlations Analysis

	T	HD	CSCO	DD	GE	JNJ	INTC	XOM
T		0.72	0.79	0.09	0.27	-0.67	0.68	0.38	T
HD	0.72		0.77	0.55	0.73	-0.59	0.77	0.73	HD
CSCO	0.79	0.77		0.21	0.38	-0.79	0.85	0.65	CSCO
DD	0.09	0.55	0.21		0.72	-0.09	0.48	0.47	DD
GE	0.27	0.73	0.38	0.72		-0.16	0.54	0.55	GE
JNJ	-0.67	-0.59	-0.79	-0.09	-0.16		-0.81	-0.57	JNJ
INTC	0.68	0.77	0.85	0.48	0.54	-0.81		0.67	INTC
XOM	0.38	0.73	0.65	0.47	0.55	-0.57	0.67		XOM
	T	HD	CSCO	DD	GE	JNJ	INTC	XOM

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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

INTC	+ 0.85	CSCO
CSCO	+ 0.79	T
CSCO	+ 0.77	HD
INTC	+ 0.77	HD
GE	+ 0.73	HD
XOM	+ 0.73	HD

High negative correlations

INTC	- 0.81	JNJ
JNJ	- 0.79	CSCO
JNJ	- 0.67	T
JNJ	- 0.59	HD
XOM	- 0.57	JNJ
JNJ	- 0.16	GE

Risk-Adjusted Indicators

There is a big difference between 30040WAP3 Bond performing well and 30040WAP3 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 30040WAP3'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
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
HD	0.92	0.18	0.09	0.71	0.89	(1.04)	2.22	(1.67)	5.15
CSCO	0.76	0.14	0.15	0.26	0.57	(0.85)	1.72	(1.29)	6.38
DD	0.99	(0.05)	(0.06)	0.04	1.23	(1.03)	2.68	(2.46)	7.46
GE	1.34	(0.05)	(0.01)	0.08	2.27	(1.26)	2.85	(2.36)	14.10
JNJ	0.61	(0.09)	0.00	(0.33)	0.00	0.00	1.40	(1.42)	3.25
INTC	2.38	0.03	0.06	0.13	2.64	(2.68)	6.36	(3.50)	18.29
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

Be your own money manager

Our tools can tell you how much better you can do entering a position in 30040WAP3 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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