FEDEX Correlations

31428XAU0

80.06 0.99 1.25%

The current 90-days correlation between FEDEX P 41 and RBC Bearings Incorporated is 0.11 (i.e., Average diversification). The correlation of FEDEX 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.

FEDEX Correlation With Market

Good diversification

The correlation between FEDEX P 41 and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FEDEX P 41 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to FEDEX could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace FEDEX 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 FEDEX - 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 FEDEX P 41 to buy it.

Moving against FEDEX Bond

0.79	DDWM	WisdomTree Dynamic	Pair Corr
0.78	SGAPY	Singapore Telecommunicatio	Pair Corr
0.78	TD	Toronto Dominion Bank	Pair Corr
0.78	GLBXF	Globex Mining Enterprises	Pair Corr
0.77	KT	KT Corporation	Pair Corr
0.75	SR	Spire Inc	Pair Corr
0.75	QHY	WisdomTree Short Term Symbol Change	Pair Corr
0.74	CGUI	Capital Group Fixed	Pair Corr
0.74	FLDB	Fidelity Low Duration	Pair Corr
0.73	NEM	Newmont Goldcorp Corp	Pair Corr
0.71	CAAA	First Trust Exchange	Pair Corr
0.7	BME	BlackRock Health Sciences	Pair Corr
0.69	SPAQ	Horizon Kinetics SPAC	Pair Corr
0.63	MITUY	Mitsui Chemicals ADR	Pair Corr
0.54	NTRBW	Nutriband Warrant	Pair Corr
0.52	AONNY	Aeon Co	Pair Corr
0.38	DWSH	AdvisorShares Dorsey	Pair Corr
0.78	HSWYX	Hartford Schroders	Pair Corr
0.77	VGK	Vanguard FTSE Europe Sell-off Trend	Pair Corr
0.76	SPEU	SPDR Portfolio Europe	Pair Corr
0.76	NAWCX	Voya Global Equity	Pair Corr
0.76	VESIX	Vanguard European Stock	Pair Corr
0.75	NILTX	Neuberger Berman Int	Pair Corr
0.74	PDIFX	Real Estate Debt	Pair Corr
0.72	MOTI	VanEck Morningstar Low Volatility	Pair Corr
0.72	RAPCX	Cohen Steers Real	Pair Corr
0.71	MSDIX	Mainstay Unconstrained	Pair Corr
0.69	HRLYX	Hartford Global	Pair Corr
0.69	VMLUX	Vanguard Limited Term	Pair Corr
0.69	GBMSX	Gmo Benchmark Free	Pair Corr
0.67	HSXCX	Hartford Schroders	Pair Corr
0.66	YINN	Direxion Daily FTSE	Pair Corr

Related Correlations Analysis

	RBC	SKIN	UL	SNDA	EL	MMSI	ESPR	EYE
RBC		-0.22	0.24	0.79	-0.42	0.63	-0.59	0.79	RBC
SKIN	-0.22		-0.55	-0.15	0.38	0.29	0.41	-0.38	SKIN
UL	0.24	-0.55		0.21	-0.12	0.05	-0.27	0.32	UL
SNDA	0.79	-0.15	0.21		-0.18	0.61	-0.25	0.73	SNDA
EL	-0.42	0.38	-0.12	-0.18		0.11	0.53	-0.3	EL
MMSI	0.63	0.29	0.05	0.61	0.11		-0.18	0.42	MMSI
ESPR	-0.59	0.41	-0.27	-0.25	0.53	-0.18		-0.53	ESPR
EYE	0.79	-0.38	0.32	0.73	-0.3	0.42	-0.53		EYE
	RBC	SKIN	UL	SNDA	EL	MMSI	ESPR	EYE

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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

SNDA	+ 0.79	RBC
EYE	+ 0.79	RBC
EYE	+ 0.73	SNDA
MMSI	+ 0.63	RBC
MMSI	+ 0.61	SNDA
ESPR	+ 0.53	EL

High negative correlations

ESPR	- 0.59	RBC
UL	- 0.55	SKIN
EYE	- 0.53	ESPR
EL	- 0.42	RBC
EYE	- 0.38	SKIN
EYE	- 0.3	EL

Risk-Adjusted Indicators

There is a big difference between FEDEX Bond performing well and FEDEX 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 FEDEX'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
RBC	1.24	0.10	0.08	0.02	1.35	(1.44)	3.35	(2.42)	11.49
SKIN	3.37	(0.01)	0.00	(0.10)	0.00	0.00	5.43	(8.66)	23.30
UL	0.89	0.02	0.08	0.09	1.36	(0.94)	1.80	(1.91)	8.26
SNDA	2.02	0.08	0.00	(0.04)	0.00	0.00	3.73	(3.93)	9.66
EL	1.98	(0.17)	0.00	(0.30)	0.00	0.00	4.77	(4.13)	20.84
MMSI	1.25	0.04	0.00	(0.06)	0.00	0.00	2.91	(2.72)	7.42
ESPR	3.11	(0.94)	0.00	2.35	0.00	0.00	5.58	(7.06)	18.80
EYE	2.17	0.14	0.05	0.03	2.56	(2.36)	4.52	(4.45)	16.13

Be your own money manager

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