FREEPORT Correlations

35671DCG8

93.18 4.78 4.88%

The current 90-days correlation between FREEPORT MCMORAN INC and Taiwan Semiconductor Manufacturing is -0.16 (i.e., Good diversification). The correlation of FREEPORT 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.

FREEPORT Correlation With Market

Significant diversification

The correlation between FREEPORT MCMORAN INC 4375 and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FREEPORT MCMORAN INC 4375 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to FREEPORT could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace FREEPORT 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 FREEPORT - 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 FREEPORT MCMORAN INC 4375 to buy it.

Moving against FREEPORT Bond

0.62	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.59	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.56	ELFNX	Elfun Trusts Elfun	Pair Corr
0.52	T	ATT Inc Sell-off Trend	Pair Corr
0.47	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.45	AVTE	Aerovate Therapeutics	Pair Corr
0.44	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.42	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.37	BA	Boeing Sell-off Trend	Pair Corr
0.36	KOSS	Koss	Pair Corr

Related Correlations Analysis

	TSM	NOW	ADI	NUVL	PAYO	VALN	STM	AMKR
TSM		0.51	-0.13	-0.56	0.49	-0.38	-0.33	-0.36	TSM
NOW	0.51		-0.67	-0.66	0.88	-0.92	-0.74	-0.74	NOW
ADI	-0.13	-0.67		0.57	-0.76	0.73	0.85	0.76	ADI
NUVL	-0.56	-0.66	0.57		-0.7	0.57	0.59	0.78	NUVL
PAYO	0.49	0.88	-0.76	-0.7		-0.86	-0.85	-0.87	PAYO
VALN	-0.38	-0.92	0.73	0.57	-0.86		0.79	0.73	VALN
STM	-0.33	-0.74	0.85	0.59	-0.85	0.79		0.85	STM
AMKR	-0.36	-0.74	0.76	0.78	-0.87	0.73	0.85		AMKR
	TSM	NOW	ADI	NUVL	PAYO	VALN	STM	AMKR

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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

PAYO	+ 0.88	NOW
STM	+ 0.85	ADI
AMKR	+ 0.85	STM
STM	+ 0.79	VALN
AMKR	+ 0.78	NUVL
AMKR	+ 0.76	ADI

High negative correlations

VALN	- 0.92	NOW
AMKR	- 0.87	PAYO
VALN	- 0.86	PAYO
STM	- 0.85	PAYO
PAYO	- 0.76	ADI
AMKR	- 0.74	NOW

Risk-Adjusted Indicators

There is a big difference between FREEPORT Bond performing well and FREEPORT 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 FREEPORT'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
TSM	1.87	0.27	0.11	1.47	1.90	(2.04)	4.98	(3.55)	14.10
NOW	1.33	0.28	0.20	0.34	1.19	(1.58)	3.04	(2.68)	8.60
ADI	1.34	(0.12)	0.00	(0.05)	0.00	0.00	2.57	(2.94)	9.32
NUVL	1.68	(0.43)	0.00	(0.25)	0.00	0.00	2.66	(5.51)	13.19
PAYO	1.37	0.49	0.21	0.70	1.44	(1.53)	2.27	(2.46)	28.47
VALN	2.16	(0.79)	0.00	(3.78)	0.00	0.00	3.60	(5.86)	11.78
STM	1.54	(0.14)	0.00	(0.11)	0.00	0.00	2.96	(3.65)	10.03
AMKR	1.87	(0.15)	0.00	(5.14)	0.00	0.00	3.90	(4.80)	10.14

Be your own money manager

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