362320BA0 Correlations

362320BA0

104.49 2.81 2.62%

The current 90-days correlation between GTE P 694 and Electrovaya Common Shares is 0.03 (i.e., Significant diversification). The correlation of 362320BA0 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.

362320BA0 Correlation With Market

Modest diversification

The correlation between GTE P 694 and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GTE P 694 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 362320BA0 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 362320BA0 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 362320BA0 - 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 GTE P 694 to buy it.

Moving together with 362320BA0 Bond

0.68	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.71	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Moving against 362320BA0 Bond

0.63	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.56	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.55	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.53	HPQ	HP Inc	Pair Corr
0.5	T	ATT Inc Aggressive Push	Pair Corr
0.5	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.44	WMT	Walmart Aggressive Push	Pair Corr
0.4	DIS	Walt Disney	Pair Corr
0.4	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.39	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.39	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.33	HD	Home Depot	Pair Corr

Related Correlations Analysis

	ELVA	GFF	HCM	CECO	RDNT	OMHE	ALVO	HIHO
ELVA		0.84	-0.07	0.78	0.65	0.0	-0.02	0.12	ELVA
GFF	0.84		-0.29	0.78	0.87	0.0	-0.07	0.13	GFF
HCM	-0.07	-0.29		-0.24	-0.29	0.0	0.69	0.34	HCM
CECO	0.78	0.78	-0.24		0.52	0.0	-0.34	-0.01	CECO
RDNT	0.65	0.87	-0.29	0.52		0.0	0.08	0.26	RDNT
OMHE	0.0	0.0	0.0	0.0	0.0		0.0	0.0	OMHE
ALVO	-0.02	-0.07	0.69	-0.34	0.08	0.0		0.36	ALVO
HIHO	0.12	0.13	0.34	-0.01	0.26	0.0	0.36		HIHO
	ELVA	GFF	HCM	CECO	RDNT	OMHE	ALVO	HIHO

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

RDNT	+ 0.87	GFF
GFF	+ 0.84	ELVA
CECO	+ 0.78	ELVA
CECO	+ 0.78	GFF
ALVO	+ 0.69	HCM
RDNT	+ 0.65	ELVA

High negative correlations

ALVO	- 0.34	CECO
RDNT	- 0.29	HCM
HCM	- 0.29	GFF
CECO	- 0.24	HCM
ALVO	- 0.07	GFF
HCM	- 0.07	ELVA

Risk-Adjusted Indicators

There is a big difference between 362320BA0 Bond performing well and 362320BA0 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 362320BA0'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
ELVA	2.68	0.46	0.16	0.54	2.54	(3.25)	6.47	(3.96)	20.02
GFF	1.75	0.20	0.13	0.22	1.74	(1.97)	3.14	(3.11)	22.84
HCM	2.55	0.00	(0.02)	0.09	2.98	(3.06)	5.32	(5.06)	15.65
CECO	2.45	(0.02)	0.03	0.10	3.22	(2.75)	4.73	(3.36)	18.98
RDNT	1.99	0.19	0.11	0.24	1.89	(2.19)	3.77	(2.67)	22.33
OMHE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ALVO	1.20	0.01	(0.06)	0.03	1.55	(1.32)	3.15	(2.83)	8.63
HIHO	1.86	0.16	0.03	0.57	3.03	(2.13)	3.37	(2.70)	41.88

Be your own money manager

Our tools can tell you how much better you can do entering a position in 362320BA0 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.

Did you try this?

Run My Watchlist Analysis Now

My Watchlist Analysis

Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC