Level Correlations

527298BN2

84.96 0.00 0.00%

The current 90-days correlation between Level 3 Financing and AEP TEX INC is 0.18 (i.e., Average diversification). The correlation of Level 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.

Level Correlation With Market

Modest diversification

The correlation between Level 3 Financing and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Level 3 Financing and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Level could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Level 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 Level - 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 Level 3 Financing to buy it.

Moving together with Level Bond

0.66	DIS	Walt Disney	Pair Corr
0.66	T	ATT Inc Earnings Call This Week	Pair Corr
0.63	WMT	Walmart	Pair Corr

Moving against Level Bond

0.66	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.66	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.62	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.44	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.42	MCD	McDonalds Fiscal Year End 3rd of February 2025	Pair Corr
0.38	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr
0.34	MMM	3M Company Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	00108WAF7	90331HPL1	BXC	TPL	FBIOP	CSCO	84859BAB7	PETS	RGLSF	NARI
00108WAF7		0.0	0.15	0.14	0.0	0.1	-0.02	0.11	-0.03	0.09	00108WAF7
90331HPL1	0.0		0.45	-0.06	-0.24	-0.22	-0.38	0.14	-0.41	-0.62	90331HPL1
BXC	0.15	0.45		0.68	-0.33	0.16	-0.65	0.42	-0.17	-0.29	BXC
TPL	0.14	-0.06	0.68		-0.2	0.5	-0.35	0.29	0.01	0.22	TPL
FBIOP	0.0	-0.24	-0.33	-0.2		0.56	0.73	0.47	-0.21	0.54	FBIOP
CSCO	0.1	-0.22	0.16	0.5	0.56		0.38	0.66	-0.25	0.6	CSCO
84859BAB7	-0.02	-0.38	-0.65	-0.35	0.73	0.38		0.1	-0.14	0.53	84859BAB7
PETS	0.11	0.14	0.42	0.29	0.47	0.66	0.1		-0.33	0.35	PETS
RGLSF	-0.03	-0.41	-0.17	0.01	-0.21	-0.25	-0.14	-0.33		0.27	RGLSF
NARI	0.09	-0.62	-0.29	0.22	0.54	0.6	0.53	0.35	0.27		NARI
	00108WAF7	90331HPL1	BXC	TPL	FBIOP	CSCO	84859BAB7	PETS	RGLSF	NARI

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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

84859BAB7	+ 0.73	FBIOP
TPL	+ 0.68	BXC
PETS	+ 0.66	CSCO
NARI	+ 0.6	CSCO
CSCO	+ 0.56	FBIOP
NARI	+ 0.54	FBIOP

High negative correlations

84859BAB7	- 0.65	BXC
NARI	- 0.62	90331HPL1
RGLSF	- 0.41	90331HPL1
84859BAB7	- 0.38	90331HPL1
84859BAB7	- 0.35	TPL
RGLSF	- 0.33	PETS

Risk-Adjusted Indicators

There is a big difference between Level Bond performing well and Level 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 Level'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
00108WAF7	1.44	0.10	0.04	0.32	1.82	(1.69)	5.71	(2.57)	14.14
90331HPL1	0.47	(0.02)	0.00	0.22	0.00	0.00	1.64	(1.87)	7.59
BXC	2.00	(0.03)	0.00	(0.02)	0.00	0.00	5.33	(3.81)	14.24
TPL	2.44	0.46	0.12	0.39	3.63	(2.50)	4.64	(6.70)	25.75
FBIOP	3.05	0.59	0.17	(0.62)	2.93	(3.69)	8.11	(5.08)	21.73
CSCO	0.68	0.16	0.18	0.64	0.56	(0.76)	1.54	(1.47)	6.39
84859BAB7	4.96	0.67	0.10	1.01	6.02	(6.93)	15.04	(8.82)	60.30
PETS	3.59	0.50	0.15	0.66	3.14	(4.60)	8.62	(5.38)	44.14
RGLSF	1.54	0.17	0.06	(0.66)	1.55	(2.60)	4.51	(2.72)	11.00
NARI	3.01	1.09	0.50	(3.01)	1.51	(4.10)	6.43	(3.87)	30.79

Be your own money manager

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