LEVEL Correlations

527298BS1

56.00 26.48 32.10%

The current 90-days correlation between LEVEL 3 FING and AEP TEX INC is -0.31 (i.e., Very good 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

Good diversification

The correlation between LEVEL 3 FING and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding LEVEL 3 FING 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 FING to buy it.

Moving against LEVEL Bond

0.46	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.41	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.36	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr

Related Correlations Analysis

	00108WAF7	90331HPL1	APLD	BBAI	INMD	FUND	IONQ	GOOG	PYPL	RXRX
00108WAF7		0.0	-0.02	-0.08	-0.02	-0.04	-0.01	0.03	-0.04	-0.07	00108WAF7
90331HPL1	0.0		-0.32	-0.7	-0.12	-0.37	-0.36	-0.36	-0.34	-0.47	90331HPL1
APLD	-0.02	-0.32		0.68	0.44	0.73	0.74	0.37	0.75	0.08	APLD
BBAI	-0.08	-0.7	0.68		0.54	0.77	0.82	0.59	0.76	0.48	BBAI
INMD	-0.02	-0.12	0.44	0.54		0.8	0.77	0.55	0.62	0.41	INMD
FUND	-0.04	-0.37	0.73	0.77	0.8		0.89	0.7	0.85	0.4	FUND
IONQ	-0.01	-0.36	0.74	0.82	0.77	0.89		0.69	0.88	0.25	IONQ
GOOG	0.03	-0.36	0.37	0.59	0.55	0.7	0.69		0.75	0.41	GOOG
PYPL	-0.04	-0.34	0.75	0.76	0.62	0.85	0.88	0.75		0.31	PYPL
RXRX	-0.07	-0.47	0.08	0.48	0.41	0.4	0.25	0.41	0.31		RXRX
	00108WAF7	90331HPL1	APLD	BBAI	INMD	FUND	IONQ	GOOG	PYPL	RXRX

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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

IONQ	+ 0.89	FUND
PYPL	+ 0.88	IONQ
PYPL	+ 0.85	FUND
IONQ	+ 0.82	BBAI
FUND	+ 0.8	INMD
FUND	+ 0.77	BBAI

High negative correlations

BBAI	- 0.7	90331HPL1
RXRX	- 0.47	90331HPL1
FUND	- 0.37	90331HPL1
GOOG	- 0.36	90331HPL1
IONQ	- 0.36	90331HPL1
PYPL	- 0.34	90331HPL1

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	1.38	0.17	0.02	(0.30)	1.84	(1.48)	3.24	(2.55)	10.75
90331HPL1	0.37	(0.03)	0.00	(0.20)	0.00	0.00	1.39	(1.70)	7.11
APLD	5.16	0.56	0.13	0.34	4.82	(5.90)	10.56	(8.15)	28.97
BBAI	5.32	0.95	0.15	1.94	5.34	(6.66)	17.05	(8.16)	43.66
INMD	2.01	(0.05)	0.02	0.07	2.85	(2.01)	3.95	(5.21)	14.30
FUND	0.58	0.01	(0.02)	0.11	0.58	(0.65)	1.20	(1.02)	4.59
IONQ	6.33	2.42	0.40	1.04	5.00	(7.49)	16.30	(9.99)	47.83
GOOG	1.18	0.28	0.14	0.73	1.34	(1.23)	2.92	(1.95)	8.60
PYPL	1.39	0.29	0.19	0.35	1.26	(1.57)	3.52	(2.59)	10.05
RXRX	3.78	0.07	0.03	0.13	4.66	(3.90)	8.32	(7.57)	31.34

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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