NATIONAL Correlations

637432NR2

84.88 2.36 2.86%

The current 90-days correlation between NATIONAL RURAL UTILS and NorthWestern is 0.15 (i.e., Average diversification). The correlation of NATIONAL 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.

NATIONAL Correlation With Market

Significant diversification

The correlation between NATIONAL RURAL UTILS and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NATIONAL RURAL UTILS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against NATIONAL Bond

0.77	WM	Waste Management	Pair Corr
0.74	IBM	International Business	Pair Corr
0.73	MMM	3M Company	Pair Corr
0.68	GDXU	MicroSectors Gold Miners	Pair Corr
0.67	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.63	HROWM	Harrow Health, 11875	Pair Corr
0.61	UTF	Cohen And Steers	Pair Corr
0.55	T	ATT Inc Aggressive Push	Pair Corr
0.54	GLU	Gabelli Global Utility	Pair Corr
0.54	GTN	Gray Television	Pair Corr
0.54	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.53	JNJ	Johnson Johnson	Pair Corr
0.52	CVX	Chevron Corp	Pair Corr
0.46	DD	Dupont De Nemours	Pair Corr
0.42	HTD	John Hancock Tax	Pair Corr
0.41	MCD	McDonalds	Pair Corr
0.39	VZ	Verizon Communications	Pair Corr
0.36	INTC	Intel	Pair Corr

Related Correlations Analysis

	NWE	CHCI	AIV	SLRC	TWO-P-C	MTG	MGMNF
NWE		-0.41	0.43	0.67	0.25	-0.05	0.36	NWE
CHCI	-0.41		-0.15	-0.37	0.21	0.48	0.07	CHCI
AIV	0.43	-0.15		0.63	-0.14	0.5	0.56	AIV
SLRC	0.67	-0.37	0.63		0.28	0.1	0.57	SLRC
TWO-P-C	0.25	0.21	-0.14	0.28		0.17	0.18	TWO-P-C
MTG	-0.05	0.48	0.5	0.1	0.17		0.43	MTG
MGMNF	0.36	0.07	0.56	0.57	0.18	0.43		MGMNF
	NWE	CHCI	AIV	SLRC	TWO-P-C	MTG	MGMNF

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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

SLRC	+ 0.67	NWE
SLRC	+ 0.63	AIV
MGMNF	+ 0.57	SLRC
MGMNF	+ 0.56	AIV
MTG	+ 0.5	AIV
MTG	+ 0.48	CHCI

High negative correlations

CHCI	- 0.41	NWE
SLRC	- 0.37	CHCI
AIV	- 0.15	CHCI
TWO-P-C	- 0.14	AIV
MTG	- 0.05	NWE

Risk-Adjusted Indicators

There is a big difference between NATIONAL Bond performing well and NATIONAL 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 NATIONAL'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
NWE	1.12	0.09	0.06	(0.34)	1.54	(1.07)	2.20	(2.57)	7.16
CHCI	2.65	0.34	0.10	0.40	3.05	(2.91)	7.81	(5.14)	15.01
AIV	1.13	0.19	0.16	0.70	0.96	(1.43)	3.07	(1.77)	11.40
SLRC	0.66	0.13	0.14	(0.94)	0.77	(0.78)	1.46	(1.02)	4.90
TWO-P-C	0.23	0.00	0.00	(0.04)	0.37	(0.26)	0.56	(0.60)	2.54
MTG	1.02	0.09	0.07	0.09	1.27	(1.06)	2.17	(2.35)	7.24
MGMNF	2.99	0.36	0.10	0.28	3.04	(3.77)	7.77	(5.45)	16.65

Be your own money manager

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