NISOURCE Correlations

65473QBB8

93.55 0.38 0.41%

The current 90-days correlation between NISOURCE FIN P and Teleflex Incorporated is 0.08 (i.e., Significant diversification). The correlation of NISOURCE 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.

NISOURCE Correlation With Market

Good diversification

The correlation between NISOURCE FIN P and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NISOURCE FIN P and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with NISOURCE Bond

0.64	HOLO	MicroCloud Hologram Trending	Pair Corr
0.62	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.64	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr

Moving against NISOURCE Bond

0.68	KD	Kyndryl Holdings	Pair Corr
0.68	WMT	Walmart	Pair Corr
0.64	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.63	DIS	Walt Disney	Pair Corr
0.53	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.49	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.46	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr

Related Correlations Analysis

	TFX	TNDM	ECVT	VMD	MMSI	AXTA	CDXS	ALB-PA
TFX		0.46	-0.8	0.06	-0.63	-0.35	-0.9	-0.06	TFX
TNDM	0.46		-0.52	-0.65	-0.61	-0.65	-0.27	-0.45	TNDM
ECVT	-0.8	-0.52		0.03	0.86	0.69	0.69	0.45	ECVT
VMD	0.06	-0.65	0.03		0.18	0.39	-0.13	0.38	VMD
MMSI	-0.63	-0.61	0.86	0.18		0.86	0.58	0.66	MMSI
AXTA	-0.35	-0.65	0.69	0.39	0.86		0.28	0.83	AXTA
CDXS	-0.9	-0.27	0.69	-0.13	0.58	0.28		0.06	CDXS
ALB-PA	-0.06	-0.45	0.45	0.38	0.66	0.83	0.06		ALB-PA
	TFX	TNDM	ECVT	VMD	MMSI	AXTA	CDXS	ALB-PA

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

MMSI	+ 0.86	ECVT
AXTA	+ 0.86	MMSI
ALB-PA	+ 0.83	AXTA
AXTA	+ 0.69	ECVT
CDXS	+ 0.69	ECVT
ALB-PA	+ 0.66	MMSI

High negative correlations

CDXS	- 0.9	TFX
ECVT	- 0.8	TFX
AXTA	- 0.65	TNDM
VMD	- 0.65	TNDM
MMSI	- 0.63	TFX
MMSI	- 0.61	TNDM

Risk-Adjusted Indicators

There is a big difference between NISOURCE Bond performing well and NISOURCE 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 NISOURCE'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
TFX	1.29	(0.47)	0.00	0.78	0.00	0.00	1.71	(2.92)	17.00
TNDM	2.78	(0.20)	0.00	1.51	0.00	0.00	6.14	(6.23)	14.41
ECVT	1.88	0.17	0.09	0.31	1.69	(2.40)	4.55	(2.67)	18.71
VMD	1.57	0.16	0.08	1.42	1.81	(1.73)	3.69	(3.23)	12.62
MMSI	0.91	(0.05)	0.00	(0.19)	0.00	0.00	2.03	(1.93)	7.20
AXTA	1.16	(0.13)	0.00	(0.31)	0.00	0.00	2.33	(2.71)	12.01
CDXS	3.11	0.82	0.21	1.49	3.10	(3.36)	9.28	(6.63)	23.04
ALB-PA	1.79	(0.10)	0.00	0.51	0.00	0.00	3.51	(4.92)	12.77

Be your own money manager

Our tools can tell you how much better you can do entering a position in NISOURCE 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 Competition Analyzer Now

Competition Analyzer

Analyze and compare many basic indicators for a group of related or unrelated entities

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