PIEDMONT Correlations

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72.55 0.64 0.89%

The current 90-days correlation between PIEDMONT NAT GAS and Cansortium is -0.06 (i.e., Good diversification). The correlation of PIEDMONT 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.

PIEDMONT Correlation With Market

Average diversification

The correlation between PIEDMONT NAT GAS and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PIEDMONT NAT GAS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against PIEDMONT Bond

0.72	ISMAY	Indra Sistemas SA	Pair Corr
0.58	UTF	Cohen And Steers	Pair Corr
0.57	HTD	John Hancock Tax	Pair Corr
0.53	DTSQR	DT Cloud Star	Pair Corr
0.53	AEM	Agnico Eagle Mines	Pair Corr
0.49	MENEF	Mene Inc	Pair Corr
0.46	GDXU	MicroSectors Gold Miners	Pair Corr
0.44	GTN	Gray Television	Pair Corr
0.42	ANPMF	Andean Precious Metals	Pair Corr
0.4	HROWM	Harrow Health, 11875	Pair Corr
0.34	SBUX	Starbucks	Pair Corr
0.33	RGC	Regencell Bioscience Trending	Pair Corr
0.33	ML	MoneyLion	Pair Corr
0.32	SPNT	Siriuspoint Normal Trading	Pair Corr

Related Correlations Analysis

	CNTMF	PCAR	LI	MPX	SAM	SCSC	GNTX
CNTMF		0.39	-0.74	0.54	0.44	0.69	0.54	CNTMF
PCAR	0.39		-0.46	0.59	0.16	0.48	0.43	PCAR
LI	-0.74	-0.46		-0.67	-0.5	-0.79	-0.71	LI
MPX	0.54	0.59	-0.67		0.53	0.59	0.66	MPX
SAM	0.44	0.16	-0.5	0.53		0.73	0.87	SAM
SCSC	0.69	0.48	-0.79	0.59	0.73		0.92	SCSC
GNTX	0.54	0.43	-0.71	0.66	0.87	0.92		GNTX
	CNTMF	PCAR	LI	MPX	SAM	SCSC	GNTX

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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

GNTX	+ 0.92	SCSC
GNTX	+ 0.87	SAM
SCSC	+ 0.73	SAM
SCSC	+ 0.69	CNTMF
GNTX	+ 0.66	MPX
MPX	+ 0.59	PCAR

High negative correlations

SCSC	- 0.79	LI
LI	- 0.74	CNTMF
GNTX	- 0.71	LI
MPX	- 0.67	LI
SAM	- 0.5	LI
LI	- 0.46	PCAR

Risk-Adjusted Indicators

There is a big difference between PIEDMONT Bond performing well and PIEDMONT 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 PIEDMONT'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
CNTMF	3.23	(0.12)	0.00	(1.00)	0.00	0.00	8.64	(8.33)	26.62
PCAR	1.29	(0.13)	0.00	(0.15)	0.00	0.00	2.24	(3.37)	9.09
LI	3.11	0.35	0.09	(4.75)	3.51	(3.37)	6.20	(4.92)	24.14
MPX	1.57	(0.19)	0.00	(0.24)	0.00	0.00	3.06	(3.26)	12.51
SAM	1.51	(0.41)	0.00	(0.54)	0.00	0.00	2.86	(2.89)	8.87
SCSC	1.51	(0.50)	0.00	(0.68)	0.00	0.00	2.42	(3.61)	18.40
GNTX	1.22	(0.32)	0.00	2.07	0.00	0.00	2.19	(2.29)	10.85

Be your own money manager

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