743315AT0 Correlations

743315AT0

85.27 2.65 3.21%

The current 90-days correlation between PROGRESSIVE P OH and AEP TEX INC is 0.2 (i.e., Modest diversification). The correlation of 743315AT0 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.

743315AT0 Correlation With Market

Good diversification

The correlation between PROGRESSIVE P OH and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PROGRESSIVE P OH and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 743315AT0 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 743315AT0 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 743315AT0 - 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 PROGRESSIVE P OH to buy it.

Moving against 743315AT0 Bond

0.62	ANPMF	Andean Precious Metals	Pair Corr
0.56	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.56	AEM	Agnico Eagle Mines	Pair Corr
0.54	PGLSX	Global Multi Strategy	Pair Corr
0.52	WM	Waste Management	Pair Corr
0.5	GDXU	MicroSectors Gold Miners	Pair Corr
0.5	HTD	John Hancock Tax	Pair Corr
0.48	GLU	Gabelli Global Utility	Pair Corr
0.48	UTF	Cohen And Steers	Pair Corr
0.42	GTN	Gray Television	Pair Corr
0.33	HROWM	Harrow Health, 11875	Pair Corr

Related Correlations Analysis

	00108WAF7	MENEF	TIPS	GTN	ISPOW	O	TKOMF	ML	RYN
00108WAF7		-0.24	-0.19	-0.04	-0.57	-0.15	0.24	0.04	0.24	00108WAF7
MENEF	-0.24		0.02	0.28	0.14	0.45	0.02	0.02	0.04	MENEF
TIPS	-0.19	0.02		-0.22	-0.2	-0.05	0.08	-0.24	0.02	TIPS
GTN	-0.04	0.28	-0.22		-0.15	0.58	0.41	0.49	0.52	GTN
ISPOW	-0.57	0.14	-0.2	-0.15		-0.09	-0.54	-0.12	-0.5	ISPOW
O	-0.15	0.45	-0.05	0.58	-0.09		0.33	0.37	0.44	O
TKOMF	0.24	0.02	0.08	0.41	-0.54	0.33		0.41	0.69	TKOMF
ML	0.04	0.02	-0.24	0.49	-0.12	0.37	0.41		0.47	ML
RYN	0.24	0.04	0.02	0.52	-0.5	0.44	0.69	0.47		RYN
	00108WAF7	MENEF	TIPS	GTN	ISPOW	O	TKOMF	ML	RYN

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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

RYN	+ 0.69	TKOMF
O	+ 0.58	GTN
RYN	+ 0.52	GTN
ML	+ 0.49	GTN
RYN	+ 0.47	ML
O	+ 0.45	MENEF

High negative correlations

ISPOW	- 0.57	00108WAF7
TKOMF	- 0.54	ISPOW
RYN	- 0.5	ISPOW
ML	- 0.24	TIPS
MENEF	- 0.24	00108WAF7
GTN	- 0.22	TIPS

Risk-Adjusted Indicators

There is a big difference between 743315AT0 Bond performing well and 743315AT0 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 743315AT0'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	1.27	0.08	0.04	(0.12)	1.95	(1.31)	2.53	(2.79)	14.51
MENEF	5.45	0.52	0.06	(4.48)	5.88	(8.03)	14.94	(11.82)	42.14
TIPS	16.82	2.63	0.07	(0.50)	17.93	(37.31)	55.56	(43.86)	126.99
GTN	3.38	0.67	0.19	0.84	3.28	(3.96)	6.97	(4.85)	16.97
ISPOW	6.84	0.97	0.06	0.35	8.30	(17.11)	28.57	(12.50)	73.33
O	0.98	0.05	0.03	0.16	1.27	(0.93)	2.00	(2.00)	6.11
TKOMF	4.01	0.33	0.04	0.34	4.64	(6.94)	13.78	(9.50)	27.72
ML	0.44	0.02	0.04	0.09	0.49	(0.47)	0.85	(0.83)	2.14
RYN	1.10	(0.01)	(0.01)	0.04	1.41	(1.10)	2.39	(2.34)	4.97

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