SPECTRA Correlations

84756NAG4   81.46  4.61  5.36%   
The current 90-days correlation between SPECTRA ENERGY PARTNERS and Simpson Manufacturing is 0.26 (i.e., Modest diversification). The correlation of SPECTRA 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.

SPECTRA Correlation With Market

Weak diversification

The correlation between SPECTRA ENERGY PARTNERS and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPECTRA ENERGY PARTNERS and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to SPECTRA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SPECTRA 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 SPECTRA - 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 SPECTRA ENERGY PARTNERS to buy it.

Moving together with SPECTRA Bond

  0.73KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.69VZ Verizon Communications Fiscal Year End 28th of January 2025 PairCorr
  0.64MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr

Moving against SPECTRA Bond

  0.6MCK McKessonPairCorr
  0.58JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.55BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.54TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.5CSCO Cisco Systems Aggressive PushPairCorr
  0.48T ATT Inc Aggressive PushPairCorr
  0.44WMT Walmart Aggressive PushPairCorr
  0.42RKLB Rocket Lab USAPairCorr
  0.42BLND Blend LabsPairCorr
  0.4QBTS D Wave Quantum TrendingPairCorr
  0.32AXP American Express Fiscal Year End 24th of January 2025 PairCorr

Related Correlations Analysis

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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   
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DLXWPP
RCKYSKX
DLXVRA
WPPVRA
VRASSD
  
High negative correlations   
DLXEML
WPPRCKY
DLXRCKY
WPPSKX
EMLWPP
VRARCKY

Risk-Adjusted Indicators

There is a big difference between SPECTRA Bond performing well and SPECTRA 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 SPECTRA'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.

Be your own money manager

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