SPIRIT Correlations

85205TAK6

79.32 16.83 17.50%

The current 90-days correlation between SPIRIT AEROSYSTEMS INC and National Vision Holdings is 0.07 (i.e., Significant diversification). The correlation of SPIRIT 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.

SPIRIT Correlation With Market

Significant diversification

The correlation between SPIRIT AEROSYSTEMS INC and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPIRIT AEROSYSTEMS INC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against SPIRIT Bond

0.53	AMBR	Amber Road, Symbol Change	Pair Corr
0.47	TKOMF	Tokio Marine Holdings Normal Trading	Pair Corr
0.46	SPNT	Siriuspoint Normal Trading	Pair Corr
0.45	ISMAY	Indra Sistemas SA	Pair Corr
0.44	GTN	Gray Television Downward Rally	Pair Corr
0.41	GLE	Global Engine Group Tech Boost	Pair Corr
0.38	GDXU	MicroSectors Gold Miners	Pair Corr
0.33	UTF	Cohen And Steers	Pair Corr

Related Correlations Analysis

	EYE	SPG-PJ	SBFFY	GEOUF	WRN	ACI	KODK
EYE		-0.13	0.7	-0.5	0.39	0.67	-0.04	EYE
SPG-PJ	-0.13		-0.31	0.15	-0.34	-0.04	0.34	SPG-PJ
SBFFY	0.7	-0.31		-0.74	0.16	0.68	-0.4	SBFFY
GEOUF	-0.5	0.15	-0.74		0.0	-0.59	0.36	GEOUF
WRN	0.39	-0.34	0.16	0.0		0.34	-0.24	WRN
ACI	0.67	-0.04	0.68	-0.59	0.34		-0.01	ACI
KODK	-0.04	0.34	-0.4	0.36	-0.24	-0.01		KODK
	EYE	SPG-PJ	SBFFY	GEOUF	WRN	ACI	KODK

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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

SBFFY	+ 0.7	EYE
ACI	+ 0.68	SBFFY
ACI	+ 0.67	EYE
WRN	+ 0.39	EYE
KODK	+ 0.36	GEOUF
KODK	+ 0.34	SPG-PJ

High negative correlations

GEOUF	- 0.74	SBFFY
ACI	- 0.59	GEOUF
GEOUF	- 0.5	EYE
KODK	- 0.4	SBFFY
WRN	- 0.34	SPG-PJ
SBFFY	- 0.31	SPG-PJ

Risk-Adjusted Indicators

There is a big difference between SPIRIT Bond performing well and SPIRIT 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 SPIRIT'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
EYE	2.22	0.34	0.12	0.22	2.46	(2.47)	4.71	(4.45)	16.13
SPG-PJ	0.71	(0.05)	0.00	0.89	0.00	0.00	1.98	(1.60)	5.55
SBFFY	0.92	0.48	0.00	(72.66)	0.00	0.00	0.40	0.00	27.09
GEOUF	0.70	(0.13)	0.00	0.14	0.00	0.00	0.00	(1.17)	19.51
WRN	2.35	0.21	0.08	(1.15)	2.54	(2.90)	4.95	(3.77)	12.71
ACI	1.14	0.16	0.10	0.40	1.46	(1.09)	3.42	(2.39)	8.11
KODK	2.67	0.01	0.00	(0.02)	0.00	0.00	5.20	(4.20)	15.44

Be your own money manager

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