TEXAS Correlations

Summary

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95.72 0.33 0.34%

The correlation of TEXAS 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.

TEXAS Correlation With Market

Good diversification

The correlation between TEXAS INSTRS INC and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TEXAS INSTRS INC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with TEXAS Bond

0.66	VZ	Verizon Communications Aggressive Push	Pair Corr
0.72	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.69	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Moving against TEXAS Bond

0.77	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.58	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.5	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.47	HPQ	HP Inc	Pair Corr
0.46	DIS	Walt Disney Aggressive Push	Pair Corr
0.45	WMT	Walmart Aggressive Push	Pair Corr
0.44	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.35	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr

Related Correlations Analysis

	TOWTF	MAHN	NYXH	ADUS	UHG	JBGS	WEYS	MBOT
TOWTF		1.0	0.0	0.0	0.0	0.0	0.0	0.0	TOWTF
MAHN	1.0		0.0	0.0	0.0	0.0	0.0	0.0	MAHN
NYXH	0.0	0.0		0.25	0.02	0.31	0.13	0.34	NYXH
ADUS	0.0	0.0	0.25		-0.36	0.82	-0.42	-0.2	ADUS
UHG	0.0	0.0	0.02	-0.36		-0.55	0.58	-0.04	UHG
JBGS	0.0	0.0	0.31	0.82	-0.55		-0.49	0.0	JBGS
WEYS	0.0	0.0	0.13	-0.42	0.58	-0.49		0.36	WEYS
MBOT	0.0	0.0	0.34	-0.2	-0.04	0.0	0.36		MBOT
	TOWTF	MAHN	NYXH	ADUS	UHG	JBGS	WEYS	MBOT

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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

MAHN	+ 1.0	TOWTF
JBGS	+ 0.82	ADUS
WEYS	+ 0.58	UHG
MBOT	+ 0.36	WEYS
MBOT	+ 0.34	NYXH
JBGS	+ 0.31	NYXH

High negative correlations

JBGS	- 0.55	UHG
WEYS	- 0.49	JBGS
WEYS	- 0.42	ADUS
UHG	- 0.36	ADUS
MBOT	- 0.2	ADUS
MBOT	- 0.04	UHG

Risk-Adjusted Indicators

There is a big difference between TEXAS Bond performing well and TEXAS 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 TEXAS'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
TOWTF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MAHN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NYXH	1.87	(0.13)	0.00	(0.06)	0.00	0.00	5.40	(3.60)	11.03
ADUS	1.25	(0.22)	0.00	(0.08)	0.00	0.00	2.50	(2.51)	7.98
UHG	2.96	(0.13)	(0.01)	0.04	3.62	(2.95)	7.79	(5.63)	17.32
JBGS	1.17	(0.15)	0.00	(0.04)	0.00	0.00	2.58	(2.38)	9.14
WEYS	1.78	(0.12)	0.02	0.07	2.20	(2.01)	2.82	(3.22)	25.17
MBOT	2.12	0.12	0.02	0.48	2.22	(3.08)	5.38	(4.60)	15.87

Be your own money manager

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