UNITED Correlations

913017BS7

105.34 3.06 2.99%

The current 90-days correlation between UNITED TECHNOLOGIES and National CineMedia is 0.11 (i.e., Average diversification). The correlation of UNITED 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.

UNITED Correlation With Market

Average diversification

The correlation between UNITED TECHNOLOGIES P and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UNITED TECHNOLOGIES P and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with UNITED Bond

0.61

MAPBX

Mainstay Map Equity

Pair Corr

Moving against UNITED Bond

0.81	TD	Toronto Dominion Bank	Pair Corr
0.81	GLBXF	Globex Mining Enterprises	Pair Corr
0.8	BME	BlackRock Health Sciences	Pair Corr
0.77	NEM	Newmont Goldcorp Corp	Pair Corr
0.7	DDWM	WisdomTree Dynamic	Pair Corr
0.67	MITUY	Mitsui Chemicals ADR	Pair Corr
0.64	QHY	WisdomTree Short Term Symbol Change	Pair Corr
0.63	SR	Spire Inc	Pair Corr
0.63	CGUI	Capital Group Fixed	Pair Corr
0.62	SGAPY	Singapore Telecommunicatio	Pair Corr
0.61	SPAQ	Horizon Kinetics SPAC	Pair Corr
0.5	KT	KT Corporation	Pair Corr
0.48	CAAA	First Trust Exchange	Pair Corr
0.36	SOHOO	Sotherly Hotels Pref	Pair Corr
0.35	HLTC	HealthCare	Pair Corr
0.31	DWSH	AdvisorShares Dorsey	Pair Corr
0.79	FFRSX	Federated Floating Rate	Pair Corr
0.76	FLDB	Fidelity Low Duration	Pair Corr
0.75	RAPCX	Cohen Steers Real	Pair Corr
0.7	PUI	Invesco DWA Utilities	Pair Corr
0.66	HRLYX	Hartford Global	Pair Corr
0.6	HSWYX	Hartford Schroders	Pair Corr
0.58	VGK	Vanguard FTSE Europe	Pair Corr
0.58	VESIX	Vanguard European Stock	Pair Corr
0.57	NAWCX	Voya Global Equity	Pair Corr
0.56	SPEU	SPDR Portfolio Europe	Pair Corr
0.56	VMLUX	Vanguard Limited Term	Pair Corr
0.55	MSDIX	Mainstay Unconstrained	Pair Corr
0.54	NILTX	Neuberger Berman Int	Pair Corr
0.53	GBMSX	Gmo Benchmark Free	Pair Corr
0.5	MFLMX	Blackrock S T	Pair Corr
0.49	HSXCX	Hartford Schroders	Pair Corr

Related Correlations Analysis

	NCMI	TCRX	IMAX	OMHE	RSVR	PLAY	REGN	TFX
NCMI		0.41	0.48	0.0	0.6	0.57	0.21	0.6	NCMI
TCRX	0.41		-0.04	0.0	0.82	0.88	0.68	0.63	TCRX
IMAX	0.48	-0.04		0.0	0.22	0.01	0.23	-0.06	IMAX
OMHE	0.0	0.0	0.0		0.0	0.0	0.0	0.0	OMHE
RSVR	0.6	0.82	0.22	0.0		0.79	0.58	0.62	RSVR
PLAY	0.57	0.88	0.01	0.0	0.79		0.54	0.82	PLAY
REGN	0.21	0.68	0.23	0.0	0.58	0.54		0.27	REGN
TFX	0.6	0.63	-0.06	0.0	0.62	0.82	0.27		TFX
	NCMI	TCRX	IMAX	OMHE	RSVR	PLAY	REGN	TFX

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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

PLAY	+ 0.88	TCRX
RSVR	+ 0.82	TCRX
TFX	+ 0.82	PLAY
PLAY	+ 0.79	RSVR
REGN	+ 0.68	TCRX
TFX	+ 0.63	TCRX

High negative correlations

TFX	- 0.06	IMAX
IMAX	- 0.04	TCRX
TFX	- 0.0	OMHE
REGN	- 0.0	OMHE
PLAY	- 0.0	OMHE
RSVR	- 0.0	OMHE

Risk-Adjusted Indicators

There is a big difference between UNITED Bond performing well and UNITED 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 UNITED'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
NCMI	2.02	(0.20)	(0.44)	3.36	(3.53)	26.42
TCRX	3.40	(1.25)	(4.14)	6.33	(7.51)	31.57
IMAX	1.33	(0.02)	(0.14)	2.95	(2.58)	7.94
OMHE	0.00	0.00	0.00	0.00	0.00	0.00
RSVR	1.63	(0.27)	(0.57)	2.82	(3.73)	10.39
PLAY	3.64	(0.90)	(1.01)	7.81	(9.64)	24.07
REGN	1.62	(0.19)	(0.77)	2.82	(3.63)	9.27
TFX	1.53	(0.35)	(0.87)	2.59	(3.15)	24.93

Be your own money manager

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