Waste Management Correlations

UWS Stock

215.45 1.65 0.76%

The current 90-days correlation between Waste Management and TOREX SEMICONDUCTOR LTD is 0.24 (i.e., Modest diversification). The correlation of Waste Management 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Waste Management Correlation With Market

Modest diversification

The correlation between Waste Management and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Waste Management and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Waste Stock

0.81	APC	Apple Inc	Pair Corr
0.81	APC	Apple Inc	Pair Corr
0.82	APC	Apple Inc	Pair Corr
0.8	APC	Apple Inc	Pair Corr
0.69	MSF	Microsoft	Pair Corr
0.68	MSF	Microsoft	Pair Corr
0.67	MSF	Microsoft	Pair Corr
0.67	MSF	Microsoft	Pair Corr
0.69	MSF	Microsoft	Pair Corr
0.91	AMZ	Amazon Inc	Pair Corr

Moving against Waste Stock

0.82	BYRA	PT Bank Rakyat	Pair Corr
0.76	SSU	Samsung Electronics	Pair Corr
0.75	SSU	Samsung Electronics	Pair Corr
0.73	SSUN	Samsung Electronics	Pair Corr
0.72	SSUN	Samsung Electronics	Pair Corr
0.71	ASJA	ASTRA INTERNATIONAL	Pair Corr
0.71	TCID	Telkom Indonesia Tbk	Pair Corr
0.39	DBPD	Xtrackers ShortDAX	Pair Corr
0.36	ASJA	ASTRA INTERNATIONAL	Pair Corr

Related Correlations Analysis

	UUEC	XS4	UUEC	8PM	SI3	751	8KH
UUEC		0.04	0.98	0.44	0.68	-0.14	-0.76	UUEC
XS4	0.04		0.07	0.29	0.24	-0.22	-0.03	XS4
UUEC	0.98	0.07		0.39	0.69	-0.18	-0.78	UUEC
8PM	0.44	0.29	0.39		0.5	-0.23	-0.32	8PM
SI3	0.68	0.24	0.69	0.5		-0.68	-0.87	SI3
751	-0.14	-0.22	-0.18	-0.23	-0.68		0.57	751
8KH	-0.76	-0.03	-0.78	-0.32	-0.87	0.57		8KH
	UUEC	XS4	UUEC	8PM	SI3	751	8KH

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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

UUEC	+ 0.98	UUEC
SI3	+ 0.69	UUEC
SI3	+ 0.68	UUEC
8KH	+ 0.57	751
SI3	+ 0.5	8PM
8PM	+ 0.44	UUEC

High negative correlations

8KH	- 0.87	SI3
8KH	- 0.78	UUEC
8KH	- 0.76	UUEC
751	- 0.68	SI3
8KH	- 0.32	8PM
751	- 0.23	8PM

Risk-Adjusted Indicators

There is a big difference between Waste Stock performing well and Waste Management Company 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 Waste Management'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
UUEC	1.04	0.15	0.05	0.56	0.93	(1.38)	2.43	(1.62)	5.71
XS4	1.79	(0.07)	0.00	(0.26)	0.00	0.00	3.39	(3.70)	10.70
UUEC	1.27	0.14	0.04	0.56	1.23	(1.74)	3.14	(2.39)	7.40
8PM	0.61	0.01	(0.04)	0.15	0.73	(1.02)	1.59	(1.56)	4.01
SI3	0.79	0.33	0.14	0.87	0.25	(1.52)	2.08	(0.83)	9.68
751	1.16	(0.11)	0.00	(0.08)	0.00	0.00	2.31	(2.63)	6.65
8KH	1.43	(0.46)	0.00	(0.36)	0.00	0.00	2.84	(3.74)	9.03

Be your own money manager

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