WATSCO INC Correlations

WC30 Stock

EUR 448.00 40.00 8.20%

The current 90-days correlation between WATSCO INC B and Datang International Power is -0.01 (i.e., Good diversification). The correlation of WATSCO INC 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.

WATSCO INC Correlation With Market

Good diversification

The correlation between WATSCO INC B and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WATSCO INC B and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with WATSCO Stock

0.72	I1M	Indutrade AB	Pair Corr
0.64	B5R	Berkeley Energia	Pair Corr
0.73	CMW	CHINA M SRVCS Earnings Call This Week	Pair Corr
0.7	LL6	MTN GROUP	Pair Corr
0.72	VOW	Volkswagen AG	Pair Corr
0.82	19YA	Yiren Digital	Pair Corr
0.72	MM0	MONETA MONEY BANK	Pair Corr
0.82	STD	STANDARD CHARTERED	Pair Corr
0.7	APM	AD PEPPER MEDIA	Pair Corr
0.63	RHM	Rheinmetall AG	Pair Corr
0.67	AG1	AUTO1 Group SE	Pair Corr
0.62	ENI	Eni SpA	Pair Corr
0.64	AV6	Avista	Pair Corr
0.71	VOWA	VOLKSWAGEN ADR 110ON	Pair Corr
0.63	KGHA	KGHM Polska Miedz Earnings Call This Week	Pair Corr
0.76	DBPE	Xtrackers LevDAX	Pair Corr
0.73	E908	Lyxor 1	Pair Corr

Moving against WATSCO Stock

0.61	GWW	WW Grainger	Pair Corr
0.53	LYV	Lundin Energy AB	Pair Corr
0.47	D7GA	NEL ASA ADR30	Pair Corr
0.46	J9I0	5E ADVANCED MATERIALS Split	Pair Corr
0.41	SWTF	Intouch Holdings Public	Pair Corr
0.41	1JU	FATFISH GROUP LTD	Pair Corr
0.33	OS3	Otello ASA	Pair Corr
0.72	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	DD6	DT8A	FFC0	VG8	BJI	PG4	EBO	D6H
DD6		0.0	0.0	0.0	0.0	0.0	0.0	0.0	DD6
DT8A	0.0		-0.33	-0.42	0.28	-0.49	-0.52	0.6	DT8A
FFC0	0.0	-0.33		0.08	-0.35	0.74	0.18	-0.53	FFC0
VG8	0.0	-0.42	0.08		0.07	0.19	0.41	-0.38	VG8
BJI	0.0	0.28	-0.35	0.07		-0.2	0.18	0.21	BJI
PG4	0.0	-0.49	0.74	0.19	-0.2		0.6	-0.68	PG4
EBO	0.0	-0.52	0.18	0.41	0.18	0.6		-0.54	EBO
D6H	0.0	0.6	-0.53	-0.38	0.21	-0.68	-0.54		D6H
	DD6	DT8A	FFC0	VG8	BJI	PG4	EBO	D6H

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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

PG4	+ 0.74	FFC0
D6H	+ 0.6	DT8A
EBO	+ 0.6	PG4
EBO	+ 0.41	VG8
BJI	+ 0.28	DT8A
D6H	+ 0.21	BJI

High negative correlations

D6H	- 0.68	PG4
D6H	- 0.54	EBO
D6H	- 0.53	FFC0
EBO	- 0.52	DT8A
PG4	- 0.49	DT8A
VG8	- 0.42	DT8A

Risk-Adjusted Indicators

There is a big difference between WATSCO Stock performing well and WATSCO INC 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 WATSCO INC'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
DD6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DT8A	2.50	(0.14)	0.00	0.20	0.00	0.00	6.25	(5.00)	26.38
FFC0	0.88	(0.04)	0.00	0.19	0.00	0.00	1.74	(1.83)	5.44
VG8	2.86	0.46	0.10	0.93	3.44	(4.06)	5.80	(7.14)	31.51
BJI	1.86	0.14	0.03	1.29	2.33	(6.96)	6.25	(5.88)	19.22
PG4	1.19	0.02	0.05	0.02	1.46	(1.28)	2.03	(2.44)	8.09
EBO	1.54	0.33	0.16	0.51	1.75	(1.98)	3.21	(2.76)	14.40
D6H	1.72	0.07	0.04	0.03	2.39	(1.86)	5.64	(3.24)	14.34

Be your own money manager

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