WD 40 Correlations
| WD1 Stock | 248.00 4.00 1.59% |
The current 90-days correlation between WD 40 CO and Apple Inc is -0.09 (i.e., Good diversification). The correlation of WD 40 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.
WD 40 Correlation With Market
Good diversification
The correlation between WD 40 CO and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WD 40 CO and DJI in the same portfolio, assuming nothing else is changed.
WD1 |
The ability to find closely correlated positions to WD 40 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WD 40 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 WD 40 - 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 WD 40 CO to buy it.
Moving together with WD1 Stock
| 0.82 | 2T9A | TRAINLINE PLC LS | PairCorr |
| 0.8 | SK3 | Smurfit Kappa Group | PairCorr |
| 0.87 | LIE | Sun Life Financial | PairCorr |
| 0.87 | EN3 | Enbridge | PairCorr |
| 0.92 | WD5A | TRAVEL LEISURE DL | PairCorr |
| 0.89 | WX1 | Acadia Realty Trust | PairCorr |
| 0.81 | PPB | Flutter Entertainment PLC | PairCorr |
| 0.86 | M4I | Mastercard | PairCorr |
| 0.7 | SYY | Sysco | PairCorr |
| 0.92 | VA7A | VERISK ANLYTCS A | PairCorr |
| 0.93 | CQD | Charter Communications | PairCorr |
| 0.63 | HXL | Hexcel | PairCorr |
| 0.93 | PNP | PNC Financial | PairCorr |
| 0.69 | 0XHR | Xenia Hotels Resorts | PairCorr |
| 0.86 | UFH | US FOODS HOLDING | PairCorr |
| 0.92 | AF4 | HANOVER INSURANCE | PairCorr |
| 0.9 | QAN | Qantas Airways | PairCorr |
| 0.92 | PCG6 | PG E P6 | PairCorr |
| 0.64 | AZ5 | AutoZone | PairCorr |
| 0.77 | HIP | Park Hotels Resorts | PairCorr |
Moving against WD1 Stock
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between WD1 Stock performing well and WD 40 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 WD 40'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| APC | 0.90 | 0.23 | 0.18 | 1.20 | 0.93 | 1.81 | 4.97 | |||
| APC | 0.84 | 0.26 | 0.19 | 0.93 | 0.98 | 1.88 | 5.24 | |||
| APC | 0.85 | 0.23 | 0.19 | 0.68 | 0.86 | 2.06 | 4.50 | |||
| APC | 0.92 | 0.24 | 0.16 | 20.15 | 1.07 | 2.22 | 6.45 | |||
| APC | 0.91 | 0.23 | 0.20 | 5.09 | 0.79 | 2.33 | 5.24 | |||
| APC | 0.85 | 0.25 | 0.20 | 1.43 | 0.99 | 1.88 | 6.46 | |||
| MSF | 0.96 | 0.11 | 0.07 | 0.58 | 1.24 | 2.55 | 8.71 | |||
| MSF | 1.04 | 0.09 | 0.05 | 1.34 | 1.36 | 2.35 | 9.11 | |||
| MSF | 1.00 | 0.11 | 0.06 | 1.06 | 1.48 | 2.42 | 11.42 | |||
| MSF | 0.93 | 0.09 | 0.04 | (9.07) | 1.35 | 2.04 | 8.79 |
WD 40 Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with WD 40 stock to make a market-neutral strategy. Peer analysis of WD 40 could also be used in its relative valuation, which is a method of valuing WD 40 by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |