ASPEN TECHINC Correlations

YV0 Stock

240.00 0.00 0.00%

The current 90-days correlation between ASPEN TECHINC DL and Infrastrutture Wireless Italiane is 0.05 (i.e., Significant diversification). The correlation of ASPEN TECHINC 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.

ASPEN TECHINC Correlation With Market

Modest diversification

The correlation between ASPEN TECHINC DL and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ASPEN TECHINC DL and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ASPEN Stock

0.74	SAP	SAP SE	Pair Corr
0.75	UT8	Uber Technologies	Pair Corr
0.66	NEM	Nemetschek AG ON	Pair Corr
0.64	VOW	Volkswagen AG	Pair Corr
0.64	S9L	FERRAGAMO	Pair Corr
0.62	CMW	CHINA M SRVCS Earnings Call This Week	Pair Corr
0.65	VOL3	VOLVO -A-	Pair Corr
0.77	ZEG	ASTRAZENECA	Pair Corr
0.76	LL6	MTN GROUP	Pair Corr
0.73	KGHA	KGHM Polska Miedz Earnings Call This Week	Pair Corr

Moving against ASPEN Stock

0.57	T9Q	TOTAL BANGUN PERSAD	Pair Corr
0.5	HX1A	HEXINDO ADIPERKASA	Pair Corr
0.42	0WKA	Workiva	Pair Corr
0.38	FOO	Salesforce	Pair Corr
0.36	HX1A	HEXINDO ADIPERKASA	Pair Corr
0.31	3IB	PT Indo Tambangraya	Pair Corr
0.72	DBPD	Xtrackers ShortDAX	Pair Corr
0.7	J9I0	5E ADVANCED MATERIALS Split	Pair Corr
0.5	34T1	Tiangong International Earnings Call This Week	Pair Corr

Related Correlations Analysis

	WI8	7VS	SMA	ISHA	CPW	A9F	OSP2	SC3
WI8		-0.31	-0.42	-0.61	-0.34	-0.54	-0.51	0.54	WI8
7VS	-0.31		0.56	0.82	0.87	0.82	0.72	-0.83	7VS
SMA	-0.42	0.56		0.6	0.44	0.7	0.66	-0.65	SMA
ISHA	-0.61	0.82	0.6		0.73	0.83	0.75	-0.8	ISHA
CPW	-0.34	0.87	0.44	0.73		0.72	0.79	-0.84	CPW
A9F	-0.54	0.82	0.7	0.83	0.72		0.76	-0.79	A9F
OSP2	-0.51	0.72	0.66	0.75	0.79	0.76		-0.77	OSP2
SC3	0.54	-0.83	-0.65	-0.8	-0.84	-0.79	-0.77		SC3
	WI8	7VS	SMA	ISHA	CPW	A9F	OSP2	SC3

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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

CPW	+ 0.87	7VS
A9F	+ 0.83	ISHA
ISHA	+ 0.82	7VS
A9F	+ 0.82	7VS
OSP2	+ 0.79	CPW
OSP2	+ 0.76	A9F

High negative correlations

SC3	- 0.84	CPW
SC3	- 0.83	7VS
SC3	- 0.8	ISHA
SC3	- 0.79	A9F
SC3	- 0.77	OSP2
SC3	- 0.65	SMA

Risk-Adjusted Indicators

There is a big difference between ASPEN Stock performing well and ASPEN TECHINC 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 ASPEN TECHINC'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
WI8	1.11	(0.04)	0.00	(0.23)	0.00	0.00	2.59	(2.13)	8.89
7VS	1.39	0.29	0.16	0.60	1.78	(1.61)	3.06	(2.27)	11.95
SMA	0.82	0.01	0.03	0.00	1.07	(2.26)	2.13	(2.08)	8.18
ISHA	2.18	0.24	0.08	1.77	2.87	(2.81)	4.90	(4.37)	27.37
CPW	1.14	0.27	0.24	1.08	1.12	(1.36)	3.26	(2.02)	10.46
A9F	1.09	0.03	0.05	0.25	1.32	(1.47)	2.36	(2.88)	9.66
OSP2	0.98	0.04	0.06	1.16	1.33	(1.17)	2.27	(2.13)	7.70
SC3	1.56	(0.55)	0.00	(34.46)	0.00	0.00	2.56	(3.41)	17.26

ASPEN TECHINC 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 ASPEN TECHINC stock to make a market-neutral strategy. Peer analysis of ASPEN TECHINC could also be used in its relative valuation, which is a method of valuing ASPEN TECHINC by comparing valuation metrics with similar companies.

Infrastrutture Wireless Italiane VITEC SOFTWARE GROUP SmarTone Telecommunications Holdings INTERSHOP Communications Aktiengesellschaft Check Point Software Alfa Financial Software USU Software AG ScanSource American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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