| ZIONP Preferred Stock | | | USD 23.59 0.14 0.60% |
The current 90-days correlation between Zions Bancorporation and Pinnacle Financial Partners is 0.15 (i.e., Average diversification). The correlation of Zions Bancorporation 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.
Zions Bancorporation Correlation With Market
Significant diversification
The correlation between Zions Bancorp. National and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zions Bancorp. National and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Zions Bancorporation could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Zions Bancorporation 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 Zions Bancorporation - 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 Zions Bancorporation National to buy it.
Moving together with Zions Preferred Stock
Moving against Zions Preferred Stock
Related Correlations Analysis
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Zions Bancorporation Corporate Management