ASX Correlations

AUX1 Stock

EUR 40.80 0.20 0.49%

The current 90-days correlation between ASX LTD UNSPONSADR and SINGAPORE EXUNSPADR15 is 0.17 (i.e., Average diversification). The correlation of ASX 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.

ASX Correlation With Market

Modest diversification

The correlation between ASX LTD UNSPONSADR and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ASX LTD UNSPONSADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ASX Stock

0.68	DB1	Deutsche Brse AG	Pair Corr
0.8	SOUU	SINGAPORE EXUNSPADR15 Split	Pair Corr
0.72	WMT	Walmart	Pair Corr
0.72	WMT	Walmart	Pair Corr
0.64	HHP2	Hon Hai Precision	Pair Corr
0.89	CSA	Accenture plc Earnings Call Tomorrow	Pair Corr
0.71	SAP	SAP SE	Pair Corr
0.88	ACT	AlzChem Group AG	Pair Corr
0.62	HEI	Heidelberg Materials	Pair Corr
0.61	8II	PLAYTIKA HOLDING	Pair Corr
0.88	ACT	AlzChem Group AG	Pair Corr
0.74	AKX	ANSYS Inc	Pair Corr
0.7	E6Q	GOLD ROAD RES	Pair Corr
0.81	BN9	The Bank	Pair Corr
0.63	TF7A	Tyson Foods	Pair Corr
0.61	7SU	Summit Materials	Pair Corr
0.67	E908	Lyxor 1	Pair Corr

Moving against ASX Stock

0.6	VOW	Volkswagen AG	Pair Corr
0.57	VOW3	Volkswagen AG VZO	Pair Corr
0.56	VOWB	VOLKSWAGEN AG VZ	Pair Corr
0.55	VOW3	Volkswagen AG	Pair Corr
0.64	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	LS4D	AUX1	SOUU	8SP	39O1	IUI1	INL	RS6	RRU	XYTA
LS4D		0.6	0.87	-0.63	-0.46	0.89	0.26	0.78	0.64	0.02	LS4D
AUX1	0.6		0.8	-0.45	0.02	0.73	0.39	0.71	0.66	0.43	AUX1
SOUU	0.87	0.8		-0.64	-0.3	0.95	0.41	0.89	0.65	0.19	SOUU
8SP	-0.63	-0.45	-0.64		0.49	-0.75	-0.65	-0.73	-0.43	-0.3	8SP
39O1	-0.46	0.02	-0.3	0.49		-0.48	-0.08	-0.31	0.02	0.31	39O1
IUI1	0.89	0.73	0.95	-0.75	-0.48		0.47	0.92	0.61	0.14	IUI1
INL	0.26	0.39	0.41	-0.65	-0.08	0.47		0.66	0.3	0.33	INL
RS6	0.78	0.71	0.89	-0.73	-0.31	0.92	0.66		0.6	0.18	RS6
RRU	0.64	0.66	0.65	-0.43	0.02	0.61	0.3	0.6		0.44	RRU
XYTA	0.02	0.43	0.19	-0.3	0.31	0.14	0.33	0.18	0.44		XYTA
	LS4D	AUX1	SOUU	8SP	39O1	IUI1	INL	RS6	RRU	XYTA

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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

IUI1	+ 0.95	SOUU
RS6	+ 0.92	IUI1
IUI1	+ 0.89	LS4D
RS6	+ 0.89	SOUU
SOUU	+ 0.87	LS4D
SOUU	+ 0.8	AUX1

High negative correlations

IUI1	- 0.75	8SP
RS6	- 0.73	8SP
INL	- 0.65	8SP
8SP	- 0.64	SOUU
8SP	- 0.63	LS4D
IUI1	- 0.48	39O1

Risk-Adjusted Indicators

There is a big difference between ASX Stock performing well and ASX 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 ASX'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
LS4D	1.33	0.18	0.05	(1.69)	1.25	(1.75)	3.23	(2.52)	8.08
AUX1	0.89	0.08	0.01	0.34	1.06	(1.22)	1.96	(1.52)	6.80
SOUU	1.50	0.30	0.09	1.72	1.61	(2.15)	3.64	(2.56)	14.68
8SP	2.10	(0.25)	0.00	(0.16)	0.00	0.00	3.36	(4.50)	20.22
39O1	3.51	(0.01)	0.01	0.08	3.48	(5.40)	8.41	(5.63)	24.06
IUI1	1.20	0.18	0.11	0.39	1.13	(1.30)	3.28	(2.07)	10.53
INL	2.47	0.18	0.05	0.34	2.66	(3.06)	7.04	(5.34)	16.28
RS6	1.33	0.07	0.11	0.12	1.16	(1.53)	2.94	(2.03)	13.65
RRU	1.62	0.37	0.12	(0.81)	1.75	(1.81)	3.33	(3.10)	10.56
XYTA	11.55	3.72	0.13	2.19	8.11	(58.33)	33.33	(20.00)	233.33

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