CENTRICA ADR Correlations

CENN Stock

EUR 5.75 0.30 4.96%

The current 90-days correlation between CENTRICA ADR NEW and SIEMENS ENERGY AG is -0.06 (i.e., Good diversification). The correlation of CENTRICA ADR 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.

CENTRICA ADR Correlation With Market

Weak diversification

The correlation between CENTRICA ADR NEW and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CENTRICA ADR NEW and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CENTRICA Stock

0.72	ENR0	SIEMENS ENERGY AG	Pair Corr
0.72	ENR	Siemens Energy AG	Pair Corr
0.62	0V6	Vistra Corp	Pair Corr
0.61	BZB	Contact Energy	Pair Corr
0.77	TZ1	TransAlta	Pair Corr
0.79	E908	Lyxor 1	Pair Corr
0.74	DBPE	Xtrackers LevDAX	Pair Corr

Moving against CENTRICA Stock

0.81	DBPD	Xtrackers ShortDAX	Pair Corr
0.72	D7GA	NEL ASA ADR30	Pair Corr
0.49	LYV	Lundin Energy AB	Pair Corr
0.48	HHX	HAMMONIA Schiffsholding	Pair Corr
0.36	C4X	Onxeo SA	Pair Corr

Related Correlations Analysis

	CYZB	ENR0	ENR	0V6	CENN	BJI	BZB	06Y
CYZB		-0.41	-0.41	-0.21	-0.19	0.49	-0.24	0.12	CYZB
ENR0	-0.41		1.0	0.89	0.72	-0.06	0.62	-0.09	ENR0
ENR	-0.41	1.0		0.9	0.72	-0.06	0.62	-0.1	ENR
0V6	-0.21	0.89	0.9		0.62	0.17	0.67	-0.02	0V6
CENN	-0.19	0.72	0.72	0.62		0.01	0.61	0.18	CENN
BJI	0.49	-0.06	-0.06	0.17	0.01		0.02	0.43	BJI
BZB	-0.24	0.62	0.62	0.67	0.61	0.02		0.21	BZB
06Y	0.12	-0.09	-0.1	-0.02	0.18	0.43	0.21		06Y
	CYZB	ENR0	ENR	0V6	CENN	BJI	BZB	06Y

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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

ENR	+ 1.0	ENR0
0V6	+ 0.9	ENR
0V6	+ 0.89	ENR0
CENN	+ 0.72	ENR0
CENN	+ 0.72	ENR
BZB	+ 0.67	0V6

High negative correlations

ENR	- 0.41	CYZB
ENR0	- 0.41	CYZB
BZB	- 0.24	CYZB
0V6	- 0.21	CYZB
CENN	- 0.19	CYZB
06Y	- 0.1	ENR

Risk-Adjusted Indicators

There is a big difference between CENTRICA Stock performing well and CENTRICA ADR 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 CENTRICA ADR'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
CYZB	1.96	0.11	0.02	0.46	2.89	(2.44)	5.39	(4.92)	25.16
ENR0	1.92	0.85	0.33	(8.38)	1.47	(2.41)	5.37	(3.06)	15.00
ENR	1.81	0.82	0.35	(6.07)	1.46	(2.15)	4.29	(2.87)	11.97
0V6	3.15	0.74	0.22	0.61	2.93	(3.68)	8.63	(5.69)	19.27
CENN	1.20	0.06	0.03	0.14	1.30	(1.58)	2.54	(1.86)	5.61
BJI	1.75	0.26	0.03	(0.49)	2.23	(6.67)	6.25	(5.56)	21.11
BZB	1.16	0.05	0.00	0.31	1.74	(1.40)	2.74	(2.26)	12.75
06Y	1.38	0.04	0.01	0.12	1.95	(1.43)	2.80	(2.89)	10.61

Be your own money manager

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