DAIKIN INDUSTRUNSPADR Correlations

DKIA Stock

EUR 10.70 0.10 0.93%

The current 90-days correlation between DAIKIN INDUSTRUNSPADR and Carrier Global is 0.16 (i.e., Average diversification). The correlation of DAIKIN INDUSTRUNSPADR 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.

DAIKIN INDUSTRUNSPADR Correlation With Market

Significant diversification

The correlation between DAIKIN INDUSTRUNSPADR and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DAIKIN INDUSTRUNSPADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with DAIKIN Stock

0.7

2RR

Alibaba Group Holding

Pair Corr

Moving against DAIKIN Stock

0.5	W5E	Peel Mining Limited	Pair Corr
0.32	HSJA	HALSTEAD JAMES LS	Pair Corr
0.53	CMAB	Mapfre SA	Pair Corr
0.52	7SU	Summit Materials	Pair Corr
0.46	KEL	KELLOGG Dusseldorf	Pair Corr
0.44	OYC	Delta Air Lines	Pair Corr
0.37	2PP	PayPal Holdings	Pair Corr
0.35	SAYN	Sanmina	Pair Corr
0.34	BB1	Barrett Business Services	Pair Corr
0.31	UVV	Universal Corp	Pair Corr
0.47	SIX2	Sixt SE	Pair Corr
0.45	ITB	IMPERIAL TOBACCO	Pair Corr
0.36	NS7	Northern Star Resources	Pair Corr
0.35	HEI	Heidelberg Materials	Pair Corr

Related Correlations Analysis

	4PN	8SP	39O1	IUI1	INL	RS6	RRU	XYTA	9K1
4PN		0.48	0.59	-0.22	0.24	0.11	-0.27	0.02	0.33	4PN
8SP	0.48		0.66	-0.75	-0.39	-0.62	-0.4	-0.15	0.52	8SP
39O1	0.59	0.66		-0.57	-0.08	-0.34	-0.29	0.23	0.56	39O1
IUI1	-0.22	-0.75	-0.57		0.24	0.86	0.65	0.03	-0.81	IUI1
INL	0.24	-0.39	-0.08	0.24		0.49	-0.2	0.13	0.16	INL
RS6	0.11	-0.62	-0.34	0.86	0.49		0.44	0.03	-0.61	RS6
RRU	-0.27	-0.4	-0.29	0.65	-0.2	0.44		0.19	-0.66	RRU
XYTA	0.02	-0.15	0.23	0.03	0.13	0.03	0.19		0.24	XYTA
9K1	0.33	0.52	0.56	-0.81	0.16	-0.61	-0.66	0.24		9K1
	4PN	8SP	39O1	IUI1	INL	RS6	RRU	XYTA	9K1

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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

RS6	+ 0.86	IUI1
39O1	+ 0.66	8SP
RRU	+ 0.65	IUI1
39O1	+ 0.59	4PN
9K1	+ 0.56	39O1
9K1	+ 0.52	8SP

High negative correlations

9K1	- 0.81	IUI1
IUI1	- 0.75	8SP
9K1	- 0.66	RRU
RS6	- 0.62	8SP
9K1	- 0.61	RS6
IUI1	- 0.57	39O1

Risk-Adjusted Indicators

There is a big difference between DAIKIN Stock performing well and DAIKIN INDUSTRUNSPADR 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 DAIKIN INDUSTRUNSPADR'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
4PN	1.35	(0.18)	0.00	(0.26)	0.00	0.00	2.55	(2.59)	11.52
8SP	2.13	(0.24)	0.00	(1.51)	0.00	0.00	3.36	(4.50)	20.22
39O1	3.46	(0.10)	0.00	(0.54)	0.00	0.00	8.41	(5.63)	24.06
IUI1	1.22	0.20	0.13	0.49	1.20	(1.30)	3.28	(2.16)	10.73
INL	2.44	(0.03)	0.00	(0.04)	0.00	0.00	7.04	(5.34)	16.28
RS6	1.44	0.07	0.03	0.26	1.54	(1.61)	2.94	(2.93)	15.24
RRU	1.54	0.18	0.09	0.20	1.81	(1.66)	3.10	(3.10)	9.56
XYTA	12.41	4.01	0.14	(20.56)	8.83	(55.21)	33.33	(25.00)	233.33
9K1	1.84	(0.33)	0.00	0.62	0.00	0.00	3.03	(4.66)	14.80

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