DEUTSCHE WOHNEN Correlations
| DWNP Stock | EUR 11.10 0.10 0.89% |
The current 90-days correlation between DEUTSCHE WOHNEN ADRS12 and CTP NV EO is -0.05 (i.e., Good diversification). The correlation of DEUTSCHE WOHNEN 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.
DEUTSCHE WOHNEN Correlation With Market
Average diversification
The correlation between DEUTSCHE WOHNEN ADRS12 and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DEUTSCHE WOHNEN ADRS12 and DJI in the same portfolio, assuming nothing else is changed.
DEUTSCHE |
The ability to find closely correlated positions to DEUTSCHE WOHNEN could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace DEUTSCHE WOHNEN 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 DEUTSCHE WOHNEN - 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 DEUTSCHE WOHNEN ADRS12 to buy it.
Moving together with DEUTSCHE Stock
| 0.63 | 3YZ | CTP NV EO | PairCorr |
| 0.63 | 2PR3 | Pruksa Holding Public | PairCorr |
| 0.61 | AHD | ASHFORD HOSPITTRUST Split | PairCorr |
| 0.67 | GHDN | Brainstorm Cell Ther Split | PairCorr |
Moving against DEUTSCHE Stock
| 0.34 | 7RY | Ryerson Holding | PairCorr |
| 0.63 | NOAA | Nokia | PairCorr |
| 0.6 | GMS1 | ImagineAR | PairCorr |
| 0.58 | TC7 | TIANDE CHEMICAL | PairCorr |
| 0.52 | NU42 | Ribbon Communications | PairCorr |
| 0.43 | BKJ | Brinker International | PairCorr |
| 0.4 | WN3 | WOOLWORTHS HLDGS | PairCorr |
| 0.39 | GM0N | GLOBUS MEDICAL A | PairCorr |
| 0.37 | HU3 | Huntington Bancshares | PairCorr |
| 0.37 | GTX | Gentex | PairCorr |
| 0.51 | 89W | GRUPO ECOENER EO | PairCorr |
| 0.46 | 2KD | Kinder Morgan | PairCorr |
| 0.37 | ABEA | Alphabet Class A | PairCorr |
| 0.36 | J7Z | Jazz Pharmaceuticals plc | PairCorr |
Related Correlations Analysis
| -0.01 | 0.29 | 0.95 | 0.57 | 0.74 | CHZ | ||
| -0.01 | 0.63 | 0.01 | 0.45 | 0.16 | DWNP | ||
| 0.29 | 0.63 | 0.22 | 0.78 | 0.31 | 3YZ | ||
| 0.95 | 0.01 | 0.22 | 0.56 | 0.76 | 6FLA | ||
| 0.57 | 0.45 | 0.78 | 0.56 | 0.64 | A1A | ||
| 0.74 | 0.16 | 0.31 | 0.76 | 0.64 | 52J | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between DEUTSCHE Stock performing well and DEUTSCHE WOHNEN 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 DEUTSCHE WOHNEN'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CHZ | 2.58 | 0.24 | 0.08 | 1.04 | 2.58 | 6.76 | 24.86 | |||
| DWNP | 1.70 | (0.26) | 0.00 | (0.48) | 0.00 | 3.25 | 12.17 | |||
| 3YZ | 0.89 | (0.13) | 0.00 | 0.67 | 0.00 | 1.85 | 7.01 | |||
| 6FLA | 4.07 | 0.47 | 0.07 | 1.28 | 4.42 | 10.53 | 41.28 | |||
| A1A | 1.31 | (0.15) | 0.00 | (0.46) | 0.00 | 3.19 | 12.02 | |||
| 52J | 17.81 | 4.60 | 0.21 | 1.29 | 16.54 | 103.13 | 202.05 |
Be your own money manager
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