EVN AG Correlations

EVN Stock

EUR 20.60 0.50 2.37%

The current 90-days correlation between EVN AG and Tower Semiconductor is -0.08 (i.e., Good diversification). The correlation of EVN AG 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.

EVN AG Correlation With Market

Modest diversification

The correlation between EVN AG 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 EVN AG and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with EVN Stock

0.65	IBE5	IBERDROLA ADR1 EO	Pair Corr
0.9	SCTA	SSE PLC ADR	Pair Corr
0.85	ELP1	C PARAN EN	Pair Corr
0.74	2CJ	KYUSHU EL PWR	Pair Corr
0.78	YHA	Yamaha Split	Pair Corr
0.63	5FV	YAOKO LTD	Pair Corr

Moving against EVN Stock

0.88	BFP	BBVA Banco Frances	Pair Corr
0.79	5F3	JINS HOLDINGS INC	Pair Corr
0.78	SON1	Sony Group Corp	Pair Corr
0.72	TM2	Sydbank AS	Pair Corr
0.51	92I	ROMERIKE SPAREBANK	Pair Corr
0.47	CIDS	CIA ENGER ADR	Pair Corr
0.32	CID	Companhia Energtica	Pair Corr
0.89	ATR0	ATHENE HOLDING PRFSERC	Pair Corr
0.87	MAQ	Marriott International	Pair Corr
0.85	TL0	Tesla Inc	Pair Corr
0.83	2KD	Kinder Morgan	Pair Corr
0.82	EMR	EMERSON ELECTRIC	Pair Corr
0.79	89W	GRUPO ECOENER EO	Pair Corr
0.79	MNL	Gruppo Mutuionline SpA	Pair Corr
0.67	DBK	Deutsche Bank Aktien	Pair Corr
0.64	1DH	Clarkson PLC	Pair Corr
0.62	P5Y	BRF SA	Pair Corr
0.53	WW6	WGHT WTCHER INTL	Pair Corr
0.53	5AM	Hastings Technology	Pair Corr
0.52	IBM	International Business	Pair Corr
0.45	NOAA	Nokia	Pair Corr
0.32	WN3	WOOLWORTHS HLDGS	Pair Corr
0.86	8CF	CLOUDFLARE INC A	Pair Corr
0.86	117	Arista Networks Split	Pair Corr
0.85	SOBA	ATT Inc	Pair Corr
0.84	GM0N	GLOBUS MEDICAL A	Pair Corr

Related Correlations Analysis

	TOW	S49	7XJ	TSFA	QBE	5UI	SMG	AF4
TOW		0.72	0.47	0.65	0.78	0.54	-0.31	0.73	TOW
S49	0.72		0.84	0.74	0.86	0.58	-0.55	0.86	S49
7XJ	0.47	0.84		0.68	0.76	0.48	-0.54	0.79	7XJ
TSFA	0.65	0.74	0.68		0.58	0.18	-0.25	0.56	TSFA
QBE	0.78	0.86	0.76	0.58		0.82	-0.47	0.97	QBE
5UI	0.54	0.58	0.48	0.18	0.82		-0.5	0.78	5UI
SMG	-0.31	-0.55	-0.54	-0.25	-0.47	-0.5		-0.48	SMG
AF4	0.73	0.86	0.79	0.56	0.97	0.78	-0.48		AF4
	TOW	S49	7XJ	TSFA	QBE	5UI	SMG	AF4

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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

AF4	+ 0.97	QBE
QBE	+ 0.86	S49
AF4	+ 0.86	S49
7XJ	+ 0.84	S49
5UI	+ 0.82	QBE
AF4	+ 0.79	7XJ

High negative correlations

SMG	- 0.55	S49
SMG	- 0.54	7XJ
SMG	- 0.5	5UI
AF4	- 0.48	SMG
SMG	- 0.47	QBE
SMG	- 0.31	TOW

Risk-Adjusted Indicators

There is a big difference between EVN Stock performing well and EVN AG 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 EVN AG'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
TOW	2.19	0.46	0.16	1.56	2.36	(2.42)	4.44	(3.31)	17.81
S49	1.62	0.28	0.12	(0.88)	1.41	(2.71)	3.60	(2.92)	14.49
7XJ	1.67	0.08	0.02	(0.61)	1.74	(2.38)	4.24	(3.31)	12.54
TSFA	1.78	0.29	0.12	1.53	1.99	(1.97)	3.41	(3.38)	14.99
QBE	1.07	0.20	0.11	0.30	1.05	(1.54)	2.54	(1.96)	8.24
5UI	1.73	(0.02)	0.00	0.01	2.93	(2.14)	3.94	(3.29)	14.64
SMG	2.21	(0.17)	0.00	(1.47)	0.00	0.00	5.20	(5.21)	17.85
AF4	1.14	0.11	0.07	0.20	1.01	(1.70)	2.92	(1.96)	7.23

Be your own money manager

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