American States Correlations

FDK Stock

EUR 75.45 0.75 0.98%

The current 90-days correlation between American States Water and Companhia de Saneamento is -0.01 (i.e., Good diversification). The correlation of American States 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.

American States Correlation With Market

Average diversification

The correlation between American States Water and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding American States Water and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with American Stock

0.91	A2A	Aqua America	Pair Corr
0.69	UUEC	United Utilities	Pair Corr
0.72	NSE	Nomura Holdings	Pair Corr
0.63	7PI	Poste Italiane SpA	Pair Corr
0.85	7RY	Ryerson Holding	Pair Corr
0.76	51KB	AVITA Medical	Pair Corr
0.8	GM0N	GLOBUS MEDICAL A	Pair Corr
0.71	TC7	TIANDE CHEMICAL	Pair Corr
0.8	74F	LIFE BANC SPLIT	Pair Corr
0.86	ONK	ONEOK Inc	Pair Corr
0.71	SOBA	ATT Inc	Pair Corr
0.84	2KD	Kinder Morgan	Pair Corr
0.76	G6G	GrafTech International	Pair Corr
0.74	BKJ	Brinker International	Pair Corr

Moving against American Stock

0.67	AZ6	EuropaCorp	Pair Corr
0.64	GHDN	Brainstorm Cell Ther Split	Pair Corr
0.63	AHD	ASHFORD HOSPITTRUST Split	Pair Corr
0.55	F1P2	TTW Public	Pair Corr
0.53	QB3	Quebecor	Pair Corr
0.46	F1P	TTW Public	Pair Corr
0.46	9RV	REVLTNRY CNCPT	Pair Corr
0.34	DMN	Diamyd Medical AB	Pair Corr
0.33	CHK	China Resources Beer	Pair Corr

Related Correlations Analysis

	AWC	A2A	UUEC	SAJA	GUG	WWG	FDK	CUBB	F1P	F1P2
AWC		0.14	0.2	0.73	-0.56	0.19	0.13	-0.38	-0.15	0.02	AWC
A2A	0.14		0.76	0.19	0.59	-0.33	0.91	0.04	-0.36	-0.47	A2A
UUEC	0.2	0.76		0.24	0.41	-0.23	0.69	-0.12	-0.25	-0.4	UUEC
SAJA	0.73	0.19	0.24		-0.44	0.35	0.28	-0.58	-0.43	-0.23	SAJA
GUG	-0.56	0.59	0.41	-0.44		-0.47	0.53	0.33	-0.17	-0.34	GUG
WWG	0.19	-0.33	-0.23	0.35	-0.47		-0.19	-0.24	-0.01	0.2	WWG
FDK	0.13	0.91	0.69	0.28	0.53	-0.19		-0.08	-0.46	-0.55	FDK
CUBB	-0.38	0.04	-0.12	-0.58	0.33	-0.24	-0.08		0.35	0.38	CUBB
F1P	-0.15	-0.36	-0.25	-0.43	-0.17	-0.01	-0.46	0.35		0.67	F1P
F1P2	0.02	-0.47	-0.4	-0.23	-0.34	0.2	-0.55	0.38	0.67		F1P2
	AWC	A2A	UUEC	SAJA	GUG	WWG	FDK	CUBB	F1P	F1P2

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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

FDK	+ 0.91	A2A
UUEC	+ 0.76	A2A
SAJA	+ 0.73	AWC
FDK	+ 0.69	UUEC
F1P2	+ 0.67	F1P
GUG	+ 0.59	A2A

High negative correlations

CUBB	- 0.58	SAJA
GUG	- 0.56	AWC
F1P2	- 0.55	FDK
WWG	- 0.47	GUG
F1P2	- 0.47	A2A
F1P	- 0.46	FDK

Risk-Adjusted Indicators

There is a big difference between American Stock performing well and American States 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 American States' 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
AWC	1.22	(0.17)	0.00	0.87	0.00	0.00	2.20	(3.34)	8.06
A2A	0.99	0.06	0.03	0.60	1.21	(1.09)	1.61	(2.04)	10.96
UUEC	1.08	0.04	0.01	0.16	1.22	(1.48)	2.34	(2.37)	6.37
SAJA	1.52	(0.26)	0.00	(1.58)	0.00	0.00	2.80	(4.11)	10.16
GUG	3.42	1.47	0.37	1.50	2.27	(5.52)	10.00	(4.05)	50.00
WWG	1.68	(0.09)	0.00	0.26	0.00	0.00	4.81	(4.72)	14.17
FDK	1.04	0.01	0.00	0.07	1.13	(1.26)	2.16	(2.05)	7.20
CUBB	3.04	0.83	0.22	3.08	2.44	(5.03)	5.77	(5.00)	47.67
F1P	1.11	0.07	0.01	0.18	1.88	(4.69)	4.17	(4.00)	19.11
F1P2	0.91	0.00	0.00	0.03	1.60	(5.05)	4.17	(4.00)	13.09

Be your own money manager

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