GOODYEAR T Correlations

GTR Stock

EUR 10.14 0.16 1.60%

The current 90-days correlation between GOODYEAR T RUBBER and Uber Technologies is 0.29 (i.e., Modest diversification). The correlation of GOODYEAR T 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. If the correlation is 0, the equities are not correlated; they are entirely random.

GOODYEAR T Correlation With Market

Average diversification

The correlation between GOODYEAR T RUBBER and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GOODYEAR T RUBBER and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with GOODYEAR Stock

0.75	APC	Apple Inc	Pair Corr
0.76	APC	Apple Inc	Pair Corr
0.77	APC	Apple Inc	Pair Corr
0.75	APC	Apple Inc	Pair Corr
0.64	MSF	Microsoft	Pair Corr
0.64	MSF	Microsoft	Pair Corr
0.66	MSF	Microsoft	Pair Corr
0.66	MSF	Microsoft	Pair Corr
0.65	MSF	Microsoft	Pair Corr
0.86	AMZ	Amazon Inc	Pair Corr
0.72	KBIA	KB Financial Group	Pair Corr
0.86	FHL	Federal Home Loan	Pair Corr
0.84	SID	State Bank	Pair Corr

Moving against GOODYEAR Stock

0.61	TKDA	Takeda Pharmaceutical	Pair Corr
0.44	LLD2	Lloyds Banking Group	Pair Corr
0.41	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	UT8	LNSX	LLC	NUC	1D8	ME5A	SGM	ERT
UT8		-0.05	-0.07	0.0	-0.27	0.28	0.05	-0.06	UT8
LNSX	-0.05		0.21	0.0	0.75	0.13	0.69	-0.88	LNSX
LLC	-0.07	0.21		0.0	0.22	0.71	-0.05	-0.38	LLC
NUC	0.0	0.0	0.0		0.0	0.0	0.0	0.0	NUC
1D8	-0.27	0.75	0.22	0.0		0.05	0.52	-0.7	1D8
ME5A	0.28	0.13	0.71	0.0	0.05		0.12	-0.2	ME5A
SGM	0.05	0.69	-0.05	0.0	0.52	0.12		-0.6	SGM
ERT	-0.06	-0.88	-0.38	0.0	-0.7	-0.2	-0.6		ERT
	UT8	LNSX	LLC	NUC	1D8	ME5A	SGM	ERT

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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

1D8	+ 0.75	LNSX
ME5A	+ 0.71	LLC
SGM	+ 0.69	LNSX
SGM	+ 0.52	1D8
ME5A	+ 0.28	UT8
1D8	+ 0.22	LLC

High negative correlations

ERT	- 0.88	LNSX
ERT	- 0.7	1D8
ERT	- 0.6	SGM
ERT	- 0.38	LLC
1D8	- 0.27	UT8
ERT	- 0.2	ME5A

Risk-Adjusted Indicators

There is a big difference between GOODYEAR Stock performing well and GOODYEAR T 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 GOODYEAR T'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
UT8	1.61	0.06	(0.01)	0.41	2.74	(1.57)	3.20	(2.66)	20.49
LNSX	1.00	(0.17)	0.00	5.45	0.00	0.00	2.02	(3.55)	9.22
LLC	1.13	0.09	(0.01)	0.83	1.23	(1.28)	2.70	(2.30)	5.95
NUC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1D8	1.78	(0.10)	0.00	(0.70)	0.00	0.00	3.70	(3.57)	10.58
ME5A	2.62	(0.20)	0.02	0.06	2.94	(3.52)	6.55	(5.01)	17.80
SGM	1.69	(0.33)	0.00	(0.29)	0.00	0.00	3.29	(3.72)	10.07
ERT	0.95	0.17	0.05	1.48	1.01	(1.10)	1.74	(1.56)	6.85

Be your own money manager

Our tools can tell you how much better you can do entering a position in GOODYEAR T 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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