AURUBIS AG Correlations

NDA1 Stock

EUR 37.40 0.80 2.09%

The current 90-days correlation between AURUBIS AG UNSPADR and UNIVERSAL MUSIC GROUP is 0.03 (i.e., Significant diversification). The correlation of AURUBIS 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.

AURUBIS AG Correlation With Market

Significant diversification

The correlation between AURUBIS AG UNSPADR and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AURUBIS AG UNSPADR and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to AURUBIS 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 AURUBIS 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 AURUBIS 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 AURUBIS AG UNSPADR to buy it.

Moving together with AURUBIS Stock

0.94	NDA	Aurubis AG	Pair Corr
0.93	NDA	Aurubis AG	Pair Corr
0.82	KEY	KeyCorp	Pair Corr
0.82	VA7A	VERISK ANLYTCS A	Pair Corr
0.82	M4I	Mastercard	Pair Corr
0.79	ENR	Siemens Energy AG	Pair Corr
0.74	HIP	Park Hotels Resorts	Pair Corr
0.88	CQD	Charter Communications	Pair Corr
0.72	DC4	DexCom Inc	Pair Corr
0.68	BRYN	Berkshire Hathaway	Pair Corr
0.89	ADH2	Air Canada	Pair Corr
0.84	HI91	Hilton Worldwide Holdings	Pair Corr
0.72	0XHR	Xenia Hotels Resorts	Pair Corr
0.78	SK3	Smurfit Kappa Group	Pair Corr
0.83	PCG6	PG E P6	Pair Corr
0.78	OM6	OReilly Automotive	Pair Corr
0.88	QAN	Qantas Airways	Pair Corr
0.78	WX1	Acadia Realty Trust	Pair Corr

Moving against AURUBIS Stock

0.82	KGHA	KGHM Polska Miedz	Pair Corr
0.76	FG1	Antofagasta plc	Pair Corr
0.7	FPMB	Freeport McMoRan	Pair Corr
0.61	PCU	Southern Copper Split	Pair Corr
0.44	S2Z	Sandfire Resources	Pair Corr
0.4	4OV	Iron Road Limited	Pair Corr
0.35	GXD	Lundin Mining	Pair Corr
0.37	DFXN	SIERRA METALS	Pair Corr

Related Correlations Analysis

	RYAA	7SN	0VD	NY70	AVLA	ALG	G4A	WA4
RYAA		0.0	0.0	0.0	0.0	0.0	0.0	0.0	RYAA
7SN	0.0		-0.15	-0.51	-0.48	-0.8	0.48	-0.72	7SN
0VD	0.0	-0.15		0.05	-0.16	0.05	0.14	0.01	0VD
NY70	0.0	-0.51	0.05		0.91	0.45	-0.43	0.83	NY70
AVLA	0.0	-0.48	-0.16	0.91		0.47	-0.39	0.85	AVLA
ALG	0.0	-0.8	0.05	0.45	0.47		-0.34	0.69	ALG
G4A	0.0	0.48	0.14	-0.43	-0.39	-0.34		-0.53	G4A
WA4	0.0	-0.72	0.01	0.83	0.85	0.69	-0.53		WA4
	RYAA	7SN	0VD	NY70	AVLA	ALG	G4A	WA4

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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

AVLA	+ 0.91	NY70
WA4	+ 0.85	AVLA
WA4	+ 0.83	NY70
WA4	+ 0.69	ALG
G4A	+ 0.48	7SN
ALG	+ 0.47	AVLA

High negative correlations

ALG	- 0.8	7SN
WA4	- 0.72	7SN
WA4	- 0.53	G4A
NY70	- 0.51	7SN
AVLA	- 0.48	7SN
G4A	- 0.43	NY70

Risk-Adjusted Indicators

There is a big difference between AURUBIS Stock performing well and AURUBIS 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 AURUBIS 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
RYAA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
7SN	1.45	(0.15)	0.00	(10.79)	0.00	0.00	2.53	(2.67)	8.02
0VD	1.14	0.10	0.06	(0.79)	1.12	(1.28)	2.59	(1.75)	4.78
NY70	1.02	0.20	0.07	0.44	1.19	(1.89)	3.60	(2.89)	10.52
AVLA	1.18	0.20	0.13	0.55	1.09	(1.52)	3.03	(2.05)	9.34
ALG	0.17	0.00	0.00	0.00	0.00	0.00	0.72	0.00	3.62
G4A	1.25	(0.04)	0.00	(0.07)	0.00	0.00	3.57	(4.15)	10.62
WA4	1.07	0.14	0.06	(4.93)	1.61	(1.05)	2.44	(1.72)	11.02

Be your own money manager

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