APA Correlations

PJZ Stock

EUR 4.35 0.02 0.46%

The current 90-days correlation between APA Group and ENN Energy Holdings is -0.09 (i.e., Good diversification). The correlation of APA 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.

APA Correlation With Market

Average diversification

The correlation between APA Group and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding APA Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with APA Stock

0.7	SNM	Snam SpA	Pair Corr
0.73	6FO	GOODTECH ASA A	Pair Corr

Moving against APA Stock

0.57	GC6	Primo Water Corp	Pair Corr
0.51	ESLC	ESSILORLUXOTTICA 12ON	Pair Corr
0.46	7EL	Elis SA	Pair Corr
0.44	PP1	Papa Johns International	Pair Corr
0.43	NOU	NiSource	Pair Corr
0.43	GLE	Gladstone Commercial	Pair Corr
0.36	AEO	Atmos Energy	Pair Corr
0.35	XGH	ENN Energy Holdings	Pair Corr

Related Correlations Analysis

	XGH	8SP	6NM	39O1	2DG	TLX	TM9	INVN	6HW	NOH1
XGH		-0.68	-0.28	0.3	-0.7	-0.18	0.09	0.71	-0.67	0.84	XGH
8SP	-0.68		0.53	0.29	0.79	0.03	0.34	-0.77	0.67	-0.56	8SP
6NM	-0.28	0.53		0.46	0.2	0.42	0.11	-0.12	0.09	-0.08	6NM
39O1	0.3	0.29	0.46		0.15	-0.22	0.41	-0.01	-0.15	0.39	39O1
2DG	-0.7	0.79	0.2	0.15		-0.23	0.26	-0.87	0.81	-0.68	2DG
TLX	-0.18	0.03	0.42	-0.22	-0.23		-0.24	0.23	-0.01	-0.07	TLX
TM9	0.09	0.34	0.11	0.41	0.26	-0.24		-0.22	0.12	0.18	TM9
INVN	0.71	-0.77	-0.12	-0.01	-0.87	0.23	-0.22		-0.82	0.74	INVN
6HW	-0.67	0.67	0.09	-0.15	0.81	-0.01	0.12	-0.82		-0.77	6HW
NOH1	0.84	-0.56	-0.08	0.39	-0.68	-0.07	0.18	0.74	-0.77		NOH1
	XGH	8SP	6NM	39O1	2DG	TLX	TM9	INVN	6HW	NOH1

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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

NOH1	+ 0.84	XGH
6HW	+ 0.81	2DG
2DG	+ 0.79	8SP
NOH1	+ 0.74	INVN
INVN	+ 0.71	XGH
6HW	+ 0.67	8SP

High negative correlations

INVN	- 0.87	2DG
6HW	- 0.82	INVN
NOH1	- 0.77	6HW
INVN	- 0.77	8SP
2DG	- 0.7	XGH
NOH1	- 0.68	2DG

Risk-Adjusted Indicators

There is a big difference between APA Stock performing well and APA 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 APA'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
XGH	2.31	0.25	0.07	0.44	2.83	(2.90)	6.45	(3.88)	21.45
8SP	2.05	(0.27)	0.00	(0.13)	0.00	0.00	3.36	(4.74)	20.22
6NM	1.22	(0.06)	(0.04)	0.05	1.70	(1.39)	2.89	(2.69)	9.64
39O1	3.51	(0.07)	0.00	0.08	3.50	(4.94)	8.41	(5.47)	24.06
2DG	4.54	(0.84)	0.00	1.89	0.00	0.00	9.09	(9.09)	52.42
TLX	0.95	(0.03)	(0.08)	0.07	1.14	(1.05)	2.67	(1.64)	7.58
TM9	2.79	(0.13)	(0.03)	(0.01)	4.21	(3.19)	5.56	(6.43)	36.50
INVN	2.04	0.26	0.07	0.83	2.11	(2.48)	5.59	(4.04)	14.01
6HW	0.42	(0.16)	0.00	(0.41)	0.00	0.00	1.21	(1.80)	5.39
NOH1	2.12	0.21	0.05	1.08	1.94	(2.74)	6.61	(3.38)	12.96

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