06051GKY4 Correlations

06051GKY4   98.10  2.15  2.14%   
The current 90-days correlation between BAC 5015 22 and AEP TEX INC is -0.07 (i.e., Good diversification). The correlation of 06051GKY4 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.

06051GKY4 Correlation With Market

Average diversification

The correlation between BAC 5015 22 JUL 33 and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BAC 5015 22 JUL 33 and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to 06051GKY4 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 06051GKY4 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 06051GKY4 - 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 BAC 5015 22 JUL 33 to buy it.

Moving together with 06051GKY4 Bond

  0.85KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.9MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.66JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.65VZ Verizon Communications Fiscal Year End 28th of January 2025 PairCorr

Moving against 06051GKY4 Bond

  0.8AVTE Aerovate TherapeuticsPairCorr
  0.75BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.71CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.7GOOG Alphabet Class C Aggressive PushPairCorr
  0.67PYPL PayPal Holdings Aggressive PushPairCorr
  0.66TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.65ELFNX Elfun Trusts ElfunPairCorr
  0.61AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.58DIS Walt Disney Sell-off TrendPairCorr
  0.54WMT WalmartPairCorr
  0.46CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.44INTC Intel Sell-off TrendPairCorr
  0.37HD Home DepotPairCorr
  0.35XOM Exxon Mobil Corp Fiscal Year End 7th of February 2025 PairCorr

Related Correlations Analysis

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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   
SOUNBBAI
BACAVTE
BACINMD
AVTEGOOG
AVTEINMD
BACGOOG
  
High negative correlations   
SOUN90331HPL1
BBAI90331HPL1
IQINMD
BACIQ
APLD90331HPL1
BAC90331HPL1

Risk-Adjusted Indicators

There is a big difference between 06051GKY4 Bond performing well and 06051GKY4 Corporate Bond 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 06051GKY4'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
00108WAF7  1.33  0.18  0.00 (0.24) 1.84 
 3.24 
 10.75 
90331HPL1  0.37  0.02  0.00  0.06  0.00 
 1.39 
 7.07 
GOOG  1.10  0.28  0.13  0.71  1.23 
 2.22 
 8.60 
INMD  2.12  0.06  0.06  0.14  2.73 
 4.56 
 17.38 
BBAI  5.11  1.41  0.23  9.84  4.53 
 17.05 
 36.41 
IQ  3.79  0.23  0.05  0.54  3.62 
 9.80 
 22.86 
SOUN  5.19  1.72  0.41  0.92  3.66 
 18.15 
 39.21 
AVTE  2.39  0.44  0.17  0.72  2.00 
 5.58 
 19.11 
BAC  1.04  0.06  0.14  0.16  0.59 
 2.20 
 10.22 
APLD  5.24  0.40  0.10  0.29  5.09 
 10.56 
 28.97 

Be your own money manager

Our tools can tell you how much better you can do entering a position in 06051GKY4 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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