06051GLE7 Correlations

06051GLE7

99.60 0.85 0.85%

The correlation of 06051GLE7 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.

06051GLE7 Correlation With Market

Average diversification

The correlation between BAC 508 20 JAN 27 and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BAC 508 20 JAN 27 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 06051GLE7 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 06051GLE7 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 06051GLE7 - 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 508 20 JAN 27 to buy it.

Moving together with 06051GLE7 Bond

0.76	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.75	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Moving against 06051GLE7 Bond

0.71	AVTE	Aerovate Therapeutics	Pair Corr
0.7	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.64	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.6	WMT	Walmart	Pair Corr
0.6	DIS	Walt Disney Sell-off Trend	Pair Corr
0.59	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.58	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.57	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.56	ELFNX	Elfun Trusts Elfun	Pair Corr
0.56	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.35	HD	Home Depot	Pair Corr
0.31	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr

Related Correlations Analysis

	NTWK	FDS	SIM	NOW	INFY	PINS	SPNS
NTWK		-0.25	0.21	-0.3	-0.19	0.61	0.59	NTWK
FDS	-0.25		-0.47	0.84	-0.04	-0.13	-0.73	FDS
SIM	0.21	-0.47		-0.59	0.2	0.27	0.43	SIM
NOW	-0.3	0.84	-0.59		0.05	-0.12	-0.78	NOW
INFY	-0.19	-0.04	0.2	0.05		-0.02	-0.22	INFY
PINS	0.61	-0.13	0.27	-0.12	-0.02		0.46	PINS
SPNS	0.59	-0.73	0.43	-0.78	-0.22	0.46		SPNS
	NTWK	FDS	SIM	NOW	INFY	PINS	SPNS

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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

NOW	+ 0.84	FDS
PINS	+ 0.61	NTWK
SPNS	+ 0.59	NTWK
SPNS	+ 0.46	PINS
SPNS	+ 0.43	SIM
PINS	+ 0.27	SIM

High negative correlations

SPNS	- 0.78	NOW
SPNS	- 0.73	FDS
NOW	- 0.59	SIM
SIM	- 0.47	FDS
NOW	- 0.3	NTWK
FDS	- 0.25	NTWK

Risk-Adjusted Indicators

There is a big difference between 06051GLE7 Bond performing well and 06051GLE7 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 06051GLE7'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
NTWK	1.64	(0.09)	(0.03)	0.03	2.50	(1.68)	3.13	(3.88)	13.18
FDS	0.91	0.09	0.07	0.23	0.81	(1.04)	2.24	(1.45)	7.46
SIM	1.79	0.03	(0.03)	0.01	2.54	(2.29)	5.02	(5.26)	16.16
NOW	1.31	0.31	0.22	0.43	1.11	(1.60)	3.04	(2.68)	8.12
INFY	1.00	(0.03)	(0.05)	0.07	1.20	(1.17)	1.81	(2.47)	6.73
PINS	1.67	0.06	0.01	0.19	3.19	(1.56)	3.06	(3.30)	17.91
SPNS	1.52	(0.35)	0.00	(0.37)	0.00	0.00	2.21	(2.90)	31.27

Be your own money manager

Our tools can tell you how much better you can do entering a position in 06051GLE7 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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