06417XAE1 Correlations
| 06417XAE1 | 86.53 1.07 1.25% |
The current 90-days correlation between BNS 245 02 and Summit Materials is -0.03 (i.e., Good diversification). The correlation of 06417XAE1 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.
06417XAE1 Correlation With Market
Good diversification
The correlation between BNS 245 02 FEB 32 and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BNS 245 02 FEB 32 and DJI in the same portfolio, assuming nothing else is changed.
06417XAE1 |
The ability to find closely correlated positions to 06417XAE1 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 06417XAE1 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 06417XAE1 - 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 BNS 245 02 FEB 32 to buy it.
Moving together with 06417XAE1 Bond
| 0.67 | MRK | Merck Company Fiscal Year End 6th of February 2025 | PairCorr |
Moving against 06417XAE1 Bond
| 0.72 | CSCO | Cisco Systems | PairCorr |
| 0.7 | WMT | Walmart Aggressive Push | PairCorr |
| 0.69 | AXP | American Express Fiscal Year End 24th of January 2025 | PairCorr |
| 0.69 | CVX | Chevron Corp Fiscal Year End 7th of February 2025 | PairCorr |
| 0.68 | TRV | The Travelers Companies Fiscal Year End 17th of January 2025 | PairCorr |
| 0.66 | AA | Alcoa Corp Sell-off Trend | PairCorr |
| 0.65 | DIS | Walt Disney Aggressive Push | PairCorr |
| 0.56 | JXN-PA | Jackson Financial | PairCorr |
| 0.55 | HD | Home Depot | PairCorr |
| 0.51 | INTC | Intel Fiscal Year End 23rd of January 2025 | PairCorr |
| 0.45 | HPQ | HP Inc | PairCorr |
| 0.36 | XOM | Exxon Mobil Corp Fiscal Year End 7th of February 2025 | PairCorr |
Related Correlations Analysis
| 0.92 | -0.93 | 0.92 | 0.1 | 0.0 | 0.9 | SUM | ||
| 0.92 | -0.85 | 0.84 | -0.08 | 0.0 | 0.96 | SAIA | ||
| -0.93 | -0.85 | -0.94 | -0.05 | 0.0 | -0.82 | HAFN | ||
| 0.92 | 0.84 | -0.94 | 0.05 | 0.0 | 0.85 | SNCY | ||
| 0.1 | -0.08 | -0.05 | 0.05 | 0.0 | -0.05 | PMNXF | ||
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | PIUTQ | ||
| 0.9 | 0.96 | -0.82 | 0.85 | -0.05 | 0.0 | ODFL | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between 06417XAE1 Bond performing well and 06417XAE1 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 06417XAE1'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SUM | 1.62 | 0.20 | 0.13 | 0.24 | 1.63 | 4.18 | 9.88 | |||
| SAIA | 2.24 | 0.40 | 0.22 | 0.30 | 1.97 | 5.11 | 17.45 | |||
| HAFN | 1.78 | (0.41) | 0.00 | (16.44) | 0.00 | 3.44 | 9.20 | |||
| SNCY | 2.63 | 0.28 | 0.11 | 0.33 | 2.61 | 7.47 | 16.71 | |||
| PMNXF | 2.33 | (0.13) | 0.00 | (0.07) | 0.00 | 4.65 | 20.57 | |||
| PIUTQ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| ODFL | 1.58 | 0.00 | 0.05 | 0.10 | 2.14 | 2.68 | 14.71 |
Be your own money manager
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