ESSEX Correlations

29717PAP2

98.99 0.55 0.55%

The current 90-days correlation between ESSEX PORTFOLIO L and Avis Budget Group is -0.01 (i.e., Good diversification). The correlation of ESSEX 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.

ESSEX Correlation With Market

Good diversification

The correlation between ESSEX PORTFOLIO L and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ESSEX PORTFOLIO L and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ESSEX Bond

0.81

90331HPL1

US BANK NATIONAL

Pair Corr

Moving against ESSEX Bond

0.53	MMV	MultiMetaVerse Holdings	Pair Corr
0.49	AS	Amer Sports,	Pair Corr
0.45	NBIX	Neurocrine Biosciences	Pair Corr
0.45	ARKQ	ARK Autonomous Technology	Pair Corr
0.44	DMRC	Digimarc	Pair Corr
0.42	EVGR	Evergreen Corp	Pair Corr
0.38	BTC	Grayscale Bitcoin Mini	Pair Corr
0.38	IYW	iShares Technology ETF	Pair Corr
0.36	CNOBP	ConnectOne Bancorp	Pair Corr
0.33	FNMFO	Federal National Mortgage	Pair Corr
0.33	JANW	AIM ETF Products	Pair Corr
0.32	LOUP	Innovator Loup Frontier	Pair Corr
0.5	XLY	Consumer Discretionary	Pair Corr
0.49	FELG	Fidelity Covington Trust	Pair Corr
0.45	BTEEX	Baron Select Funds	Pair Corr
0.42	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.41	PSDSX	Palmer Square Ultra	Pair Corr
0.4	PSHAX	Short Term Fund	Pair Corr
0.39	AAA	Listed Funds Trust	Pair Corr
0.38	FSAWX	Fidelity Sai Convertible	Pair Corr
0.37	MBCZX	Massmutual Select Blue Potential Growth	Pair Corr
0.34	SPCZ	Listed Funds Trust	Pair Corr
0.34	CFSIX	Touchstone Sands Capital	Pair Corr

Related Correlations Analysis

	CAR	HWKN	BNL	AL	CDXS	HRI	APD
CAR		0.44	-0.51	0.83	0.55	0.71	0.42	CAR
HWKN	0.44		-0.1	0.51	0.45	0.11	0.43	HWKN
BNL	-0.51	-0.1		-0.71	-0.83	-0.62	-0.16	BNL
AL	0.83	0.51	-0.71		0.84	0.72	0.39	AL
CDXS	0.55	0.45	-0.83	0.84		0.57	0.23	CDXS
HRI	0.71	0.11	-0.62	0.72	0.57		0.59	HRI
APD	0.42	0.43	-0.16	0.39	0.23	0.59		APD
	CAR	HWKN	BNL	AL	CDXS	HRI	APD

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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

CDXS	+ 0.84	AL
AL	+ 0.83	CAR
HRI	+ 0.72	AL
HRI	+ 0.71	CAR
APD	+ 0.59	HRI
HRI	+ 0.57	CDXS

High negative correlations

CDXS	- 0.83	BNL
AL	- 0.71	BNL
HRI	- 0.62	BNL
BNL	- 0.51	CAR
APD	- 0.16	BNL
BNL	- 0.1	HWKN

Risk-Adjusted Indicators

There is a big difference between ESSEX Bond performing well and ESSEX 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 ESSEX'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
CAR	2.59	(0.12)	0.00	(0.03)	0.00	0.00	6.39	(4.28)	17.30
HWKN	1.82	(0.01)	0.01	0.02	2.89	(1.67)	3.71	(3.67)	18.07
BNL	0.78	(0.23)	0.00	(0.35)	0.00	0.00	1.32	(1.86)	5.79
AL	1.20	0.06	0.06	0.06	1.18	(1.51)	2.91	(2.11)	9.04
CDXS	3.19	0.79	0.22	0.40	2.98	(3.51)	9.28	(5.81)	23.04
HRI	1.87	0.27	0.15	0.15	1.71	(2.41)	3.89	(2.59)	24.68
APD	0.93	0.04	0.02	0.14	1.03	(0.96)	1.41	(1.53)	12.61

Be your own money manager

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