ESSEX Correlations

29717PAR8

98.26 0.61 0.62%

The current 90-days correlation between ESSEX PORTFOLIO L and WEC Energy Group is 0.05 (i.e., Significant 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.

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 against ESSEX Bond

0.59	DMRC	Digimarc	Pair Corr
0.57	EVGR	Evergreen Corp	Pair Corr
0.55	AS	Amer Sports,	Pair Corr
0.55	ARKQ	ARK Autonomous Technology	Pair Corr
0.55	IYW	iShares Technology ETF	Pair Corr
0.53	JANW	AIM ETF Products	Pair Corr
0.51	BTC	Grayscale Bitcoin Mini	Pair Corr
0.51	LOUP	Innovator Loup Frontier	Pair Corr
0.5	MAR	Marriott International	Pair Corr
0.49	RELY	Remitly Global	Pair Corr
0.49	FNMFO	Federal National Mortgage	Pair Corr
0.48	CNOBP	ConnectOne Bancorp	Pair Corr
0.46	NBIX	Neurocrine Biosciences	Pair Corr
0.46	SCHB	Schwab Broad Market	Pair Corr
0.43	ESGLW	ESGL Holdings Limited	Pair Corr
0.37	CRAI	CRA International	Pair Corr
0.36	FNCL	Fidelity MSCI Financials	Pair Corr
0.61	FELG	Fidelity Covington Trust	Pair Corr
0.6	PSHAX	Short Term Fund	Pair Corr
0.59	XLY	Consumer Discretionary	Pair Corr
0.59	PSDSX	Palmer Square Ultra	Pair Corr
0.58	AAA	Listed Funds Trust	Pair Corr
0.58	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.58	BTEEX	Baron Select Funds	Pair Corr
0.57	FSAWX	Fidelity Sai Convertible	Pair Corr
0.57	MBCZX	Massmutual Select Blue Potential Growth	Pair Corr
0.52	CFSIX	Touchstone Sands Capital	Pair Corr
0.48	SPCZ	Listed Funds Trust	Pair Corr
0.48	CULAX	Calvert Ultra Short	Pair Corr
0.46	SPY	SPDR SP 500	Pair Corr
0.46	AFOIX	Alger Mid Cap	Pair Corr
0.46	FCSKX	Franklin Vertible	Pair Corr

Related Correlations Analysis

	WEC	ENIC	SPH	VALN	RDNT	XPOF	TGS	NVNO
WEC		0.03	0.59	-0.44	0.61	0.55	0.5	-0.17	WEC
ENIC	0.03		0.06	-0.28	0.04	0.09	0.3	-0.49	ENIC
SPH	0.59	0.06		-0.48	0.5	0.48	0.49	-0.32	SPH
VALN	-0.44	-0.28	-0.48		-0.81	-0.82	-0.94	0.54	VALN
RDNT	0.61	0.04	0.5	-0.81		0.9	0.82	-0.2	RDNT
XPOF	0.55	0.09	0.48	-0.82	0.9		0.84	-0.26	XPOF
TGS	0.5	0.3	0.49	-0.94	0.82	0.84		-0.43	TGS
NVNO	-0.17	-0.49	-0.32	0.54	-0.2	-0.26	-0.43		NVNO
	WEC	ENIC	SPH	VALN	RDNT	XPOF	TGS	NVNO

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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

XPOF	+ 0.9	RDNT
TGS	+ 0.84	XPOF
TGS	+ 0.82	RDNT
RDNT	+ 0.61	WEC
SPH	+ 0.59	WEC
XPOF	+ 0.55	WEC

High negative correlations

TGS	- 0.94	VALN
XPOF	- 0.82	VALN
RDNT	- 0.81	VALN
NVNO	- 0.49	ENIC
VALN	- 0.48	SPH
VALN	- 0.44	WEC

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
WEC	0.73	0.01	0.00	0.04	0.86	(0.74)	1.59	(1.59)	4.25
ENIC	1.40	0.15	0.07	0.27	1.72	(1.52)	3.40	(2.93)	8.90
SPH	1.28	(0.02)	(0.01)	(0.01)	2.02	(1.29)	2.72	(1.74)	11.92
VALN	2.52	(0.57)	0.00	4.57	0.00	0.00	4.11	(6.16)	11.78
RDNT	1.86	0.07	0.04	0.07	1.92	(2.09)	2.97	(2.87)	24.47
XPOF	2.78	0.10	0.03	0.09	3.35	(2.93)	5.09	(5.63)	37.20
TGS	2.18	0.44	0.17	2.36	2.10	(2.35)	6.03	(3.50)	12.04
NVNO	2.86	(0.99)	0.00	(1.32)	0.00	0.00	3.99	(6.65)	29.78

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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