ABB Correlations

ABLZF Stock

USD 65.85 0.09 0.14%

The correlation of ABB 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.

ABB Correlation With Market

Very good diversification

The correlation between ABB and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ABB and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ABB Pink Sheet

0.87	VRT	Vertiv Holdings	Pair Corr
0.93	LGRDY	Legrand SA ADR	Pair Corr
0.82	MIELY	Mitsubishi Electric Corp	Pair Corr
0.8	LGRVF	Legrand SA	Pair Corr
0.7	MIELF	Mitsubishi Electric	Pair Corr
0.87	NVT	nVent Electric PLC	Pair Corr
0.65	UAVS	Ageagle Aerial Systems Buyout Trend	Pair Corr
0.81	MCHB	Mechanics Bank	Pair Corr
0.82	TR	Tootsie Roll Industries Earnings Call Today	Pair Corr
0.77	CGXYY	China Galaxy Securities	Pair Corr
0.66	SRM	SRM Entertainment, Common	Pair Corr
0.8	PTHL	Pheton Holdings	Pair Corr
0.71	CLH	Clean Harbors Earnings Call This Week	Pair Corr
0.65	FENG	Phoenix New Media	Pair Corr
0.9	GOOGL	Alphabet Class A Earnings Call Today	Pair Corr
0.75	FPAFF	First Pacific	Pair Corr
0.62	LRMR	Larimar Therapeutics	Pair Corr
0.86	JPM	JPMorgan Chase	Pair Corr
0.7	UTMD	Utah Medical Products Earnings Call Today	Pair Corr
0.84	PIPR	Piper Sandler Companies Earnings Call This Week	Pair Corr
0.61	GITS	Global Interactive Symbol Change	Pair Corr
0.85	AX	Axos Financial Earnings Call This Week	Pair Corr

Moving against ABB Pink Sheet

0.83	BRK-A	Berkshire Hathaway	Pair Corr
0.78	APDN	Applied DNA Sciences	Pair Corr
0.71	2457	Phihong Technology	Pair Corr
0.48	372546AW1	GEORGE WASH UNIV	Pair Corr

Related Correlations Analysis

	ABHBY	AFGYF	ADSEW	ADSE	AXPWQ	TNTLF	HYEG	LGRDY
ABHBY		0.0	0.0	0.0	0.0	0.0	0.0	0.0	ABHBY
AFGYF	0.0		-0.46	-0.26	0.0	0.43	0.07	0.69	AFGYF
ADSEW	0.0	-0.46		0.61	0.0	-0.82	-0.23	-0.81	ADSEW
ADSE	0.0	-0.26	0.61		0.0	-0.36	-0.04	-0.48	ADSE
AXPWQ	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AXPWQ
TNTLF	0.0	0.43	-0.82	-0.36	0.0		0.41	0.75	TNTLF
HYEG	0.0	0.07	-0.23	-0.04	0.0	0.41		0.25	HYEG
LGRDY	0.0	0.69	-0.81	-0.48	0.0	0.75	0.25		LGRDY
	ABHBY	AFGYF	ADSEW	ADSE	AXPWQ	TNTLF	HYEG	LGRDY

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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

LGRDY	+ 0.75	TNTLF
LGRDY	+ 0.69	AFGYF
ADSE	+ 0.61	ADSEW
TNTLF	+ 0.43	AFGYF
HYEG	+ 0.41	TNTLF
LGRDY	+ 0.25	HYEG

High negative correlations

TNTLF	- 0.82	ADSEW
LGRDY	- 0.81	ADSEW
LGRDY	- 0.48	ADSE
ADSEW	- 0.46	AFGYF
TNTLF	- 0.36	ADSE
ADSE	- 0.26	AFGYF

Risk-Adjusted Indicators

There is a big difference between ABB Pink Sheet performing well and ABB Company 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 ABB'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
ABHBY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AFGYF	4.96	1.01	0.09	1.04	4.79	(14.84)	21.05	(7.69)	60.80
ADSEW	7.95	0.04	0.00	0.15	0.00	0.00	22.50	(20.40)	56.33
ADSE	2.98	0.09	(0.03)	(0.07)	4.70	(3.20)	8.19	(8.00)	24.15
AXPWQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TNTLF	1.37	0.32	0.04	2.82	1.93	(2.32)	5.07	(2.84)	15.23
HYEG	12.54	1.26	0.08	0.52	13.96	(21.46)	50.00	(33.33)	95.21
LGRDY	1.14	0.42	0.31	1.23	0.50	(1.42)	3.24	(1.72)	7.73

Be your own money manager

Our tools can tell you how much better you can do entering a position in ABB 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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Tarak Mehta	Head of Low Voltage Products division, Member of the Executive Committee	Profile
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