Amazon Correlations

AMZ Stock  EUR 193.20  2.78  1.42%   
The current 90-days correlation between Amazon Inc and SCANSOURCE is 0.33 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Amazon moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Amazon Inc moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Amazon Correlation With Market

Good diversification

The correlation between Amazon Inc and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Amazon Inc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Amazon could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Amazon 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 Amazon - 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 Amazon Inc to buy it.

Moving together with Amazon Stock

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  0.93MSF Microsoft Earnings Call This WeekPairCorr
  0.93MSF Microsoft Earnings Call This WeekPairCorr
  0.94MSF Microsoft Earnings Call This WeekPairCorr
  0.94MSF Microsoft Earnings Call This WeekPairCorr
  0.82SSU Samsung Electronics Earnings Call This WeekPairCorr
  0.8SSUN Samsung Electronics Earnings Call This WeekPairCorr
  0.84SSU Samsung Electronics Earnings Call This WeekPairCorr
  0.79SSUN Samsung Electronics Earnings Call This WeekPairCorr
  0.89E908 Lyxor 1PairCorr
  0.84DBPE Xtrackers LevDAXPairCorr

Moving against Amazon Stock

  0.85DBPD Xtrackers ShortDAXPairCorr

Related Correlations Analysis

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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   
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High negative correlations   
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Risk-Adjusted Indicators

There is a big difference between Amazon Stock performing well and Amazon 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 Amazon'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.

Be your own money manager

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