Ao World Correlations
| AO Stock | 99.30 0.20 0.20% |
The current 90-days correlation between Ao World and Central Asia Metals is 0.1 (i.e., Average diversification). The correlation of Ao World 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.
Ao World Correlation With Market
Weak diversification
The correlation between Ao World and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ao World and DJI in the same portfolio, assuming nothing else is changed.
Ao World |
The ability to find closely correlated positions to Ao World could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ao World 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 Ao World - 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 Ao World to buy it.
Moving together with Ao World Stock
Moving against Ao World Stock
| 0.73 | 0HBH | Air Products Chemicals | PairCorr |
| 0.66 | 0HWH | Cheniere Energy | PairCorr |
| 0.49 | 0JS2 | Kroger | PairCorr |
| 0.39 | 0LC3 | Synchrony Financial | PairCorr |
Related Correlations Analysis
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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Risk-Adjusted Indicators
There is a big difference between Ao World Stock performing well and Ao World 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 Ao World'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CRTM | 2.82 | 1.65 | 0.44 | 3.46 | 1.54 | 8.70 | 27.42 | |||
| CAML | 1.43 | (0.01) | (0.01) | (0.02) | 3.04 | 2.64 | 15.30 | |||
| WPM | 1.99 | 0.14 | 0.03 | 0.38 | 3.45 | 4.06 | 14.86 | |||
| RSG | 3.15 | 0.57 | 0.12 | 0.53 | 4.41 | 6.57 | 20.13 | |||
| AT | 2.04 | (0.08) | 0.00 | (0.09) | 0.00 | 4.27 | 19.91 | |||
| ATM | 2.89 | 0.21 | 0.05 | 0.45 | 3.16 | 7.19 | 15.88 | |||
| 0LO9 | 2.34 | 0.06 | 0.02 | 0.14 | 2.68 | 5.23 | 15.05 |
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