COMMONWBK AUSTRSPADRS Correlations

CWW0 Stock

EUR 90.50 1.50 1.69%

The current 90-days correlation between COMMONWBK AUSTRSPADRS and INDCOMMBK CHINA ADR20 is 0.09 (i.e., Significant diversification). The correlation of COMMONWBK AUSTRSPADRS 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.

COMMONWBK AUSTRSPADRS Correlation With Market

Good diversification

The correlation between COMMONWBK AUSTRSPADRS and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding COMMONWBK AUSTRSPADRS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with COMMONWBK Stock

0.73	EK7A	AGRICULTBK HADR25	Pair Corr
0.89	BZZ	Bank of Montreal	Pair Corr
0.93	3EC	Eaton PLC	Pair Corr
0.93	BKJ	Brinker International	Pair Corr
0.63	117	Arista Networks Split	Pair Corr
0.87	BLQA	BlackRock	Pair Corr
0.93	SOBA	ATT Inc	Pair Corr
0.91	ATR0	ATHENE HOLDING PRFSERC	Pair Corr
0.67	8KS	LUMI GRUPPEN AS	Pair Corr
0.94	EMR	EMERSON ELECTRIC	Pair Corr
0.7	TC7	TIANDE CHEMICAL	Pair Corr
0.91	J7Z	Jazz Pharmaceuticals plc	Pair Corr
0.94	UFH	US Foods Holding	Pair Corr
0.79	GTX	Gentex	Pair Corr

Moving against COMMONWBK Stock

0.83	BYRA	PT Bank Rakyat	Pair Corr
0.8	BYRA	BANK RAKYAT IND	Pair Corr
0.79	SSU	Samsung Electronics	Pair Corr
0.78	SSU	Samsung Electronics	Pair Corr
0.7	PQ9	PT Bank Mandiri	Pair Corr
0.69	SSUN	Samsung Electronics	Pair Corr
0.69	BYRA	BANK RAKYAT IND	Pair Corr
0.68	SSUN	Samsung Electronics	Pair Corr
0.6	BYRA	PT Bank Rakyat	Pair Corr
0.47	TDB	Toronto Dominion	Pair Corr
0.66	PQ9	BANK MANDIRI	Pair Corr
0.66	CHK	China Resources Beer	Pair Corr

Related Correlations Analysis

	ICKB	ICK	C6TB	EK7A	W8VS	CWW0	TDB	BZZ	BSDK
ICKB		0.8	0.85	0.85	0.71	0.48	-0.63	0.66	0.25	ICKB
ICK	0.8		0.79	0.79	0.63	0.42	-0.64	0.64	0.25	ICK
C6TB	0.85	0.79		0.93	0.81	0.54	-0.75	0.77	0.41	C6TB
EK7A	0.85	0.79	0.93		0.73	0.73	-0.77	0.88	0.35	EK7A
W8VS	0.71	0.63	0.81	0.73		0.41	-0.55	0.66	0.27	W8VS
CWW0	0.48	0.42	0.54	0.73	0.41		-0.47	0.89	0.28	CWW0
TDB	-0.63	-0.64	-0.75	-0.77	-0.55	-0.47		-0.65	-0.5	TDB
BZZ	0.66	0.64	0.77	0.88	0.66	0.89	-0.65		0.38	BZZ
BSDK	0.25	0.25	0.41	0.35	0.27	0.28	-0.5	0.38		BSDK
	ICKB	ICK	C6TB	EK7A	W8VS	CWW0	TDB	BZZ	BSDK

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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

EK7A	+ 0.93	C6TB
BZZ	+ 0.89	CWW0
BZZ	+ 0.88	EK7A
C6TB	+ 0.85	ICKB
EK7A	+ 0.85	ICKB
W8VS	+ 0.81	C6TB

High negative correlations

TDB	- 0.77	EK7A
TDB	- 0.75	C6TB
BZZ	- 0.65	TDB
TDB	- 0.64	ICK
TDB	- 0.63	ICKB
TDB	- 0.55	W8VS

Risk-Adjusted Indicators

There is a big difference between COMMONWBK Stock performing well and COMMONWBK AUSTRSPADRS 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 COMMONWBK AUSTRSPADRS'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
ICKB	1.83	0.35	0.13	(0.67)	1.69	(2.76)	5.83	(3.60)	17.04
ICK	2.12	0.34	0.09	0.58	2.24	(3.56)	5.36	(4.92)	18.47
C6TB	1.35	0.31	0.14	9.85	1.34	(1.97)	3.68	(2.22)	11.71
EK7A	1.58	0.39	0.17	(3.99)	1.46	(2.26)	4.76	(2.61)	11.57
W8VS	1.77	0.30	0.10	(0.59)	1.69	(2.82)	4.21	(2.91)	12.58
CWW0	1.07	0.09	0.03	(0.57)	1.30	(1.23)	2.25	(2.63)	6.19
TDB	0.97	(0.19)	0.00	(0.59)	0.00	0.00	2.02	(2.66)	10.67
BZZ	0.90	0.23	0.22	0.65	0.66	(1.09)	1.92	(1.32)	7.37
BSDK	1.06	(0.04)	0.00	(0.31)	0.00	0.00	2.33	(2.25)	8.95

Be your own money manager

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