Dow Jones Correlations
| DJI Index | 38,315 2,231 5.50% |
The current 90-days correlation between Dow Jones Industrial and HNI Corp is 0.6 (i.e., Poor diversification). The correlation of Dow Jones 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 Dow Jones could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dow Jones 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 Dow Jones - 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 Dow Jones Industrial to buy it.
Moving together with Dow Index
| 0.7 | MSFT | Microsoft | PairCorr |
| 0.89 | AMZN | Amazon Inc | PairCorr |
| 0.73 | GOOG | Alphabet Class C | PairCorr |
| 0.87 | META | Meta Platforms | PairCorr |
| 0.61 | SAP | SAP SE ADR | PairCorr |
| 0.72 | SCHW | Charles Schwab Corp | PairCorr |
Moving against Dow Index
| 0.76 | MZZ | ProShares UltraShort | PairCorr |
| 0.7 | GHLD | Guild Holdings | PairCorr |
| 0.55 | NXST | Nexstar Broadcasting | PairCorr |
| 0.49 | UL | Unilever PLC ADR | PairCorr |
| 0.49 | YCL | ProShares Ultra Yen | PairCorr |
| 0.45 | BYDDF | BYD Limited | PairCorr |
| 0.44 | BRK-B | Berkshire Hathaway | PairCorr |
| 0.33 | BMYMP | Bristol Myers Squibb | PairCorr |
| 0.69 | GAAKX | Gmo Alternative Allo | PairCorr |
| 0.61 | TESHX | Tiaa-cref Short-term | PairCorr |
| 0.58 | FTSM | First Trust Enhanced Sell-off Trend | PairCorr |
| 0.56 | PPFFX | American Funds Prese | PairCorr |
| 0.55 | SHLD | Global X Funds | PairCorr |
| 0.5 | TBILX | Tiaa Cref Bond | PairCorr |
| 0.49 | ASDOX | American Century Short | PairCorr |
| 0.38 | DAX | Global X DAX | PairCorr |
| 0.37 | OCMAX | Ocm Mutual Fund | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
|
Risk-Adjusted Indicators
There is a big difference between Dow Index performing well and Dow Jones Index 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 Dow Jones' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| HNI | 1.37 | (0.09) | 0.00 | (0.26) | 0.00 | 2.95 | 9.63 | |||
| EML | 1.85 | 0.03 | 0.00 | (0.14) | 0.00 | 4.13 | 12.28 | |||
| PSTL | 1.11 | 0.19 | 0.19 | 0.33 | 1.37 | 2.04 | 14.89 | |||
| FNF | 1.10 | 0.25 | 0.26 | 0.86 | 1.16 | 2.50 | 6.45 | |||
| AAME | 2.72 | 0.15 | 0.05 | 0.03 | 3.07 | 4.29 | 38.16 | |||
| DGICB | 2.53 | 0.20 | 0.08 | 0.72 | 2.85 | 7.14 | 19.58 | |||
| ISRG | 1.75 | 0.01 | 0.00 | (0.15) | 0.00 | 2.28 | 14.53 |
Did you try this?
Run Crypto Correlations Now
Crypto CorrelationsUse cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |
| All Next | Launch Module |
Dow Jones Against Global Markets
| IDX 30 | 0.84 | |||||
| TWII | 0.08 | |||||
| CROBEX | 2.76 | |||||
| PSI 20 | 4.75 | |||||
| ISEQ 20 | 4.80 | |||||
| Budapest | 4.81 | |||||
| GDAXI | 4.95 | |||||
| DJI | 5.50 | |||||
| NYA | 6.12 |
