Dow Jones Correlations
| DJI Index | 41,990 11.80 0.03% |
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
| 0.86 | AMZN | Amazon Inc | PairCorr |
| 0.66 | GOOG | Alphabet Class C | PairCorr |
| 0.82 | META | Meta Platforms | PairCorr |
| 0.64 | KYN | Kayne Anderson MLP Earnings Call This Week | PairCorr |
| 0.63 | HWACX | Hotchkis Wiley Value | PairCorr |
Moving against Dow Index
| 0.68 | CWEN | Clearway Energy Class | PairCorr |
| 0.67 | SUNFF | Sun Life Financial | PairCorr |
| 0.58 | TKOMF | Tokio Marine Holdings | PairCorr |
| 0.41 | BRK-A | Berkshire Hathaway | PairCorr |
| 0.77 | TAIL | Cambria Tail Risk Low Volatility | PairCorr |
| 0.69 | DNSKF | Danske Bank AS | PairCorr |
| 0.32 | ABNOX | Ab Bond Inflation | PairCorr |
Related Correlations Analysis
| 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | ROBXF | ||
| 0.0 | 0.0 | -0.31 | -0.5 | -0.76 | -0.16 | SKLZ | ||
| 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | OSKXF | ||
| 0.0 | -0.31 | 0.0 | 0.58 | 0.37 | 0.81 | SPLP-PA | ||
| 0.0 | -0.5 | 0.0 | 0.58 | 0.57 | 0.33 | GHIFF | ||
| 0.0 | -0.76 | 0.0 | 0.37 | 0.57 | 0.0 | HCHDF | ||
| 0.0 | -0.16 | 0.0 | 0.81 | 0.33 | 0.0 | GLXZ | ||
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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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| ROBXF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| SKLZ | 3.37 | 0.19 | 0.04 | 0.12 | 4.65 | 7.41 | 27.98 | |||
| OSKXF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| SPLP-PA | 0.19 | 0.01 | 0.19 | 0.36 | 0.25 | 0.58 | 1.48 | |||
| GHIFF | 0.49 | 0.01 | 0.01 | (0.02) | 1.05 | 2.16 | 6.33 | |||
| HCHDF | 2.58 | 0.46 | 0.13 | (2.73) | 3.08 | 8.09 | 20.97 | |||
| GLXZ | 0.61 | 0.04 | 0.12 | (0.71) | 0.63 | 1.79 | 3.89 |
