Element Fleet Correlations

EFN Stock

CAD 35.84 0.13 0.36%

The current 90-days correlation between Element Fleet Management and Alta Equipment Group is 0.12 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Element Fleet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Element Fleet Management moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Element Fleet Correlation With Market

Average diversification

The correlation between Element Fleet Management and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Element Fleet Management and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Element Stock

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0.95	NVDA	NVIDIA CDR	Pair Corr
0.89	MSFT	Microsoft Corp CDR Earnings Call This Week	Pair Corr
0.63	INTC	INTEL CDR Earnings Call This Week	Pair Corr
0.76	MU	Micron Technology,	Pair Corr
0.68	BA	BOEING CDR Earnings Call This Week	Pair Corr
0.68	NKE	NIKE Inc CDR	Pair Corr
0.75	INC-UN	Income Financial Trust	Pair Corr

Related Correlations Analysis

	BDI	ALTG	R	PRG	AL	ECN	MRE	CCL-B	FSV
BDI		0.56	0.56	0.27	0.16	0.59	0.23	0.23	0.33	BDI
ALTG	0.56		0.92	0.69	0.66	0.31	0.77	0.67	0.38	ALTG
R	0.56	0.92		0.75	0.75	0.4	0.79	0.76	0.42	R
PRG	0.27	0.69	0.75		0.83	-0.05	0.82	0.8	0.41	PRG
AL	0.16	0.66	0.75	0.83		-0.15	0.92	0.96	0.26	AL
ECN	0.59	0.31	0.4	-0.05	-0.15		-0.05	-0.05	0.28	ECN
MRE	0.23	0.77	0.79	0.82	0.92	-0.05		0.91	0.36	MRE
CCL-B	0.23	0.67	0.76	0.8	0.96	-0.05	0.91		0.27	CCL-B
FSV	0.33	0.38	0.42	0.41	0.26	0.28	0.36	0.27		FSV
	BDI	ALTG	R	PRG	AL	ECN	MRE	CCL-B	FSV

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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

CCL-B	+ 0.96	AL
R	+ 0.92	ALTG
MRE	+ 0.92	AL
CCL-B	+ 0.91	MRE
AL	+ 0.83	PRG
MRE	+ 0.82	PRG

High negative correlations

ECN	- 0.15	AL
CCL-B	- 0.05	ECN
MRE	- 0.05	ECN
ECN	- 0.05	PRG

Risk-Adjusted Indicators

There is a big difference between Element Stock performing well and Element Fleet 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 Element Fleet'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
BDI	1.37	0.57	0.38	2.01	0.38	(1.90)	4.06	(1.24)	11.15
ALTG	3.31	0.75	0.30	0.71	2.38	(4.04)	8.33	(4.66)	23.70
R	1.48	0.12	0.17	0.32	0.91	(1.95)	3.76	(1.93)	10.60
PRG	1.81	(0.02)	0.07	0.22	1.89	(2.03)	3.97	(3.19)	10.18
AL	1.14	0.29	0.24	0.53	0.56	(1.33)	3.27	(1.35)	10.57
ECN	1.67	0.23	(0.02)	(0.70)	1.96	(1.99)	3.67	(3.46)	10.55
MRE	1.74	0.37	0.09	1.58	1.86	(2.01)	4.82	(4.45)	11.38
CCL-B	0.85	0.21	(0.02)	7.07	0.62	(0.98)	1.70	(1.20)	9.70
FSV	0.89	0.21	(0.07)	(0.80)	0.86	(1.08)	1.74	(1.73)	5.74

Be your own money manager

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