HEINEKEN Correlations

HNK2 Stock

EUR 38.20 0.60 1.60%

The current 90-days correlation between HEINEKEN SP ADR and Heineken NV is 0.66 (i.e., Poor diversification). The correlation of HEINEKEN 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.

HEINEKEN Correlation With Market

Good diversification

The correlation between HEINEKEN SP ADR 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 HEINEKEN SP ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with HEINEKEN Stock

0.69	FOMC	FOMECONMEXSAB DCV UTS Earnings Call This Week	Pair Corr
0.99	HNK1	Heineken NV	Pair Corr
0.98	4H5	Heineken Holding	Pair Corr
0.85	CBGB	Carlsberg AS	Pair Corr
0.71	CBGA	Carlsberg AS	Pair Corr
0.8	ABW	Asahi Group Holdings	Pair Corr
0.78	KIR	Kirin Holdings	Pair Corr
0.75	LLD2	Lloyds Banking Group	Pair Corr
0.7	TKDA	Takeda Pharmaceutical	Pair Corr
0.72	W8V	Bank of China Earnings Call This Week	Pair Corr
0.69	BNP	BNP Paribas SA Earnings Call This Week	Pair Corr

Moving against HEINEKEN Stock

0.77	SID	State Bank	Pair Corr
0.68	DBPD	Xtrackers ShortDAX	Pair Corr
0.63	KBIA	KB Financial Group Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FOMC	HNK1	HNK2	4H5	CBGB	TSI	CBGA	ABW	KIR
FOMC		0.66	0.69	0.71	0.82	0.5	0.75	0.86	0.7	FOMC
HNK1	0.66		0.99	0.98	0.84	0.32	0.71	0.76	0.75	HNK1
HNK2	0.69	0.99		0.98	0.85	0.33	0.71	0.8	0.78	HNK2
4H5	0.71	0.98	0.98		0.88	0.35	0.73	0.79	0.74	4H5
CBGB	0.82	0.84	0.85	0.88		0.49	0.91	0.89	0.82	CBGB
TSI	0.5	0.32	0.33	0.35	0.49		0.44	0.56	0.44	TSI
CBGA	0.75	0.71	0.71	0.73	0.91	0.44		0.81	0.76	CBGA
ABW	0.86	0.76	0.8	0.79	0.89	0.56	0.81		0.89	ABW
KIR	0.7	0.75	0.78	0.74	0.82	0.44	0.76	0.89		KIR
	FOMC	HNK1	HNK2	4H5	CBGB	TSI	CBGA	ABW	KIR

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Risk-Adjusted Indicators

There is a big difference between HEINEKEN Stock performing well and HEINEKEN 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 HEINEKEN'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
FOMC	1.74	0.20	0.13	(1.00)	2.01	(2.22)	4.29	(4.57)	13.70
HNK1	1.29	0.29	0.37	(3.78)	0.88	(1.65)	2.70	(1.77)	16.47
HNK2	1.32	0.29	0.30	(2.89)	1.05	(1.86)	2.54	(2.23)	9.90
4H5	1.36	0.32	0.32	4.80	0.99	(1.55)	3.97	(2.20)	13.78
CBGB	2.15	0.47	0.15	(1.54)	3.28	(2.32)	4.95	(2.47)	32.04
TSI	2.14	0.13	0.06	0.09	2.56	(2.20)	4.73	(4.02)	10.69
CBGA	2.40	0.31	0.11	(1.11)	3.71	(2.76)	5.79	(3.76)	25.28
ABW	1.38	0.34	0.28	(2.43)	1.33	(1.49)	3.35	(1.99)	10.60
KIR	1.19	0.11	0.13	(0.69)	1.26	(1.79)	2.54	(2.48)	8.07

Be your own money manager

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