NYSE Composite Correlations

Indexes . USA . 
Index . NYSE Composite
NYA Index   18,900  4.39  0.02%   
The current 90-days correlation between NYSE Composite and United Rentals is 0.79 (i.e., Poor diversification). The correlation of NYSE Composite 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 NYSE Composite could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NYSE Composite 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 NYSE Composite - 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 NYSE Composite to buy it.

Moving together with NYSE Index

  0.93AAPL Apple Inc Earnings Call ShortlyPairCorr
  0.76MSFT Microsoft Earnings Call ShortlyPairCorr
  0.81NVDA NVIDIA Buyout TrendPairCorr
  0.8GOOG Alphabet Class C Aggressive PushPairCorr
  0.87AMZN Amazon Inc Earnings Call ShortlyPairCorr
  0.89META Meta Platforms Earnings Call ShortlyPairCorr
  0.77345370CQ1 FORD MTR DELPairCorr
  0.66ISDR ISDR Old Symbol ChangePairCorr

Moving against NYSE Index

  0.8RDEIY Red Electrica CorporacionPairCorr
  0.75NNWWF North WestPairCorr
  0.75YQQQ YieldMax Short N100PairCorr
  0.71BAMU Brookstone Ultra ShortPairCorr
  0.65GRPN GrouponPairCorr
  0.65BNOX BNOX Old Symbol ChangePairCorr
  0.63KGC Kinross Gold Potential GrowthPairCorr
  0.63AAAU Goldman Sachs PhysicalPairCorr
  0.61HRB HR BlockPairCorr
  0.61GOVT iShares Treasury BondPairCorr
  0.6NTCPF NorthIsle CopperPairCorr
  0.48AQN Algonquin Power Utilities Sell-off TrendPairCorr
  0.47BRK-A Berkshire Hathaway Earnings Call ShortlyPairCorr
  0.76BUBSX Baird Ultra ShortPairCorr
  0.75XBIL US Treasury 6PairCorr
  0.74TWAVX Short Term GovernmentPairCorr
  0.74SAOCX Guggenheim Alpha OppPairCorr
  0.68GLDM SPDR Gold MiniSharesPairCorr
  0.68GLD SPDR Gold SharesPairCorr
  0.67HRSTX Rational Real StrategiesPairCorr
  0.66NUSAX Nationwide GovernmentPairCorr
  0.66FOSIX Short Intermediate BondPairCorr
  0.61GDX VanEck Gold MinersPairCorr
  0.59SPAQ Horizon Kinetics SPACPairCorr
  0.43PMZIX Pimco Mortgage OpporPairCorr

Related Correlations Analysis

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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   
VMC
+ 0.92
URI
TRTN-PC
+ 0.74
GNL-PD
PMNXF
+ 0.69
ZIJMF
TRTN-PC
+ 0.61
URI
BNL
+ 0.55
GNL-PD
BNL
+ 0.52
ZIJMF
  
High negative correlations   
PMNXF
- 0.72
URI
PMNXF
- 0.62
VMC
BNL
- 0.6
VMC
TRTN-PC
- 0.58
PMNXF
BNL
- 0.42
URI
VMC
- 0.34
ZIJMF

Risk-Adjusted Indicators

There is a big difference between NYSE Index performing well and NYSE Composite 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 NYSE Composite'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.

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NYSE Composite Distribution of Returns

   Predicted Return Density   
       Returns  
NYSE Composite's volatility is measured either by using standard deviation or beta. Standard deviation will reflect the average amount of how nyse index's price will differ from the mean after some time.To get its calculation, you should first determine the mean price during the specified period then subtract that from each price point.

What Drives a NYSE Composite Price Volatility?

Several factors can influence a index's market volatility:

Industry

Specific events can influence volatility within a particular industry. For instance, a significant weather upheaval in a crucial oil-production site may cause oil prices to increase in the oil sector. The direct result will be the rise in the stock price of oil distribution companies. Similarly, any government regulation in a specific industry could negatively influence stock prices due to increased regulations on compliance that may impact the company's future earnings and growth.

Political and Economic environment

When governments make significant decisions regarding trade agreements, policies, and legislation regarding specific industries, they will influence stock prices. Everything from speeches to elections may influence investors, who can directly influence the stock prices in any particular industry. The prevailing economic situation also plays a significant role in stock prices. When the economy is doing well, investors will have a positive reaction and hence, better stock prices and vice versa.

The Company's Performance

Sometimes volatility will only affect an individual company. For example, a revolutionary product launch or strong earnings report may attract many investors to purchase the company. This positive attention will raise the company's stock price. In contrast, product recalls and data breaches may negatively influence a company's stock prices.

NYSE Composite Against Global Markets

 

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