OVERSEA CHINUNSPADR2 Correlations

OCBB Stock

EUR 23.60 0.20 0.85%

The current 90-days correlation between OVERSEA CHINUNSPADR2 and POSBO UNSPADRS20YC1 is 0.16 (i.e., Average diversification). The correlation of OVERSEA CHINUNSPADR2 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.

OVERSEA CHINUNSPADR2 Correlation With Market

Average diversification

The correlation between OVERSEA CHINUNSPADR2 and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding OVERSEA CHINUNSPADR2 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to OVERSEA CHINUNSPADR2 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace OVERSEA CHINUNSPADR2 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 OVERSEA CHINUNSPADR2 - 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 OVERSEA CHINUNSPADR2 to buy it.

Moving together with OVERSEA Stock

0.91	BBK	Truist Financial	Pair Corr
0.96	OCBA	Oversea Chinese Banking	Pair Corr
0.98	UOB0	UTD OV BK	Pair Corr
0.91	WMT	Walmart	Pair Corr
0.91	WMT	Walmart	Pair Corr
0.9	AMZ	Amazon Inc	Pair Corr
0.88	AMZ	Amazon Inc	Pair Corr

Moving against OVERSEA Stock

0.81	VOW	Volkswagen AG	Pair Corr
0.79	VOWB	VOLKSWAGEN AG VZ	Pair Corr
0.79	VOW3	Volkswagen AG VZO	Pair Corr
0.79	VOW3	Volkswagen AG	Pair Corr
0.51	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	3YB0	3YB	UOB0	8SP	2DG	XYTA	9K1	3RKU	VUSA	MEL
3YB0		0.98	-0.02	-0.07	-0.14	0.75	0.11	-0.01	0.17	-0.02	3YB0
3YB	0.98		0.07	-0.12	-0.19	0.74	0.02	0.05	0.25	0.06	3YB
UOB0	-0.02	0.07		-0.63	-0.89	-0.07	-0.88	0.82	0.91	0.75	UOB0
8SP	-0.07	-0.12	-0.63		0.69	-0.28	0.48	-0.22	-0.69	-0.66	8SP
2DG	-0.14	-0.19	-0.89	0.69		-0.16	0.75	-0.66	-0.92	-0.73	2DG
XYTA	0.75	0.74	-0.07	-0.28	-0.16		0.14	-0.19	0.22	0.14	XYTA
9K1	0.11	0.02	-0.88	0.48	0.75	0.14		-0.87	-0.83	-0.7	9K1
3RKU	-0.01	0.05	0.82	-0.22	-0.66	-0.19	-0.87		0.71	0.53	3RKU
VUSA	0.17	0.25	0.91	-0.69	-0.92	0.22	-0.83	0.71		0.76	VUSA
MEL	-0.02	0.06	0.75	-0.66	-0.73	0.14	-0.7	0.53	0.76		MEL
	3YB0	3YB	UOB0	8SP	2DG	XYTA	9K1	3RKU	VUSA	MEL

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

3YB	+ 0.98	3YB0
VUSA	+ 0.91	UOB0
3RKU	+ 0.82	UOB0
MEL	+ 0.76	VUSA
XYTA	+ 0.75	3YB0
MEL	+ 0.75	UOB0

High negative correlations

VUSA	- 0.92	2DG
2DG	- 0.89	UOB0
9K1	- 0.88	UOB0
3RKU	- 0.87	9K1
VUSA	- 0.83	9K1
MEL	- 0.73	2DG

Risk-Adjusted Indicators

There is a big difference between OVERSEA Stock performing well and OVERSEA CHINUNSPADR2 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 OVERSEA CHINUNSPADR2'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
3YB0	1.57	0.22	0.07	19.01	1.71	(2.23)	2.88	(2.80)	19.22
3YB	1.49	0.22	0.05	0.97	1.62	(2.82)	3.92	(3.57)	17.99
UOB0	0.87	0.22	0.16	0.62	0.60	(1.35)	1.96	(1.35)	11.96
8SP	2.13	(0.20)	0.00	(3.42)	0.00	0.00	3.36	(4.50)	20.22
2DG	5.40	(0.38)	0.00	(0.18)	0.00	0.00	13.64	(10.00)	52.42
XYTA	12.32	4.53	0.15	(1.79)	8.16	(55.21)	33.33	(20.00)	233.33
9K1	1.76	(0.36)	0.00	1.54	0.00	0.00	2.94	(4.66)	14.80
3RKU	1.54	0.45	0.23	1.69	1.25	(2.12)	3.31	(2.40)	9.54
VUSA	0.56	0.15	0.17	0.24	0.48	(0.61)	1.19	(1.04)	6.02
MEL	1.16	0.22	0.13	2.56	1.03	(1.42)	3.33	(1.78)	7.09

Be your own money manager

Our tools can tell you how much better you can do entering a position in OVERSEA CHINUNSPADR2 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.

Did you try this?

Run Portfolio Optimization Now

Portfolio Optimization

Compute new portfolio that will generate highest expected return given your specified tolerance for risk

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC