RenaissanceRe Holdings Correlations
| RNR-PG Preferred Stock | 16.82 0.06 0.36% |
The current 90-days correlation between RenaissanceRe Holdings and RenaissanceRe Holdings is 0.7 (i.e., Poor diversification). The correlation of RenaissanceRe Holdings 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.
RenaissanceRe Holdings Correlation With Market
Average diversification
The correlation between RenaissanceRe Holdings and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding RenaissanceRe Holdings and DJI in the same portfolio, assuming nothing else is changed.
RenaissanceRe |
The ability to find closely correlated positions to RenaissanceRe Holdings could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace RenaissanceRe Holdings 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 RenaissanceRe Holdings - 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 RenaissanceRe Holdings to buy it.
Moving together with RenaissanceRe Preferred Stock
| 0.72 | MHLD | Maiden Holdings | PairCorr |
| 0.71 | AHL-PE | Aspen Insurance Holdings | PairCorr |
| 0.64 | AHL-PC | Aspen Insurance Holdings | PairCorr |
| 0.85 | RNR-PF | RenaissanceRe Holdings | PairCorr |
Moving against RenaissanceRe Preferred Stock
| 0.74 | OXBRW | Oxbridge Re Holdings | PairCorr |
| 0.7 | OXBR | Oxbridge Re Holdings | PairCorr |
| 0.69 | V | Visa Class A | PairCorr |
| 0.64 | SPNT-PB | SiriusPoint | PairCorr |
| 0.64 | C | Citigroup Fiscal Year End 10th of January 2025 | PairCorr |
| 0.51 | L | Loews Corp | PairCorr |
| 0.43 | BNT | Brookfield Wealth Symbol Change | PairCorr |
| 0.36 | SPNT | Siriuspoint | PairCorr |
| 0.73 | LC | LendingClub Corp | PairCorr |
| 0.73 | LX | Lexinfintech Holdings | PairCorr |
| 0.65 | DIST | Distoken Acquisition | PairCorr |
| 0.56 | CM | Canadian Imperial Bank | PairCorr |
| 0.53 | GS | Goldman Sachs Group Fiscal Year End 21st of January 2025 | PairCorr |
| 0.5 | BK | Bank of New York Fiscal Year End 10th of January 2025 | PairCorr |
| 0.49 | CG | Carlyle Group | PairCorr |
| 0.47 | BX | Blackstone Group Fiscal Year End 23rd of January 2025 | PairCorr |
| 0.47 | BY | Byline Bancorp Fiscal Year End 23rd of January 2025 | PairCorr |
| 0.45 | BN | Brookfield Corp | PairCorr |
| 0.41 | AX | Axos Financial | PairCorr |
| 0.33 | AC | Associated Capital | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between RenaissanceRe Preferred Stock performing well and RenaissanceRe Holdings 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 RenaissanceRe Holdings' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| RNR-PF | 0.41 | (0.11) | 0.00 | (0.75) | 0.00 | 0.63 | 2.22 | |||
| ATH-PD | 0.90 | (0.17) | 0.00 | (0.49) | 0.00 | 1.73 | 6.01 | |||
| AXS-PE | 0.60 | (0.12) | 0.00 | (3.09) | 0.00 | 0.85 | 4.01 | |||
| TFC-PR | 0.82 | (0.21) | 0.00 | (3.67) | 0.00 | 1.29 | 4.89 |
RenaissanceRe Holdings Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with RenaissanceRe Holdings preferred stock to make a market-neutral strategy. Peer analysis of RenaissanceRe Holdings could also be used in its relative valuation, which is a method of valuing RenaissanceRe Holdings by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |