AutoNation Correlations

Stocks Germany . 
Stock . AutoNation
RWI Stock  EUR 170.05  3.40  1.96%   
The current 90-days correlation between AutoNation and URBAN OUTFITTERS is 0.06 (i.e., Significant diversification). The correlation of AutoNation 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.

AutoNation Correlation With Market

Good diversification

The correlation between AutoNation and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AutoNation and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to AutoNation could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace AutoNation 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 AutoNation - 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 AutoNation to buy it.

Moving together with AutoNation Stock

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Moving against AutoNation Stock

  0.598VY SCANDION ONC DKPairCorr
  0.62DBPD Xtrackers ShortDAXPairCorr

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   
UOF
+ 0.99
UOF
A9U
+ 0.7
UOF
SWN
+ 0.67
UOF
A9U
+ 0.67
UOF
SWN
+ 0.67
UOF
SWN
+ 0.61
07M
  
High negative correlations   
L24
- 0.2
6CF
L24
- 0.19
ZVF
L24
- 0.15
07M

Risk-Adjusted Indicators

There is a big difference between AutoNation Stock performing well and AutoNation 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 AutoNation'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in AutoNation 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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AutoNation Corporate Management

Elected by the shareholders, the AutoNation's board of directors comprises two types of representatives: AutoNation inside directors who are chosen from within the company, and outside directors, selected externally and held independent of AutoNation. The board's role is to monitor AutoNation's management team and ensure that shareholders' interests are well served. AutoNation's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, AutoNation's outside directors are responsible for providing unbiased perspectives on the board's policies.
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