Tesla Correlations

Stocks . Germany . 
Stock . Tesla Inc
TL0 Stock   414.45  9.80  2.31%   
The current 90-days correlation between Tesla Inc and Apple Inc is 0.18 (i.e., Average diversification). The correlation of Tesla 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Tesla Correlation With Market

Average diversification

The correlation between Tesla Inc and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tesla Inc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Tesla could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tesla 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 Tesla - 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 Tesla Inc to buy it.

Moving together with Tesla Stock

  0.88APC Apple IncPairCorr
  0.87APC Apple IncPairCorr
  0.87APC Apple IncPairCorr
  0.87APC Apple IncPairCorr
  0.87APC Apple IncPairCorr
  0.87APC Apple IncPairCorr
  0.9MSF MicrosoftPairCorr
  0.9MSF MicrosoftPairCorr
  0.89MSF MicrosoftPairCorr
  0.9MSF MicrosoftPairCorr
  0.61D4G Datametrex AI LimitedPairCorr
  0.860XHR Xenia Hotels ResortsPairCorr
  0.862CDA Controladora Vuela CompaaPairCorr
  0.77EN3 EnbridgePairCorr
  0.84WD5A TRAVEL LEISURE DLPairCorr
  0.892T9A TRAINLINE PLC LSPairCorr
  0.72KOMA KOMATSU LTD SPONSPairCorr
  0.9MSF MicrosoftPairCorr
  0.64FFH Fifth Third BancorpPairCorr
  0.84LIE Sun Life FinancialPairCorr
  0.73C6TB CHINA BANK ADR20PairCorr
  0.87AZ5 AutoZonePairCorr

Moving against Tesla Stock

  0.77SSU Samsung ElectronicsPairCorr
  0.75SSUN Samsung ElectronicsPairCorr
  0.75SSU Samsung ElectronicsPairCorr
  0.74SSUN Samsung ElectronicsPairCorr
  0.68TCID Telkom Indonesia TbkPairCorr
  0.62TCID Telkom Indonesia TbkPairCorr
  0.62PTI Perusahaan PerseroanPairCorr
  0.6TCID Telkom Indonesia TbkPairCorr
  0.82TCID Telkom Indonesia TbkPairCorr
  0.7AXI Atos SEPairCorr
  0.55C4S1 CHINA STATE STRUPairCorr
  0.3518V CHINA VANKE TDPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Tesla Stock performing well and Tesla 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 Tesla'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
APC  0.88  0.26  0.20  0.76  0.89 
(0.99)
 1.81 
(1.75)
 4.97 
APC  0.85  0.25  0.18  0.78  0.98 
(0.93)
 1.88 
(1.73)
 5.24 
APC  0.86  0.26  0.21  1.37  0.84 
(0.95)
 2.06 
(1.76)
 4.50 
APC  0.93  0.26  0.17  0.70  1.04 
(0.99)
 2.22 
(1.83)
 6.45 
APC  0.95  0.27  0.23  0.74  0.74 
(1.11)
 2.83 
(1.69)
 5.24 
APC  0.84  0.26  0.20  0.64  1.00 
(0.95)
 1.88 
(1.61)
 6.46 
MSF  0.96  0.10  0.06  0.29  1.25 
(1.17)
 2.55 
(1.46)
 8.71 
MSF  1.05  0.09  0.05  0.19  1.38 
(1.17)
 2.35 
(1.75)
 9.11 
MSF  1.00  0.10  0.05  0.27  1.48 
(1.16)
 2.42 
(1.66)
 11.42 
MSF  0.92  0.09  0.05  0.28  1.33 
(1.00)
 2.04 
(1.49)
 8.79 

Be your own money manager

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

Elected by the shareholders, the Tesla's board of directors comprises two types of representatives: Tesla inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Tesla. The board's role is to monitor Tesla's management team and ensure that shareholders' interests are well served. Tesla'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, Tesla's outside directors are responsible for providing unbiased perspectives on the board's policies.
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