963320AX4 Correlations

963320AX4

76.23 0.79 1.05%

The current 90-days correlation between US963320AX45 and Patterson UTI Energy is 0.01 (i.e., Significant diversification). The correlation of 963320AX4 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.

963320AX4 Correlation With Market

Good diversification

The correlation between US963320AX45 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 US963320AX45 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 963320AX4 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 963320AX4 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 963320AX4 - 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 US963320AX45 to buy it.

Moving together with 963320AX4 Bond

0.83	CVX	Chevron Corp	Pair Corr
0.85	PFE	Pfizer Inc	Pair Corr
0.7	MMM	3M Company Sell-off Trend	Pair Corr
0.81	CAT	Caterpillar	Pair Corr
0.73	AXP	American Express	Pair Corr
0.66	INTC	Intel Earnings Call Today	Pair Corr
0.81	CSCO	Cisco Systems	Pair Corr
0.81	GE	GE Aerospace	Pair Corr
0.82	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.72	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.79	IBM	International Business	Pair Corr
0.77	DIS	Walt Disney	Pair Corr

Moving against 963320AX4 Bond

0.53	KO	Coca Cola	Pair Corr
0.52	PG	Procter Gamble Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PTEN	PBNAF	DTI	RBC	ACLS	BORR	DKDRF	TWI
PTEN		0.54	0.4	0.32	0.56	0.83	0.45	0.66	PTEN
PBNAF	0.54		0.6	0.88	0.95	0.6	0.95	0.9	PBNAF
DTI	0.4	0.6		0.64	0.6	0.52	0.52	0.48	DTI
RBC	0.32	0.88	0.64		0.92	0.36	0.89	0.7	RBC
ACLS	0.56	0.95	0.6	0.92		0.54	0.93	0.86	ACLS
BORR	0.83	0.6	0.52	0.36	0.54		0.49	0.67	BORR
DKDRF	0.45	0.95	0.52	0.89	0.93	0.49		0.89	DKDRF
TWI	0.66	0.9	0.48	0.7	0.86	0.67	0.89		TWI
	PTEN	PBNAF	DTI	RBC	ACLS	BORR	DKDRF	TWI

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Risk-Adjusted Indicators

There is a big difference between 963320AX4 Bond performing well and 963320AX4 Corporate Bond 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 963320AX4'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
PTEN	2.29	(0.14)	(0.04)	0.07	2.71	(2.61)	4.92	(4.88)	12.84
PBNAF	0.49	0.19	0.00	0.95	0.00	0.00	2.35	0.00	5.94
DTI	3.26	0.08	0.04	0.26	4.14	(3.48)	6.25	(7.47)	19.64
RBC	1.12	0.09	0.08	0.31	0.75	(1.31)	2.44	(1.74)	6.26
ACLS	2.32	0.52	0.25	0.56	1.85	(2.81)	6.44	(4.00)	13.36
BORR	3.24	0.19	(0.01)	(1.65)	3.25	(4.29)	7.30	(6.08)	15.40
DKDRF	1.10	0.50	0.00	1.72	0.00	0.00	1.86	0.00	14.72
TWI	2.87	0.67	0.12	(1.80)	2.88	(3.50)	8.40	(3.86)	19.44

Be your own money manager

Our tools can tell you how much better you can do entering a position in 963320AX4 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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