WESTERN DIGITAL Correlations

WDC Stock

EUR 35.31 0.68 1.89%

The current 90-days correlation between WESTERN DIGITAL and Solstad Offshore ASA is 0.37 (i.e., Weak diversification). The correlation of WESTERN DIGITAL 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.

WESTERN DIGITAL Correlation With Market

Average diversification

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

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

Moving together with WESTERN Stock

0.81	APC	Apple Inc Earnings Call Shortly	Pair Corr
0.81	APC	Apple Inc Earnings Call Shortly	Pair Corr
0.81	APC	Apple Inc Earnings Call Shortly	Pair Corr
0.81	APC	Apple Inc Earnings Call Shortly	Pair Corr
0.92	MSF	Microsoft	Pair Corr
0.92	MSF	Microsoft Earnings Call Shortly	Pair Corr
0.92	MSF	Microsoft	Pair Corr
0.92	MSF	Microsoft	Pair Corr
0.93	MSF	Microsoft	Pair Corr
0.96	AMZ	Amazon Inc	Pair Corr
0.78	BYRA	BANK RAKYAT IND	Pair Corr
0.67	BYRA	PT Bank Rakyat Earnings Call Shortly	Pair Corr
0.76	BYRA	PT Bank Rakyat	Pair Corr
0.8	BYRA	BANK RAKYAT IND	Pair Corr
0.65	PQ9	PT Bank Mandiri	Pair Corr
0.66	PQ9	BANK MANDIRI	Pair Corr

Moving against WESTERN Stock

0.91	BX2	BioXcel Therapeutics	Pair Corr
0.7	4WO	Peijia Medical	Pair Corr
0.66	SNQB	Sanoma Oyj Earnings Call Shortly	Pair Corr
0.65	7EL	Elis SA	Pair Corr
0.64	2U0	SOGECLAIR SA INH	Pair Corr
0.62	32A	Aegean Airlines SA	Pair Corr
0.61	IQ3	GMO Internet	Pair Corr
0.58	SLT	SCHALTBAU HOLDING	Pair Corr
0.57	ABG	AmerisourceBergen Earnings Call Shortly	Pair Corr
0.48	ERT	ELECTRONIC ARTS Earnings Call Shortly	Pair Corr
0.41	BNP	BNP Paribas SA	Pair Corr
0.39	D1LN	Direct Line Insurance	Pair Corr
0.92	RHM	Rheinmetall AG	Pair Corr
0.9	SQS	Sqs Software Quality	Pair Corr

Related Correlations Analysis

	SZL	UCE	NKX	E1V	SZL	PWT	XCA
SZL		0.75	0.63	0.83	0.95	0.53	-0.46	SZL
UCE	0.75		0.84	0.91	0.74	0.85	-0.69	UCE
NKX	0.63	0.84		0.76	0.65	0.81	-0.72	NKX
E1V	0.83	0.91	0.76		0.83	0.79	-0.59	E1V
SZL	0.95	0.74	0.65	0.83		0.56	-0.45	SZL
PWT	0.53	0.85	0.81	0.79	0.56		-0.43	PWT
XCA	-0.46	-0.69	-0.72	-0.59	-0.45	-0.43		XCA
	SZL	UCE	NKX	E1V	SZL	PWT	XCA

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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

SZL	+ 0.95	SZL
E1V	+ 0.91	UCE
PWT	+ 0.85	UCE
NKX	+ 0.84	UCE
E1V	+ 0.83	SZL
SZL	+ 0.83	E1V

High negative correlations

XCA	- 0.72	NKX
XCA	- 0.69	UCE
XCA	- 0.59	E1V
XCA	- 0.46	SZL
XCA	- 0.45	SZL
XCA	- 0.43	PWT

Risk-Adjusted Indicators

There is a big difference between WESTERN Stock performing well and WESTERN DIGITAL 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 WESTERN DIGITAL'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
SZL	1.60	(0.04)	0.00	(0.26)	0.00	0.00	3.79	(4.71)	11.76
UCE	3.36	(0.75)	0.00	(1.97)	0.00	0.00	4.97	(9.66)	22.51
NKX	0.61	(0.09)	0.00	1.12	0.00	0.00	1.14	(1.88)	13.37
E1V	2.05	(0.21)	0.00	(0.68)	0.00	0.00	4.00	(5.32)	13.27
SZL	1.83	(0.07)	0.00	(0.89)	0.00	0.00	4.19	(4.06)	11.93
PWT	1.47	(0.02)	0.00	(0.42)	0.00	0.00	3.60	(2.87)	15.10
XCA	1.06	0.26	0.23	(1.89)	1.47	(1.13)	2.47	(2.35)	8.52

Be your own money manager

Our tools can tell you how much better you can do entering a position in WESTERN DIGITAL 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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