POLENERGIA Correlations

06Y Stock

EUR 13.68 0.04 0.29%

The current 90-days correlation between POLENERGIA SA ZY and TransAlta is 0.11 (i.e., Average diversification). The correlation of POLENERGIA 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.

POLENERGIA Correlation With Market

Very good diversification

The correlation between POLENERGIA SA ZY and DJI is -0.4 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding POLENERGIA SA ZY and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with POLENERGIA Stock

0.8

9PAA

Pampa Energa SA

Pair Corr

Moving against POLENERGIA Stock

0.52	ENR	Siemens Energy AG	Pair Corr
0.52	TZ1	TransAlta	Pair Corr
0.48	ENR0	SIEMENS ENERGY AG	Pair Corr
0.48	0V6	Vistra Corp	Pair Corr
0.33	BJI	Datang International	Pair Corr
0.33	MSF	Microsoft	Pair Corr
0.32	MSF	Microsoft	Pair Corr
0.65	FJZ	Zijin Mining Group	Pair Corr
0.65	SSUN	Samsung Electronics	Pair Corr
0.56	KGX1	KION GROUP AG	Pair Corr
0.5	8HJ	LANDSEA HOMES P	Pair Corr
0.48	R6N	Retail Estates NV	Pair Corr
0.43	KGHA	KGHM Polska Miedz	Pair Corr
0.33	MSF	Microsoft	Pair Corr
0.32	MSF	Microsoft	Pair Corr
0.75	SH9	Shenandoah Telecommunicatio	Pair Corr
0.62	DWNI	Deutsche Wohnen SE	Pair Corr
0.58	SSU	Samsung Electronics	Pair Corr
0.57	JUU	RETAIL FOOD GROUP	Pair Corr

Related Correlations Analysis

	CYZB	ENR0	ENR	0V6	CENN	BJI	BZB	9PAA	TZ1	06Y
CYZB		0.57	0.51	0.52	0.42	0.27	0.55	0.06	0.29	0.01	CYZB
ENR0	0.57		0.79	0.92	0.65	0.71	0.7	-0.45	0.56	-0.48	ENR0
ENR	0.51	0.79		0.74	0.44	0.48	0.74	-0.51	0.81	-0.52	ENR
0V6	0.52	0.92	0.74		0.62	0.74	0.65	-0.43	0.52	-0.48	0V6
CENN	0.42	0.65	0.44	0.62		0.6	0.66	-0.27	0.27	-0.17	CENN
BJI	0.27	0.71	0.48	0.74	0.6		0.45	-0.39	0.45	-0.33	BJI
BZB	0.55	0.7	0.74	0.65	0.66	0.45		-0.27	0.66	-0.22	BZB
9PAA	0.06	-0.45	-0.51	-0.43	-0.27	-0.39	-0.27		-0.52	0.8	9PAA
TZ1	0.29	0.56	0.81	0.52	0.27	0.45	0.66	-0.52		-0.52	TZ1
06Y	0.01	-0.48	-0.52	-0.48	-0.17	-0.33	-0.22	0.8	-0.52		06Y
	CYZB	ENR0	ENR	0V6	CENN	BJI	BZB	9PAA	TZ1	06Y

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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

0V6	+ 0.92	ENR0
TZ1	+ 0.81	ENR
06Y	+ 0.8	9PAA
ENR	+ 0.79	ENR0
0V6	+ 0.74	ENR
BZB	+ 0.74	ENR

High negative correlations

06Y	- 0.52	TZ1
TZ1	- 0.52	9PAA
06Y	- 0.52	ENR
9PAA	- 0.51	ENR
06Y	- 0.48	0V6
06Y	- 0.48	ENR0

Risk-Adjusted Indicators

There is a big difference between POLENERGIA Stock performing well and POLENERGIA 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 POLENERGIA'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
CYZB	2.30	0.12	(0.01)	(0.62)	2.59	(3.14)	6.60	(5.16)	14.32
ENR0	2.07	0.73	0.31	8.58	1.22	(3.00)	6.45	(2.72)	15.25
ENR	1.74	0.58	0.23	6.32	1.52	(2.01)	4.61	(2.77)	12.29
0V6	3.46	0.92	0.13	(0.93)	4.39	(3.81)	7.62	(9.34)	34.21
CENN	1.25	0.16	0.00	(0.51)	1.80	(1.52)	2.84	(2.13)	11.84
BJI	2.17	0.41	0.04	(1.17)	2.39	(5.90)	5.26	(5.00)	20.46
BZB	0.27	0.04	0.00	0.98	0.00	0.00	0.00	0.00	10.62
9PAA	3.25	0.04	(0.02)	0.57	3.53	(4.19)	8.26	(6.34)	17.90
TZ1	1.93	0.61	0.21	(2.96)	1.73	(2.37)	5.04	(2.70)	19.19
06Y	1.97	0.04	0.00	0.09	0.00	0.00	5.88	(4.67)	13.49

Be your own money manager

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