Cellnex Telecom Correlations

Stocks . UK . 
Stock . Cellnex Telecom SA
0R9C Stock   25.75  0.70  2.79%   
The current 90-days correlation between Cellnex Telecom SA and Feedback PLC is -0.07 (i.e., Good diversification). The correlation of Cellnex Telecom 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.

Cellnex Telecom Correlation With Market

Modest diversification

The correlation between Cellnex Telecom SA and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cellnex Telecom SA and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Cellnex Telecom could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cellnex Telecom 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 Cellnex Telecom - 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 Cellnex Telecom SA to buy it.

Moving together with Cellnex Stock

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Moving against Cellnex Stock

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  0.8NBPE NB Private EquityPairCorr
  0.77IHG InterContinental HotelsPairCorr
  0.77JFJ JPMorgan JapanesePairCorr
  0.71EVST Everest Global PLC SplitPairCorr
  0.68NBPU NB Private EquityPairCorr
  0.66DXRX Diaceutics PLCPairCorr
  0.65XGLD Xtrackers Physical GoldPairCorr
  0.610IU8 Safran SAPairCorr
  0.59EMH European Metals HoldingsPairCorr
  0.59RKT Reckitt BenckiserPairCorr
  0.55TEK Tekcapital plcPairCorr
  0.5CRDA Croda International PLCPairCorr
  0.480YXG BroadcomPairCorr
  0.46ROAD Roadside Real EstatePairCorr
  0.410G9J Tamburi InvestmentPairCorr
  0.41KIE Kier Group PLCPairCorr
  0.360I1P ComericaPairCorr
  0.85BNC Banco Santander SAPairCorr
  0.810R2T Micron TechnologyPairCorr
  0.80N4T Nordea Bank AbpPairCorr
  0.78RIGD Reliance IndustriesPairCorr
  0.77IDHC Integrated DiagnosticsPairCorr
  0.75JAGI JPMorgan Asia GrowthPairCorr
  0.730W19 Datagroup SEPairCorr
  0.710HLQ Bank of NewPairCorr
  0.71EMG Man Group PLCPairCorr
  0.7HSW Hostelworld Group PLCPairCorr
  0.68FSJ James FisherPairCorr

Related Correlations Analysis


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

MLVN
+ 0.61
TUN
HDD
+ 0.48
FDBK
QBT
+ 0.24
VRS
HDD
+ 0.23
VRS
QBT
+ 0.19
FDBK
MLVN
+ 0.13
VRS
  

High negative correlations

MLVN
- 0.83
FDBK
TUN
- 0.41
FDBK
TUN
- 0.32
VRS
MLVN
- 0.27
HDD
MLVN
- 0.17
QBT
TUN
- 0.15
HDD

Risk-Adjusted Indicators

There is a big difference between Cellnex Stock performing well and Cellnex Telecom 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 Cellnex Telecom'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 Cellnex Telecom 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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