CA Modas Correlations

CEAB3 Stock

BRL 16.59 0.19 1.13%

The current 90-days correlation between CA Modas SA and MercadoLibre is 0.04 (i.e., Significant diversification). The correlation of CA Modas 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.

CA Modas Correlation With Market

Good diversification

The correlation between CA Modas SA and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CA Modas SA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CEAB3 Stock

0.74	U1LT34	Ulta Beauty	Pair Corr
0.65	A1AP34	Advance Auto Parts	Pair Corr
0.72	M1UF34	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.82	TSMC34	Taiwan Semiconductor	Pair Corr
0.89	NMRH34	Nomura Holdings	Pair Corr
0.8	LVTC3	Livetech da Bahia	Pair Corr
0.75	ITUB4	Ita Unibanco Holding	Pair Corr

Moving against CEAB3 Stock

0.65	HOND34	Honda Motor	Pair Corr
0.63	TMCO34	Toyota Motor Earnings Call This Week	Pair Corr
0.42	AZOI34	AutoZone,	Pair Corr

Related Correlations Analysis

	MELI34	ORLY34	AZOI34	U1LT34	T1SC34	BBYY34	B1BW34	A1AP34	MGLU3
MELI34		0.1	0.12	0.27	-0.03	0.58	0.05	0.14	0.05	MELI34
ORLY34	0.1		0.22	-0.1	0.01	0.24	0.03	0.03	-0.03	ORLY34
AZOI34	0.12	0.22		-0.48	0.08	0.37	0.15	-0.3	0.09	AZOI34
U1LT34	0.27	-0.1	-0.48		0.26	-0.02	0.33	0.88	-0.44	U1LT34
T1SC34	-0.03	0.01	0.08	0.26		0.37	0.26	0.33	-0.56	T1SC34
BBYY34	0.58	0.24	0.37	-0.02	0.37		0.31	0.12	-0.14	BBYY34
B1BW34	0.05	0.03	0.15	0.33	0.26	0.31		0.47	-0.54	B1BW34
A1AP34	0.14	0.03	-0.3	0.88	0.33	0.12	0.47		-0.54	A1AP34
MGLU3	0.05	-0.03	0.09	-0.44	-0.56	-0.14	-0.54	-0.54		MGLU3
	MELI34	ORLY34	AZOI34	U1LT34	T1SC34	BBYY34	B1BW34	A1AP34	MGLU3

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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

A1AP34	+ 0.88	U1LT34
BBYY34	+ 0.58	MELI34
A1AP34	+ 0.47	B1BW34
BBYY34	+ 0.37	AZOI34
BBYY34	+ 0.37	T1SC34
B1BW34	+ 0.33	U1LT34

High negative correlations

MGLU3	- 0.56	T1SC34
MGLU3	- 0.54	A1AP34
MGLU3	- 0.54	B1BW34
U1LT34	- 0.48	AZOI34
MGLU3	- 0.44	U1LT34
A1AP34	- 0.3	AZOI34

Risk-Adjusted Indicators

There is a big difference between CEAB3 Stock performing well and CA Modas 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 CA Modas' 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
MELI34	1.54	0.12	0.00	0.59	1.74	(1.71)	2.81	(3.74)	16.37
ORLY34	41.70	20.35	1.08	(5.53)	10.89	(51.19)	3.09	(2.47)	1,489
AZOI34	1.28	(0.07)	0.00	(0.37)	0.00	0.00	3.16	(2.97)	7.94
U1LT34	1.32	0.49	0.23	(19.19)	0.62	(1.95)	3.48	(2.09)	15.94
T1SC34	0.77	0.22	0.02	(2.42)	0.67	(3.02)	4.38	(1.84)	8.88
BBYY34	0.60	0.12	(0.02)	(0.64)	1.28	(2.94)	1.02	(0.97)	22.77
B1BW34	0.75	0.22	0.00	(0.53)	0.00	0.00	2.35	(0.44)	15.14
A1AP34	3.49	1.52	0.36	(1.00)	2.32	(4.85)	7.56	(5.87)	64.58
MGLU3	2.83	(0.35)	0.00	1.78	0.00	0.00	5.91	(6.59)	17.87

Be your own money manager

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