CHEVRON CDR Correlations

CHEV Stock

19.45 0.53 2.65%

The current 90-days correlation between CHEVRON CDR and Enbridge Pref 5 is 0.17 (i.e., Average diversification). The correlation of CHEVRON CDR 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.

CHEVRON CDR Correlation With Market

Good diversification

The correlation between CHEVRON CDR and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CHEVRON CDR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CHEVRON Stock

0.68	ENB-PFV	Enbridge Pref 5	Pair Corr
0.8	ENB-PFC	Enbridge Pref 11	Pair Corr
0.78	ENB-PFU	Enbridge Pref L	Pair Corr
0.74	GSTM	Goldstorm Metals Corp	Pair Corr
0.81	AMZN	Amazon CDR	Pair Corr
0.81	AMZN	Amazon CDR	Pair Corr
0.79	UPS	UPS CDR	Pair Corr
0.91	SBUX	Starbucks CDR	Pair Corr
0.76	RKV	Rakovina Therapeutics Split	Pair Corr
0.8	MXG	Maxim Power Corp	Pair Corr
0.82	PWF-PZ	Power Financial Corp	Pair Corr
0.86	AUAU	Allegiant Gold Earnings Call This Week	Pair Corr
0.62	CBA	Champion Bear Resources	Pair Corr
0.77	CNQ	Canadian Natural Res	Pair Corr

Moving against CHEVRON Stock

0.82	BRK	Berkshire Hathaway CDR	Pair Corr
0.82	BRK	Berkshire Hathaway CDR	Pair Corr
0.72	ENS-PA	E Split Corp	Pair Corr
0.56	UNH	UnitedHealth Group CDR	Pair Corr

Related Correlations Analysis

	ENB-PFV	ENB-PFC	ENB-PFU	ENS	ENS-PA	SAGE	GSTM
ENB-PFV		0.89	0.9	0.7	-0.84	0.42	0.43	ENB-PFV
ENB-PFC	0.89		0.97	0.62	-0.84	0.33	0.47	ENB-PFC
ENB-PFU	0.9	0.97		0.62	-0.83	0.32	0.46	ENB-PFU
ENS	0.7	0.62	0.62		-0.5	0.57	0.12	ENS
ENS-PA	-0.84	-0.84	-0.83	-0.5		-0.34	-0.54	ENS-PA
SAGE	0.42	0.33	0.32	0.57	-0.34		-0.03	SAGE
GSTM	0.43	0.47	0.46	0.12	-0.54	-0.03		GSTM
	ENB-PFV	ENB-PFC	ENB-PFU	ENS	ENS-PA	SAGE	GSTM

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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

ENB-PFU	+ 0.97	ENB-PFC
ENB-PFU	+ 0.9	ENB-PFV
ENB-PFC	+ 0.89	ENB-PFV
ENS	+ 0.7	ENB-PFV
ENS	+ 0.62	ENB-PFC
ENS	+ 0.62	ENB-PFU

High negative correlations

ENS-PA	- 0.84	ENB-PFC
ENS-PA	- 0.84	ENB-PFV
ENS-PA	- 0.83	ENB-PFU
GSTM	- 0.54	ENS-PA
ENS-PA	- 0.5	ENS
SAGE	- 0.34	ENS-PA

Risk-Adjusted Indicators

There is a big difference between CHEVRON Stock performing well and CHEVRON CDR 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 CHEVRON CDR'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
ENB-PFV	0.49	0.10	(0.06)	(5.15)	0.40	(0.59)	1.07	(0.87)	3.63
ENB-PFC	0.35	0.19	0.16	1.70	0.00	(0.46)	0.93	(0.61)	2.39
ENB-PFU	0.45	0.14	0.02	10.02	0.33	(0.53)	1.07	(0.78)	3.29
ENS	0.74	0.08	(0.06)	(1.71)	0.77	(0.85)	1.68	(1.19)	4.87
ENS-PA	0.23	(0.03)	0.00	0.94	0.00	0.00	0.46	(0.54)	2.18
SAGE	4.50	0.57	0.04	(0.30)	4.56	(6.87)	10.71	(9.37)	31.54
GSTM	4.35	0.68	0.05	2.17	4.97	(10.31)	10.00	(10.53)	48.70

Be your own money manager

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