Eastman Chemical Correlations

E1MN34 Stock

BRL 216.04 5.06 2.29%

The current 90-days correlation between Eastman Chemical and Verizon Communications is 0.03 (i.e., Significant diversification). The correlation of Eastman Chemical 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.

Eastman Chemical Correlation With Market

Significant diversification

The correlation between Eastman Chemical and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Chemical and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Eastman Stock

0.71

N1UE34

Nucor Earnings Call This Week

Pair Corr

Moving against Eastman Stock

0.81	CRPG6	Tronox Pigmentos	Pair Corr
0.8	CRPG5	Tronox Pigmentos	Pair Corr
0.52	BRKM3	Braskem SA	Pair Corr
0.52	BRKM5	Braskem SA	Pair Corr
0.42	C1OO34	Cooper Companies,	Pair Corr
0.35	UNIP3	Unipar Carbocloro	Pair Corr
0.79	RANI3	Irani Papel e	Pair Corr
0.64	CHCM34	Charter Communications Earnings Call This Week	Pair Corr
0.5	ITSA4	Itasa Investimentos	Pair Corr
0.48	LBRD34	Liberty Broadband	Pair Corr
0.46	V1NO34	Vornado Realty Trust	Pair Corr
0.41	YDUQ3	Yduqs Participaes	Pair Corr

Related Correlations Analysis

	VERZ34	MTSA4	FRIO3	RSUL4	A1PD34	COWC34	GOAU4
VERZ34		-0.5	0.67	-0.07	-0.41	0.79	-0.66	VERZ34
MTSA4	-0.5		-0.69	0.17	0.63	-0.42	0.44	MTSA4
FRIO3	0.67	-0.69		-0.29	-0.8	0.68	-0.55	FRIO3
RSUL4	-0.07	0.17	-0.29		0.08	-0.14	0.01	RSUL4
A1PD34	-0.41	0.63	-0.8	0.08		-0.37	0.57	A1PD34
COWC34	0.79	-0.42	0.68	-0.14	-0.37		-0.57	COWC34
GOAU4	-0.66	0.44	-0.55	0.01	0.57	-0.57		GOAU4
	VERZ34	MTSA4	FRIO3	RSUL4	A1PD34	COWC34	GOAU4

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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

COWC34	+ 0.79	VERZ34
COWC34	+ 0.68	FRIO3
FRIO3	+ 0.67	VERZ34
A1PD34	+ 0.63	MTSA4
GOAU4	+ 0.57	A1PD34
GOAU4	+ 0.44	MTSA4

High negative correlations

A1PD34	- 0.8	FRIO3
FRIO3	- 0.69	MTSA4
GOAU4	- 0.66	VERZ34
GOAU4	- 0.57	COWC34
GOAU4	- 0.55	FRIO3
MTSA4	- 0.5	VERZ34

Risk-Adjusted Indicators

There is a big difference between Eastman Stock performing well and Eastman Chemical 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 Eastman Chemical'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
VERZ34	0.99	(0.24)	0.00	(0.45)	0.00	0.00	2.13	(2.15)	6.46
MTSA4	1.47	0.19	0.03	8.38	1.76	(1.76)	2.88	(2.71)	9.98
FRIO3	1.00	(0.53)	0.00	(22.52)	0.00	0.00	0.01	(3.77)	12.21
RSUL4	0.91	(0.01)	0.00	0.24	0.00	0.00	2.76	(2.76)	10.40
A1PD34	0.14	0.02	0.00	(0.64)	0.00	0.00	0.46	(0.03)	2.68
COWC34	1.47	(0.13)	0.00	(3.40)	0.00	0.00	3.03	(3.87)	11.02
GOAU4	1.22	0.13	(0.01)	(1.31)	1.35	(1.47)	3.15	(2.46)	9.13

Be your own money manager

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