Edinburgh Investment Correlations

EDIN Stock

798.00 2.00 0.25%

The current 90-days correlation between Edinburgh Investment and METALL ZUG AG is -0.11 (i.e., Good diversification). The correlation of Edinburgh Investment 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.

Edinburgh Investment Correlation With Market

Average diversification

The correlation between Edinburgh Investment Trust and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Edinburgh Investment Trust and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Edinburgh Stock

0.76	AFC	AFC Energy plc Earnings Call Today	Pair Corr
0.81	0O2B	Gruppo MutuiOnline SpA	Pair Corr
0.65	GSK	GlaxoSmithKline PLC	Pair Corr
0.94	0I9F	Digital Realty Trust Earnings Call This Week	Pair Corr
0.75	EZJ	EasyJet PLC	Pair Corr

Related Correlations Analysis

	0QLX	WPM	ATM	0LCX	0L3H	0R2N	0IN3	0NI1
0QLX		-0.06	0.53	0.45	0.25	0.38	0.23	0.51	0QLX
WPM	-0.06		-0.52	0.46	0.76	0.7	0.6	0.56	WPM
ATM	0.53	-0.52		0.13	-0.34	-0.2	-0.26	-0.16	ATM
0LCX	0.45	0.46	0.13		0.71	0.74	0.63	0.54	0LCX
0L3H	0.25	0.76	-0.34	0.71		0.92	0.8	0.78	0L3H
0R2N	0.38	0.7	-0.2	0.74	0.92		0.73	0.75	0R2N
0IN3	0.23	0.6	-0.26	0.63	0.8	0.73		0.73	0IN3
0NI1	0.51	0.56	-0.16	0.54	0.78	0.75	0.73		0NI1
	0QLX	WPM	ATM	0LCX	0L3H	0R2N	0IN3	0NI1

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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

0R2N	+ 0.92	0L3H
0IN3	+ 0.8	0L3H
0NI1	+ 0.78	0L3H
0L3H	+ 0.76	WPM
0NI1	+ 0.75	0R2N
0R2N	+ 0.74	0LCX

High negative correlations

ATM	- 0.52	WPM
0L3H	- 0.34	ATM
0IN3	- 0.26	ATM
0R2N	- 0.2	ATM
0NI1	- 0.16	ATM
WPM	- 0.06	0QLX

Risk-Adjusted Indicators

There is a big difference between Edinburgh Stock performing well and Edinburgh Investment 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 Edinburgh Investment'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
0QLX	0.58	(0.05)	0.00	(0.04)	0.00	0.00	1.42	(1.48)	6.81
WPM	1.70	0.13	(0.02)	(0.21)	2.34	(1.65)	3.37	(4.21)	8.72
ATM	1.71	0.10	(0.01)	(0.95)	2.12	(2.79)	3.85	(3.96)	21.98
0LCX	1.16	0.08	(0.01)	0.45	1.51	(1.15)	2.88	(2.25)	8.63
0L3H	0.90	0.31	0.13	(1.82)	0.89	(1.12)	2.50	(2.33)	6.85
0R2N	1.16	0.16	0.04	0.32	2.75	(1.15)	2.35	(2.15)	13.79
0IN3	1.59	0.29	0.08	7.59	1.85	(1.79)	3.34	(2.59)	17.02
0NI1	2.28	0.43	0.11	(14.54)	2.53	(2.71)	5.60	(4.73)	14.57

Be your own money manager

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