Energisa Correlations

Preferred Stocks . Brazil . 
Preferred Stock . Energisa SA
ENGI4 Preferred Stock  BRL 8.05  0.03  0.37%   
The current 90-days correlation between Energisa SA and Energisa SA is 0.04 (i.e., Significant diversification). The correlation of Energisa 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.

Energisa Correlation With Market

Good diversification

The correlation between Energisa SA 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 Energisa SA and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Energisa could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Energisa 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 Energisa - 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 Energisa SA to buy it.

Moving together with Energisa Preferred Stock

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  0.71L1YG34 Lloyds Banking GroupPairCorr
  0.88LEVE3 MAHLE Metal LevePairCorr
  0.93DIRR3 Direcional EngenhariaPairCorr
  0.73XRAY34 DENTSPLY SIRONAPairCorr
  0.78ORVR3F ORVR3FPairCorr
  0.83KRSA3 Kora Saude ParticipacoesPairCorr
  0.76PMAM3 Paranapanema SAPairCorr
  0.92ALUP3 Alupar Investimento SplitPairCorr
  0.62A2LC34 Alcon Inc Earnings Call This WeekPairCorr
  0.68BBAS3 Banco do BrasilPairCorr
  0.81VBBR3 Vibra Energia SAPairCorr
  0.78UGPA3 Ultrapar ParticipaesPairCorr

Moving against Energisa Preferred Stock

  0.77AMZO34 Amazon IncPairCorr
  0.75AAPL34 Apple IncPairCorr
  0.71GOGL34 AlphabetPairCorr
  0.71GOGL35 AlphabetPairCorr
  0.57TSLA34 Tesla IncPairCorr
  0.46MSFT34 MicrosoftPairCorr
  0.46UNHH34 UnitedHealth GroupPairCorr
  0.43VISA34 Visa IncPairCorr

Related Correlations Analysis

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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   
EMAE4
+ 0.75
CMIG3
ENGI11
+ 0.62
ENGI3
LIGT3
+ 0.62
ENGI11
LIGT3
+ 0.28
ENGI3
CMIG3
+ 0.04
ENGI3
  
High negative correlations   
LIGT3
- 0.76
EMAE4
EMAE4
- 0.7
ENGI11
LIGT3
- 0.69
CMIG3
CMIG3
- 0.34
ENGI11
EMAE4
- 0.27
ENGI3

Risk-Adjusted Indicators

There is a big difference between Energisa Preferred Stock performing well and Energisa 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 Energisa'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 Energisa 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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