ISA ENERGIA Correlations

ISAE4 Stock   22.44  0.09  0.40%   
The current 90-days correlation between ISA ENERGIA BRASIL and Taiwan Semiconductor Manufacturing is 0.04 (i.e., Significant diversification). The correlation of ISA ENERGIA 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.

ISA ENERGIA Correlation With Market

Good diversification

The correlation between ISA ENERGIA BRASIL and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ISA ENERGIA BRASIL and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ISA ENERGIA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ISA ENERGIA 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 ISA ENERGIA - 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 ISA ENERGIA BRASIL to buy it.

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   
MSFT34TSMC34
AMZO34TSMC34
AMZO34MSFT34
H1SB34MSFT34
GOGL34GOGL35
H1SB34AMZO34
  
High negative correlations   
BERK34TSMC34
BERK34MSFT34
BERK34AMZO34
BERK34GOGL34
BERK34H1SB34
BERK34GOGL35

Risk-Adjusted Indicators

There is a big difference between ISA Stock performing well and ISA ENERGIA 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 ISA ENERGIA'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TSMC34  1.59  0.51  0.29  0.82  1.10 
 4.66 
 9.02 
AAPL34  1.10 (0.06)(0.08) 0.00  1.65 
 2.52 
 10.78 
BABA34  1.85  0.01 (0.04) 0.18  2.06 
 4.14 
 12.76 
MSFT34  0.96  0.27  0.18  0.60  0.86 
 3.01 
 7.54 
B1SA34  1.28  0.10 (0.03)(0.16) 1.69 
 3.41 
 13.13 
GOGL35  1.54  0.05  0.01  0.19  2.00 
 3.17 
 10.78 
GOGL34  1.46  0.21  0.05  1.18  1.64 
 3.41 
 11.49 
AMZO34  1.45  0.21  0.10  0.55  1.14 
 3.26 
 11.90 
H1SB34  1.16  0.25  0.12  0.96  0.97 
 3.11 
 8.23 
BERK34  0.96 (0.27) 0.00 (1.02) 0.00 
 1.62 
 6.46 

ISA ENERGIA Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ISA ENERGIA stock to make a market-neutral strategy. Peer analysis of ISA ENERGIA could also be used in its relative valuation, which is a method of valuing ISA ENERGIA by comparing valuation metrics with similar companies.
 Risk & Return  Correlation