Joo Fortes Correlations

JFEN3 Stock

BRL 1.55 0.02 1.27%

The current 90-days correlation between Joo Fortes Engenharia and Even Construtora e is 0.03 (i.e., Significant diversification). The correlation of Joo Fortes 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.

Joo Fortes Correlation With Market

Significant diversification

The correlation between Joo Fortes Engenharia and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Joo Fortes Engenharia and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Joo Stock

0.76

TMCO34

Toyota Motor Earnings Call This Week

Pair Corr

Moving against Joo Stock

0.96	NVDC34	NVIDIA	Pair Corr
0.95	TSMC34	Taiwan Semiconductor	Pair Corr
0.91	MSFT34	Microsoft Earnings Call This Week	Pair Corr
0.9	C1FG34	Citizens Financial Group,	Pair Corr
0.89	LAVV3	Lavvi Empreendimentos	Pair Corr
0.84	L1HX34	L3Harris Technologies, Earnings Call Today	Pair Corr
0.84	MUTC34	Micron Technology	Pair Corr
0.8	LVTC3	Livetech da Bahia	Pair Corr
0.77	MELK3	Melnick Even Desenvo	Pair Corr
0.75	I1DX34	IDEXX Laboratories,	Pair Corr
0.69	GPRO34	GoPro Inc	Pair Corr
0.65	L1MN34	Lumen Technologies,	Pair Corr
0.64	R1OP34	Roper Technologies,	Pair Corr
0.54	M1UF34	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.52	ITUB3	Ita Unibanco Holding	Pair Corr
0.46	CVCB3	CVC Brasil Operadora	Pair Corr
0.43	MRFG3	Marfrig Global Foods	Pair Corr
0.39	ITUB4	Ita Unibanco Holding	Pair Corr

Related Correlations Analysis

	DIRR3	EVEN3	LAVV3	MTRE3	ITUB4	I1DX34	MSFT34	LOGG3	CVCB3	MRFG3
DIRR3		0.93	0.94	0.5	0.54	0.78	0.89	0.3	0.6	0.51	DIRR3
EVEN3	0.93		0.91	0.55	0.54	0.73	0.78	0.34	0.71	0.67	EVEN3
LAVV3	0.94	0.91		0.58	0.5	0.8	0.91	0.24	0.57	0.54	LAVV3
MTRE3	0.5	0.55	0.58		0.75	0.61	0.53	0.47	0.38	0.52	MTRE3
ITUB4	0.54	0.54	0.5	0.75		0.72	0.54	0.76	0.4	0.5	ITUB4
I1DX34	0.78	0.73	0.8	0.61	0.72		0.91	0.59	0.44	0.51	I1DX34
MSFT34	0.89	0.78	0.91	0.53	0.54	0.91		0.33	0.42	0.42	MSFT34
LOGG3	0.3	0.34	0.24	0.47	0.76	0.59	0.33		0.29	0.55	LOGG3
CVCB3	0.6	0.71	0.57	0.38	0.4	0.44	0.42	0.29		0.5	CVCB3
MRFG3	0.51	0.67	0.54	0.52	0.5	0.51	0.42	0.55	0.5		MRFG3
	DIRR3	EVEN3	LAVV3	MTRE3	ITUB4	I1DX34	MSFT34	LOGG3	CVCB3	MRFG3

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Risk-Adjusted Indicators

There is a big difference between Joo Stock performing well and Joo Fortes 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 Joo Fortes' 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
DIRR3	1.59	0.37	0.07	(0.93)	1.88	(1.66)	4.07	(3.39)	8.87
EVEN3	1.58	0.40	0.05	(0.41)	1.82	(1.66)	3.58	(3.61)	10.16
LAVV3	1.51	0.25	0.11	0.55	1.48	(1.70)	3.18	(2.96)	8.46
MTRE3	2.04	0.01	(0.01)	0.19	2.45	(2.55)	4.36	(4.05)	16.50
ITUB4	1.04	0.13	(0.04)	(2.90)	1.11	(1.17)	1.98	(2.00)	8.49
I1DX34	0.86	0.33	0.11	5.95	0.00	(2.91)	3.55	(0.89)	13.49
MSFT34	0.91	0.32	0.27	0.88	0.26	(1.10)	3.01	(1.34)	7.54
LOGG3	1.34	0.12	(0.05)	(0.55)	1.61	(1.40)	3.14	(2.86)	7.11
CVCB3	2.63	0.25	0.00	(0.28)	2.91	(3.26)	6.55	(4.82)	19.39
MRFG3	2.29	0.28	0.02	(0.61)	2.37	(2.83)	4.46	(4.25)	27.77

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Our tools can tell you how much better you can do entering a position in Joo Fortes 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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